阿根廷联系汇率制是如何走向崩溃的——阿根廷金融危机探源之三  

HOW ARGENTINA'S CURRENCY BOARD COLLAPSED

作　　者：沈安[1] 

机构地区：[1]新华通讯社参考新闻编辑部

出　　处：《拉丁美洲研究》2003年第4期14-16,27,共4页Journal of Latin American Studies

摘　　要：阿根廷出口创汇能力低下 ,外汇来源不足 ,实际上国内并不具备实行联系汇率的基本条件。阿根廷的联系汇率是靠举借外债来维持的 ,当政府无法继续用外债来补充国际储备 ,从而丧失对外支付能力时 ,联系汇率就失去了存在的基础。阿根廷没有根据国内外形势的变化及时调整汇率制度 ,趋利避害 ,从而注定了联系汇率最终走向彻底崩溃的结局。联系汇率的崩溃 ,标志着阿根廷实行了 1 1年的曾被誉为新自由主义样板的经济模式正式宣告失败。One of important pillars of Argentina's economic reforms during the 1990s was the currency board. It created monetary stability and curbed inflation. At the same time, however, it generated the following shortcomings: 1) Since the currency board needed to be supported by enough foreign exchanges, Argentina borrowed heavily from abroad, thus causing a huge debt burden. 2) It overvalued the peso, which in turn dealt a heavy blow to exports.This was particularly true after the Brazilian currency was devalued in early 1999. 3) It was so rigid in many aspects that the government was unable to use exchange rate and monetary policies to regulate the macro-economy. 4) It resulted in a de-facto Dollarization. From the Argentine crisis we can learn that it is necessary to design a proper foreign exchange policies according to national realities.

关 键 词：阿根廷 联系汇率制 金融危机 经济模式 新自由主义 经济发展模式 

分 类 号：F837.31[经济管理—金融学]