老公的英文IMF各国汇率制度安排2006

2021年1月20日发(作者：happy)
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De Facto Classification of Exchange Rate Regimes and Monetary Policy Framework



Data as of July 31, 2006

1. This classification system is based on members' actual, de facto, arrangements
as identified by IMF staff, which may differ from their officially announced

arrangements. The scheme ranks exchange rate arrangements on the basis of their
degree of flexibility and the existence of formal or informal commitments to
exchange rate paths. It distinguishes among different forms of exchange rate
regimes, in addition to arrangements with no separate legal tender, to help assess
the implications of the choice of exchange rate arrangement for the degree of
monetary policy independence. The system presents members' exchange rate
regimes and monetary policy frameworks to provide greater transparency in the
classification scheme and to illustrate the relationship between exchange rate
regimes and different monetary policy frameworks. The following explains the
categories.
Exchange rate regimes
Exchange arrangements with no separate legal tender

2. The currency of another country circulates as the sole legal tender (formal
dollarization), or the member belongs to a monetary or currency union in which the
same legal tender is shared by the members of the union. Adopting such regimes
implies the complete surrender of the monetary authorities' control over domestic
monetary policy.
Currency board arrangements

3. A monetary regime based on an explicit legislative commitment to exchange
domestic currency for a specified foreign currency at a fixed exchange rate,
combined with restrictions on the issuing authority to ensure the fulfillment of its
legal obligation. This implies that domestic currency will be issued only against
foreign exchange and that it remains fully backed by foreign assets, leaving little
scope for discretionary monetary policy and eliminating traditional central bank
functions, such as monetary control and lender-of-last-resort. Some flexibility may
still be afforded, depending on how strict the banking rules of the currency board
arrangement are.
Conventional fixed peg arrangements

4. The country pegs its currency within margins of ±
1 percent or less vis-à
-vis
another currency; a cooperative arrangement, such as the ERM II; or a basket of
currencies, where the basket is formed from the currencies of major trading or
financial partners and weights reflect the geographical distribution of trade,
services, or capital flows. The currency composites can also be standardized, as in
the case of the SDR. There is no commitment to keep the parity irrevocably. The
exchange rate may fluctuate within narrow margins of less than ±
1 percent around
a central rate
—
or the maximum and minimum value of the exchange rate may
remain within a narrow margin of 2 percent
—
for at least three months. The
monetary authority maintains the fixed parity through direct intervention (i.e., via
sale/purchase of foreign exchange in the market) or indirect intervention (e.g., via
the use of interest rate policy, imposition of foreign exchange regulations, exercise
of moral suasion that constrains foreign exchange activity, or through intervention
by other public institutions). Flexibility of monetary policy, though limited, is
greater than in the case of exchange arrangements with no separate legal tender
and currency boards because traditional central banking functions are still
possible, and the monetary authority can adjust the level of the exchange rate,
although relatively infrequently.
Pegged exchange rates within horizontal bands

5. The value of the currency is maintained within certain margins of fluctuation of
more than ±
1 percent around a fixed central rate or the margin between the
maximum and minimum value of the exchange rate exceeds 2 percent. As in the
case of conventional fixed pegs, reference may be made to a single currency, a
cooperative arrangement, or a currency composite. There is a limited degree of
monetary policy discretion, depending on the band width.
Crawling pegs

6. The currency is adjusted periodically in small amounts at a fixed rate or in
response to changes in selective quantitative indicators, such as past inflation
differentials vis-à
-vis major trading partners, differentials between the inflation
target and expected inflation in major trading partners. The rate of crawl can be set
to adjust for measured inflation or other indicators (backward looking), or set at a
preannounced fixed rate and/or below the projected inflation differentials
(forward looking). Maintaining a crawling peg imposes constraints on monetary
policy in a manner similar to a fixed peg system.
Exchange rates within crawling bands

7. The currency is maintained within certain fluctuation margins of at least
±
1 percent around a central rate
—
or the margin between the maximum and
minimum value of the exchange rate exceeds 2 percent
—
and the central rate or
margins are adjusted periodically at a fixed rate or in response to changes in
selective quantitative indicators. The degree of exchange rate flexibility is a
function of the band width. Bands are either symmetric around a crawling central
parity or widen gradually with an asymmetric choice of the crawl of upper and
lower bands (in the latter case, there may be no preannounced central rate). The
commitment to maintain the exchange rate within the band imposes constraints on
monetary policy, with the degree of policy independence being a function of the
band width.
Managed floating with no predetermined path for the exchange rate

8. The monetary authority attempts to influence the exchange rate without having
a specific exchange rate path or target. Indicators for managing the rate are
broadly judgmental (e.g., balance of payments position, international reserves,
parallel market developments), and adjustments may not be automatic.
Intervention may be direct or indirect.

Independently floating

9. The exchange rate is market-determined, with any official foreign exchange
market intervention aimed at moderating the rate of change and preventing undue
fluctuations in the exchange rate, rather than at establishing a level for it.

Monetary policy framework
Exchange rate anchor

10. The monetary authority stands ready to buy or sell foreign exchange at given
quoted rates to maintain the exchange rate at its preannounced level or range; the
exchange rate serves as the nominal anchor or intermediate target of monetary
policy. This type of regime covers exchange rate regimes with no separate legal
tender; currency board arrangements; fixed pegs with and without bands; and
crawling pegs with and without bands.
Monetary aggregate anchor

11. The monetary authority uses its instruments to achieve a target growth rate for
a monetary aggregate, such as reserve money, M1, or M2, and the targeted
aggregate becomes the nominal anchor or intermediate target of monetary policy.

Inflation targeting framework

12. This involves the public announcement of medium-term numerical targets for
inflation with an institutional commitment by the monetary authority to achieve
these targets. Additional key features include increased communication with the
public and the markets about the plans and objectives of monetary policymakers
and increased accountability of the central bank for attaining its inflation
objectives. Monetary policy decisions are guided by the deviation of forecasts of
future inflation from the announced target, with the inflation forecast acting
(implicitly or explicitly) as the intermediate target of monetary policy.
Fund- supported or other monetary program

13. This involves implementation of monetary and exchange rate policies within
the confines of a framework that establishes floors for international reserves and
ceilings for net domestic assets of the central bank. Indicative targets for reserve