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固定相場制

固定相場制

Top Exchange Rates Pegged to the U.S. Dollar

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Currency exchange rates make 固定相場制 up a very important part of a nation's economy. The exchange rate is the value of the currency compared to another one. The value of some currencies is free-floating. This means they fluctuate based on supply and demand in the market, while others are fixed. This means they are pegged to another currency.

In 固定相場制 this article, we discuss exchange rates that are pegged to the U.S. dollar as well as some of the benefits of taking on this strategy.

Key Takeaways

  • There are two types of currency exchange rates—floating and fixed.
  • The U.S. dollar and other major currencies are floating currencies—their values change according to 固定相場制 how the currency trades on forex markets.
  • Fixed currencies derive 固定相場制 value by being fixed or pegged to another currency.

What Does Pegging Mean?

When countries participate in international trade, they need to ensure the value of their currency remains relatively stable. Pegging is a way for countries to do that. When a currency is pegged, or fixed, it is tied to another country's 固定相場制 currency. Countries choose to peg their currency to safeguard the competitiveness of their exported goods and services. A weaker currency is good for exports and tourists, as everything becomes cheaper to purchase.

The wider the fluctuations in currencies, the more detrimental it can be 固定相場制 to international trade. Many countries, though, chose to maintain a fixed 固定相場制 policy, and today, there are still a significant number of currencies 固定相場制 pegged to the U.S. dollar.

Countries peg to ensure their goods and services remain competitive instead of being negatively impacted by the constant fluctuation of a floating currency’s exchange rate.

Bretton 固定相場制 Woods Agreement

The greenback, as the U.S. dollar is commonly known, was pegged to gold under the Bretton Woods Agreement as the 固定相場制 United States held most of the world's gold reserves. This 固定相場制 system cut back the volatility in international trade relations as most 固定相場制 currencies were pegged to the U.S. dollar. This agreement was 固定相場制 ended by President Richard Nixon in the early 1970s.

Once the system collapsed, countries were free to choose how their currencies would work in the foreign exchange market. They were able to peg it to another currency, a currency basket, or let the market determine the currency's value.

Fixed vs. Floating Currencies

Today, there 固定相場制 are two types of currency exchange rates that are still in 固定相場制 existence—floating and fixed. Major currencies, such as the Japanese yen, euro, 固定相場制 and the U.S. dollar, are floating currencies—their values change according 固定相場制 to how the currency trades on foreign exchange or forex (FX) markets. This type of exchange rate is based on supply and demand. This rate is, therefore, determined by market forces compared to other currencies. Any changes in currency pricing point to strength in the economy, while short-term changes may point to weakness.

Fixed currencies, on the other hand, derive value by being fixed to 固定相場制 another currency. Most developing or emerging market economies use fixed exchange rates for their currencies. This provides exporting and importing countries more stability, and also keeps interest rates low.

Why Currencies Peg to 固定相場制 the U.S. Dollar

Countries have different reasons for pegging to the dollar. Most of the Caribbean islands—Aruba, Bahamas, Barbados, and Bermuda, to name a few—peg their currencies to the U.S. dollar because their main source of income is derived from tourism paid in dollars. Fixing to the U.S. dollar stabilizes their economies 固定相場制 and makes them less volatile.

In Africa, many countries peg to 固定相場制 the euro. The exceptions being Djibouti and Eritrea which peg their own currencies to the U.S. dollar. In the Middle East, many countries including Jordan, Oman, Qatar, Saudi Arabia, and the 固定相場制 United Arab Emirates peg to the U.S. dollar for stability—the oil-rich nations need the United States as a major trading partner 固定相場制 for oil.

In Asia, Macau and Hong Kong fix to the U.S. dollar. China, on the other hand, has been embroiled in controversy about its currency policy. While China does not officially peg the Chinese yuan to a basket of currencies that includes the U.S. dollar, China does manage the exchange rate of yuan to dollars so as to benefit its export-driven economy.

