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70 billion dollars) intervened in the foreign exchange market to the revaluation process, which ceased after the crisis, in controlled channels to let go;
the operations of the European Central Bank in October and November 2000: An amount of approximately $ 8.5 billion, the ECB has succeeded in bringing about a turnaround in the euro-dollar exchange rate.
In Eastern Europe, Slovenia has for years pursued a very successful policy of 'managed floating', in which a high degree of macroeconomic stability has been accompanied by a very dynamic real economic development with the dominance of 'managed floating' has become the shock susceptibility of the international financial architecture from a macroeconomic significantly reduced visibility. This has important implications for the reform proposals discussed in recent years:
Since the exchange rate paths can be anticipated by market participants no longer readily, it is very much harder to achieve seemingly risk-free profits on short-term investments. At reduced inflows and outflows risk decreases abruptly. The need for controls on capital inflows and outflows is therefore significantly lower than for fixed or predictable exchange rates.
The discussion of target zones is unnecessary insofar as the 'managed floating' with a focus on managing exchange rates by central banks (and governments) to help avoid a massive real appreciation and depreciation and related disorders macro economy. Unlike the target zone proposals, however - and for good reason - decided not to publish the targeted rate paths. As the examples of Thailand, Korea and Japan show that control the 'managed floating' can be done much more consistent than it was propagated with the concept of 'soft buffers' of the representatives of the target zones.
6. weaknesses of a global financial architecture that is based on the 'managed floating' 基于“管理浮动”的全球金融体系的弱点
Unlike the monetary system of the Bretton Woods system, the present, based on the concept of 'managed floating' international monetary system proves to be a 'spontaneous order' which has evolved ultimately solely from the self-interest of the countries involved. This does not in principle be detrimental, but it is obvious that such an order has considerable shortcomings.
The main shortcoming of the 'managed floating' is that the exchange rate policy lies solely in the hands of national governments. The danger is therefore not to be dismissed out of hand, that under the guise of 'managed floating' a strategic trade policy is operated. The fact that the foreign exchange reserves of the 'emerging market economies' of 1990 has increased to 1999 from 153 billion to $ 663 billion, shows that in this decade massive intervention by central banks operate in these countries, without which it marked a would have appreciation of their currencies. So if the 'managed floating' is now widely recognized as an organizing principle for the world monetary relations, it is essential that the International Monetary Fund and the WTO, check carefully that the exchange rate policy of a country is effectively managed only by macroeconomic considerations, or whether it is this is an attempt at a 'beggar-my-neighbor' policy.
From the perspective of foreign trade is - compared to a system of fixed rates or forward price of canceled Paths - A second disadvantage of the 'managed floating' can be seen in the reduced pred
