[경제발전론] 환율정책(영문)

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레포트 > 경제경영계열
2010.12.28
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[경제발전론] 환율정책(영문)에 대한 자료입니다.

Ⅰ. Introduction

Ⅱ. Exchange rate regime
1. What is the exchange rate?
2. Kind of Exchange rate regime
3. The system of classification of exchange rate system of IMF
4. The Changes of Exchange rate regime in Korea
4. 1. The fixed exchange rate system ( 1945. 10 ~ 1964. 5 )
4. 2. The unitary fluctuation foreign exchange system ( 1964. 5 ~ 1980. 2 )
4. 3. The multicurrency basket system ( 1980. 2 ~ 1990. 2 )
4. 4. Market average exchange rate system ( 1990. 3 ~ 1997. 12. 15 )
4. 5. The freely flotation exchange rate system ( 1997. 12 16 ~ today )

Ⅲ. Exchange rates policy and the results
1. Fluctuations in exchange rates
1. 1. Price
1) Direct effect
2) Indirect effect
1. 2. International balance of payments
1) A current account balance
2) A capital account balance
2. Exchange rate policy analysis (Focus on present administration)
2. 1. Economic situation in 2008
2. 2. Goal in exchange rate in the early period
2. 3. A actual policy details: switch the high exchange policy to the low exchange rate.
3. The result of the exchange rate policy
3. 1. The deepening in the instability of won-dollar exchange rates
3. 2. The effect of the rise in the exchange rate
1) Inflation
2) Surplus in the international balance of payments and the rapid decrease of exports.
3) Increase of production effect is inadequate
4) Income decline and contraction in consumption

Ⅳ. Conclusion

본문내용

Ⅱ. Exchange rate regime

1. What is the exchange rate?

In finance, the exchange rates between two currencies specifies how much one currency is worth in terms of the other. It is the value of a foreign nation’s currency in terms of the home nation’s currency. For example an exchange rate of 91 Japanese yen (JPY, ¥) to the United States dollar (USD, $) means that 91 yen is worth the same as 1 dollar. The foreign exchange market is one of the largest markets in the world. By some estimates, about 3.2 trillion US dollar worth of currency changes hands every day.

2. Kind of Exchange rate regime

2. 1. The exchange rate policy is divided into the fixed exchange rate system, a floating exchange rate system and the limited floating exchange rate system depending on flexibility and a functional pattern of exchange rate.

• Fixed exchange rate system: A system that fixes one’s currency in a particular foreign currency at the certain level of system

• Flexible exchange rate system: A system that permits free fluctuation of the exchange rate depending on supply and demand of markets

• Limited flexible exchange rate system: A system that is in a middle of fixed and flexible. It limited the range of exchange rate fluctuation about certain currency within certain range(1~2.25%).

2. 2. Since the flexible exchange rate system was adopted as a new international monetary system in IMF conference held in Kingston, Jamaica in 1976, each country considers one’s economic condition and selects the appropriate exchange rate regime freely.
(Economic conditions: economic pie, trade volume, foreign dependency, scale of foreign loan, etc)

3. The system of classification of exchange rate system of IMF

• Exchange arrangement with no separate legal tender
12 countries of EU organize EMU and use a single currency.
Panama, Ecuador and some Latin American countries suffered a severe inflation take dollarization in which they use dollar as their currencies.
• Currency board arrangement
It fixes exchange rate of one’s currency in key currency exchange rate and permits to issue money within only prepared foreign currency assets.
The autonomy of the currency policy is lost because when people who has money of his country wants foreign currency, unlimited conversion is permitted.
• Conventional fixed peg arrangement
The most universal fixed exchange rate system
It connects one’s currency in a key currency (single currency, SDR…) and keeps fixed exchange rate standard.
• Pegged exchange rate within horizontal band
It is similar to traditional peg system, but more elastic exchange rate fluctuation can be possible.
The range of difference from the exchange rate standard is decided wider than -+1%.
• Crawling peg
An exchange rate regime usually seen as a part of fixed exchange rate regimes which allows depreciation or appreciation in an exchange rate gradually.
Some central banks use a formula which triggers a change when certain conditions are met (like need for adjustment for inflation), while others prefer not to use a preset formula and change exchange rate frequently to discourage speculations.
• Exchange rate within crawling band
It permits exchange rate of one’s currency moves within fixed band from the exchange rate standard in the short term.
Periodically, it adjusts the exchange rate standard so it permits more elastic exchange rate fluctuation in the long term
• Managed floating
As a rule it permits an elastic exchange rate fluctuation and manages appropriate level of exchange rate through an active intervention of government.
• Free or Independently floating
The best elastic exchange rate system in which exchange rate is decided freely depending on the principle of supply and demand in foreign exchange market.
To ease a sudden change of exchange rate, government intervenes in market restrictively and irregularly.

4. The Changes of Exchange rate regime in Korea

Exchange rate means the purchasing power of currency a day and it is difficult to decide the exchange rate which is advantageous to one’s country due to the complicated relations of every country in the world. The exchange rate policy of Korea has changed variously since the Second World War.

4. 1. The fixed exchange rate system ( 1945. 10 ~ 1964. 5 )
A fixed exchange rate system is a currency system in which governments tries to keep the value of their currencies constant against one another. It is a system in which the fluctuation is fixed within a certain standard (-+1%)

1945. 10 The official won-dollar exchange rate was enacted to 15 won per dollar by U.S. authorities.
1948. 02 The dealing rate about 850 won per dollar was formed after the enforcement of the foreign exchange slip of deposit policy.
1948. 10 After the establishment of a government, the official exchange rate was formed to 450 won per dollar on the basis of (The tenta

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