Major 固定相場制 Fixed Currencies

Below is a list of some of the national economies and the corresponding rates that currently peg to the U.S. dollar as of June 2021:

固定相場制 固定相場制 固定相場制 固定相場制 固定相場制 固定相場制 固定相場制 固定相場制 固定相場制
Major Fixed Currencies
Country Region Currency Name Code Peg Rate Rate Since
Bahrain Middle East Dinar BHD 0.38 2018
Belize Central America Dollar BZ$ 2.00 1978
Cuba Central 固定相場制 America Convertible Peso CUC 1.000 2011
Djibouti Africa FrancDJF 177.721 1973
Eritrea Africa Nakfa ERN 15.072018
Hong Kong Asia Dollar HKD 7.76 2020
Jordan Middle East Dinar JOD 0.71 1995
LebanonMiddle East Pound LBP 1507.5 1997
Oman Middle East Rial OMR 0.385 1986
Panama Central America Balboa PAB1.000 1904
Qatar Middle East Riyal QAR 3.642001
Saudi Arabia Middle East Riyal SAR 3.75 2003
United Arab Emirates Middle East Dirham AED 3.673 1997
Source: The World Bank

The Bottom Line

It makes sense for many small nations to fix their currency to the 固定相場制 U.S. dollar, especially if the primary source of revenue comes in the form of the dollar. This pegged strategy helps stabilize and secure small economies which may otherwise be unable to withstand 固定相場制 volatility.

Conversely, large and growing economies will find it hard over time to maintain a fixed currency policy, which will eventually snowball 固定相場制 into an outsized need to buy more and more dollars to maintain the proper ratio.

日本の固定相場制が崩壊した理由

教えて!goo グレード

従来の金本位制が世界大恐慌と世界大戦の原因となったという共通認識から、戦後の世界通貨体制を構築するに当たって、圧倒的な経済力を持つアメリカのドルを基軸通貨とすることを基本として、1944年に国際復興開発銀行(IBRD)と国際通貨基金(IMF)が設立され、自由貿易や資本移動の促進を目的に金1オンス=35ドルと定め、常にドルと金は交換可能とされた(ブレトン・ウッズ体制)。

ここにドルを国際通貨(基軸)とするIMF体制が確立された。しかしドルの大量流失に伴い、1973年に先進各国は変動相場制へと移行した。
○崩壊の原因
アメリカの貿易赤字の拡大によりドルが大量に黒字国に流出し、公定価格での金との兌換が不可能になった。ニクソンは71年に金との兌換を停止しするとともに、固定相場での変動幅を拡大させついに固定相場を一方的に放棄した。これにより貿易黒字国の通貨である円、マルクなどに対して大幅なドル安を実現させた。
理論的には、アメリカについては、固定相場は国際通貨であるドルを垂れ流すことへの規律が存在せず、制度の崩壊は時間の問題であった。一方、固定相場は相場の調整が例外的に可能であったが、これが短期資金による投機によって相場の大幅変動を引き起こすとみられた。経済理論では変動相場によて、国内のインフレと景気に経済政策を専念できるとするM.フリードマンのマネタリストの発言が圧倒していた。これを信じて、後に世界経済は手痛いしっぺ返しを受けることになる。通貨の乱高下と世界的金融恐慌が再発したのである。

  • 回答者: tanuki4u
  • 固定相場制
  • 回答日時: 2007/12/02 18:40

第二次世界大戦後を考えるならば、固定相場制は、アメリカの経済が圧倒的に大きいので、アメリカの経済に世界の経済が従属するという点で、世界の通貨が対アメリカのドルに固定された。

ということになります。
つまり ブレトンウッズ体制です。
長期的に見れば、アメリカの絶対的な経済支配が無くなったが、アメリカの経済力の絶対性に変わる体制(たとえば、ドル 円 ポンド マルクなどのプール制とか)が成立できなかったので、変動相場制になったということになります。

なぜ固定相場制を最初に導入したか
この質問をされている時代背景がわかりません。
戦後、すでにできていたブレトンウッズ体制に日本の経済も組み込まれたので、「最初に」という質問自体が成立しないと思います。

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