dirty float

简明释义

政府操纵汇价的肮脏浮动

英英释义

例句

1.During the crisis, the central bank opted for a dirty float to prevent excessive depreciation.

在危机期间，中央银行选择了脏浮动以防止过度贬值。

2.The government decided to implement a dirty float policy to stabilize the currency during economic turmoil.

政府决定实施脏浮动政策，以在经济动荡期间稳定货币。

3.Investors need to be cautious when trading currencies under a dirty float regime.

在脏浮动制度下进行货币交易时，投资者需要谨慎。

4.A dirty float allows for some flexibility in exchange rates while maintaining a target range.

脏浮动允许汇率有一定的灵活性，同时保持目标区间。

5.Countries with a dirty float often intervene in the foreign exchange market.

拥有脏浮动的国家通常会干预外汇市场。

作文

In the realm of international finance, the term dirty float is often used to describe a particular type of exchange rate regime. A dirty float, also known as a managed float, occurs when a country's currency value is primarily determined by the market forces of supply and demand, but with occasional intervention by the government or central bank to stabilize or influence the currency's value. This system stands in contrast to a 'clean float', where the currency's value is left entirely to the market without any governmental interference.One of the main reasons countries adopt a dirty float system is to maintain economic stability. For instance, if a country's currency begins to depreciate rapidly due to market speculation or external shocks, the government may intervene by buying its own currency to support its value. This intervention can help prevent inflation from rising too quickly and protect consumers' purchasing power. Conversely, if the currency is appreciating too much, the government might sell its currency to prevent it from becoming overly expensive, which could harm exporters by making their goods less competitive in the global market.The effectiveness of a dirty float system largely depends on the credibility of the government's interventions. If investors believe that the government will effectively manage the currency, they are less likely to engage in speculative attacks that could destabilize the economy. However, if the government’s actions are perceived as ineffective or inconsistent, it may lead to a loss of confidence among investors, resulting in volatility in the currency markets.Countries like India and Indonesia have employed a dirty float system to manage their currencies. In these nations, the central bank actively monitors exchange rates and intervenes when necessary to ensure that the currency remains stable. This approach allows them to enjoy the benefits of a floating exchange rate while still having the ability to respond to sudden economic changes.However, managing a dirty float is not without its challenges. It requires significant reserves of foreign currency for the central bank to intervene effectively. Additionally, there is always the risk of creating moral hazard, where businesses and investors may take excessive risks, believing that the government will always step in to stabilize the currency. This can lead to a cycle of dependency on government intervention, which can ultimately undermine the long-term stability of the currency.In conclusion, the dirty float exchange rate system plays a crucial role in the global economy, providing countries with the flexibility to respond to market fluctuations while attempting to maintain stability. While it offers certain advantages, such as protecting against extreme volatility, it also poses risks that must be carefully managed. Understanding the dynamics of a dirty float is essential for investors, policymakers, and economists alike, as it influences not only the currency in question but also the broader economic landscape. As global markets continue to evolve, the debate over the merits and drawbacks of various exchange rate regimes, including the dirty float, will remain a vital topic of discussion in international economics.

在国际金融领域，术语dirty float通常用来描述一种特定的汇率制度。dirty float，也称为管理浮动，发生在一个国家的货币价值主要由供求市场力量决定，但政府或中央银行偶尔会干预以稳定或影响货币的价值。这种制度与“干净浮动”形成对比，后者是指货币的价值完全由市场决定，没有任何政府干预。国家采用dirty float制度的主要原因之一是为了维持经济稳定。例如，如果一个国家的货币由于市场投机或外部冲击而迅速贬值，政府可能会通过购买自己的货币来支持其价值。这种干预可以帮助防止通货膨胀过快上升，并保护消费者的购买力。相反，如果货币升值过多，政府可能会出售其货币，以防止其变得过于昂贵，这可能会损害出口商，因为这会使他们的商品在全球市场上竞争力下降。dirty float制度的有效性在很大程度上取决于政府干预的可信度。如果投资者相信政府会有效管理货币，他们就不太可能参与可能会破坏经济的投机攻击。然而，如果政府的行动被认为是无效或不一致的，可能会导致投资者信心的丧失，从而导致货币市场的波动。像印度和印度尼西亚这样的国家已经采用了dirty float制度来管理其货币。在这些国家，中央银行积极监测汇率，并在必要时进行干预，以确保货币保持稳定。这种方法使他们能够享受浮动汇率的好处，同时仍有能力应对突发的经济变化。然而，管理dirty float并非没有挑战。这需要中央银行拥有大量的外汇储备，以便有效地进行干预。此外，总是存在道德风险的风险，即企业和投资者可能会采取过度风险，因为他们相信政府将始终介入以稳定货币。这可能导致对政府干预的依赖循环，从而最终削弱货币的长期稳定性。总之，dirty float汇率制度在全球经济中发挥着至关重要的作用，为各国提供了应对市场波动的灵活性，同时试图保持稳定。虽然它提供了一些优势，例如保护免受极端波动的影响，但它也带来了必须谨慎管理的风险。理解dirty float的动态对于投资者、政策制定者和经济学家来说都是至关重要的，因为它不仅影响相关货币，还影响更广泛的经济格局。随着全球市场的不断发展，各种汇率制度，包括dirty float的优缺点的辩论，将继续成为国际经济学中一个重要的话题。