For drawing the capital factor into the supplying function and considering the microcosmic structure of the exchange market , a springy exchange rate system and a macrocosmic economic model under the limited capital float condition may be set up 摘要将资本因素引入供给函数，并考虑到外汇市场微观结构，可以构建一个弹性汇率制和资本有限流动下的宏观经济模型。
He said there was “ a risk that exchange rate appreciation in countries with flexible exchange rates ? including the euro area ? could hurt their growth prospects , and that in these circumstances protectionist pressures could worsen ” 他表示，在那些实施灵活汇率制的国家（包括欧元区） ，汇率的上升可能会影响他们的经济增长前景，而在这种情况下，来自贸易保护主义者的压力会变得更大。
The first section of this paper summarizes the experiences of pegged exchange rate in developing countries after bretton woods system . section 2 discusses the theory on exiting mechanism , analysis the exit precondition , policy arrangement , exit steps and so on 第二部分对目前有关退出钉住汇率制的理论进行了描述，具体分析了退出钉住汇率制的时机，前提条件、相关政策搭配以及退出步骤等有关问题。
Section 3 describes the evolution of exchange rate policies in chile . the last section focuses on the pegged us dollar exchange rate regime of china , and brings forward some policy proposals on the exit arrangement and the regulation of the present exchange rate regime 最后一部分重点对中国汇率制度的演变，目前实际钉住单一美元制的形成，对现行制度做出调整的必要性，以及退出钉住汇率制的前提条件、政策搭配和退出后的汇率制度选择问题进行初步的探讨。
This paper focuses on the exiting processes from the pegged exchange rate regimes of some developing countries , and summarizes some experiences using for reference . the paper analysis the pegged us dollar exchange rate regime of china , and suggests some proposals on how to exit this system , which include some aspects such as precondition , policy arrangement , exit steps , exit opportunity and so on 本文主要通过对已经退出钉住汇率制的发展中国家的经历进行分析，总结出可供我国退出现行钉住单一美元制借鉴的经验；并针对我国目前的实际情况和国际经济环境，对人民币汇率制度调整的有关前提条件、政策搭配、步骤以及时机等问题提出建议。
Pause in lay mines below silvan system , the dollar can change gold and each country to execute adjustable pin exchange rate is made , it is the two big pillar that make system of this one money , international monetary fund is the central orgnaization that maintains this one system to run normally , it has supervisory international exchange rate , offer money of international credit , harmonious international to concern 3 big function 在布雷顿森林体系下，美元可以兑换黄金和各国实行可调节的钉住汇率制，是构成这一货币体系的两大支柱，国际货币基金组织则是维持这一体系正常运转的中心机构，它有监督国际汇率、提供国际信贷、协调国际货币关系三大职能。
Model analysis shows that relaxation of the control of investment capital will increase the unfavorable balance of international payments and the correcting difficulty of the excess commodity supply in the market at home ; relaxation of speculative capital control will increase the correcting difficulty for outer unbalance ; under the springy exchange rate system , the action of fair mechanism of interest rate will make the economic shock of the international market interest rate increase with the decrease of the capital control system , thus the over regulation of exchange rate will easily happen 模型分析显示：投资性资本管制放松会增大国际收支逆差和国内商品市场超额供给的矫正难度，投机性资本管制放松会增大外部失衡的矫正难度；弹性汇率制下，利率平价机制作用使国际市场利率变化的经济冲击随资本管制度降低而增强，更易发生汇率超调。
