固定汇率制幻觉，The Mirage of Fixed Exchange Rates，Obstfeld, Maurice，Rogoff, Kenneth，发表于Journal of Economic Perspectives.1995（9），73-96

Abstract

This paperdiscusses the profound difficulties of maintaining fixed exchange ratesin a world of expanding global capital markets. Contrary to popularwisdom, industrialized-country monetary authorities easily have theresources to defend exchange parities against virtually any privatespeculative attack. But if their commitment to use those resourceslacks credibility with markets, the costs to the broader economy ofdefending an exchange-rate peg can be very high. The dynamic interplaybetween credibility and commitment is illustrated by the 1992 Swedishand British crises and the 1994-95 Mexican collapse. The authors alsodiscuss the small number of successful fixers. Copyright 1995 byAmerican Economic Association.