| 单词 | crawling peg |
| 释义 | crawling peg = adjustable peg, sliding peg A method of exchange-rate control that accepts the need for stability given by fixed (or pegged) exchange rates, while recognizing that fixed rates can be prone to serious misalignments, which in turn can cause periods of financial and economic upheaval. Under crawling-peg arrangements, countries alter their pegs by small amounts at frequent intervals, rather than making large infrequent changes. This procedure provides flexibility and, in conjunction with the manipulation of interest rates, reduces the possibility of destabilizing speculative flows of capital. However, it is exposed to the criticism made against all fixed-rate regimes, that they are an inefficient alternative to the free play of market forces. At the same time, the crawling peg loses a major advantage of fixed rates, which is to inject certainty into the international trading system and more stable inflationary expectations. The rates may move as frequently as daily under a crawling-peg policy. |
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