During periods when exchange rates stayed fixed for many years, central banks found it hard to tighten (or loosen) credit . 在多年来汇率保持固定的时期中，各国中央银行发现要紧缩（或放宽）信贷很困难。
Capital inflows from abroad and sharp increases in the world prices of key exports also cause the real exchange rate to appreciate . 资本从国外流入以及主要出口品的国际价格猛烈上升，也造成实际汇率提高。
Flexible exchange rates offer some cushioning against foreign shifts but tend to magnify the disruption from shifts of domestic origin . 变动汇率对国外的变动提供某种缓冲作用，但往往会加重国内变动所造成的破坏。
Between world war i and 1971 people became increasingly aware of the threat that any given exchange rate might change . 从第一次世界大战到1971年的这段时间里，人们日益觉察到有这样的威胁，即任何一个既定的汇率都可能会变动。
Chapters 19 and 20 addressed the important issue of how easy it is to stabilize national economies under fixed and flexible exchange rates . 第十九章和二十章提出了在固定汇率和可变汇率下稳定各国国民经济的难易程度这一重要问题。
We have already dealt with the implications of these shocks when we discussed the effect of monetary and fiscal policies under flexible exchange rates . 我们在论述变动汇率下的货币政策和财政政策的作用时，已述及这些冲击的实质。
International economists have been debating whether fixed or flexible exchange rates would be more likely to play the role of automatic stabilizer . 一些国际经济学家一直在争论，究竟是固定汇率还是变动汇率更有可能起自动稳定器的作用。
The policy decision of whether to adopt fixed exchange rates, flexible rates, or compromises in between hinges partly on the macroeconomic issue . 究竟采用固定汇率，变动汇率还是两者的折衷方案，这种政策决定，部分地取决于一个宏观经济问题。
To determine which exchange-rate system offers the most stability in the face of such capital flow shocks, let us take the case of sudden capital flight from the country . 为了确定哪一种汇率制度在面临这种资本流动冲击时具有最大的稳定性，让我们以资本突然从这个国家外逃为例。
The linked exchange rate and currency board system 联系汇率制度与货币发行局制度
