mttpМеждународная торговля и торговая политикаInternational Trade and Trade Policy2410-73952414-4649ФГБОУ ВО "Российский экономический университет им. Г.В. Плеханова"10.21686/2410-7395-2023-1-22-35mttp-579Research ArticleМИРОВАЯ ЭКОНОМИКА И МЕЖДУНАРОДНЫЕ ЭКОНОМИЧЕСКИЕ ОТНОШЕНИЯWORLD ECONOMY AND INTERNATIONAL ECONOMIC RELATIONSФиксированные денежные режимы – дебаты и аргументыFixed monetary regimes – debates and argumentsНеновскиН.NenovskyN.

Николай Неновски, доктор экономических наук, профессор

О-де-Франс, Амьен, 80025, улица Сен-Леу, 76

Nikolay Nenovsky, Doctor of Economics, Professor; Econom-ics, Finance, Management and Innovation Laboratory (LEFMI)

Hauts-de-France, 76 Rue Saint-Leu, Amiens, 80025, France

nenovsky@gmail.comФодоА.FaudotA.

Адриен Фодо, доцент кафедры экономики; преподаватель 

ул. Бартелеми де Лаффемас, 51, 26000, Валенсия, Франция

Adrien Faudot, Associate Professor of Economics; IUT teacher in Valence

51 rue Barthelemy de Laffemas, 26000 Valence, France

adrien.faudot@univ-grenoble-alpes.frУниверситет Пикардии Жюля Верна; Болгарский национальный банкФранцияUniversity of Picardy Jules Verne; Bulgarian National BankFranceУниверситет Гренобль Альпы, CREG, ФранцияФранцияUniversity of Grenoble Alpes, Center of Research in Economics of Grenoble (CREG)France202304052023912235Copyright © Неновски Н., Фодо А., 20232023Неновски Н., Фодо А.Nenovsky N., Faudot A.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://mttp.rea.ru/jour/article/view/579

В статье рассматриваются основные аргументы, защищающие и отвергающие режимы фиксированного обменного курса. Утверждается, что, вопреки ожиданиям и в соответствии с практикой, эти режимы имеют больше преимуществ, чем недостатков. Они делают торговлю и международную координацию значительно более эффективной и предсказуемой. Многие аргументы о потере степеней свободы в проведении монетарной и акроэкономической политики и утрате суверенитета нуждаются в релятивизации. Об этом сказано в первой части статьи. Во второй части, которая будет опубликована в следующем номере, мы представим различные институциональные формы, которые могут по-разному преодолеть проблемы, связанные с фиксированными обменными курсами, а именно: валютные советы и долларизация, контроль за движением капитала и различные модели клиринговых союзов.

The paper examines the main arguments defending and rejecting fixed exchange rate regimes. It argues that, contrary to what is claimed and in line with practice, these types of regimes have more advantages than disadvantages. They make trade and international coordination significantly more efficient and predictable. Many of the arguments about the loss of degrees of freedom in monetary and macroeconomic policy-making, and the loss of sovereignty, need to be relativised. This is done in this first part of the paper. In the second part, to be published in the next issue, we present different institutional forms that can overcome the problems surrounding fixed exchange rates in different ways, namely currency boards and dollarization, capital controls, and different models of clearing unions.

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The authors declare that there are no conflicts of interest present.