How fiscal policy works with flexible exchange rates is a little more complicated.
在变动汇率下，财政政策如何发挥作用是比较复杂的。
Flexible exchange rates seem to perform better in the face of shifts in export demand.
看来变动汇率在面临出口需求变动时能发挥较好的作用。
FAIL to see the connection between excessive capital flows and the current system of flexible exchange rates.
我未能看到过剩资本流动和当前浮动汇率体系的联系。
I FAIL to see the connection between excessive capital flows and the current system of flexible exchange rates.
我并不清楚过度资本流动与当前灵活汇率体系之间的关联。
With flexible exchange rates, markets force countries to devalue, which reduces their current account deficits.
灵活汇率情况下，市场促使国家减值-减少经常账赤字。
And even those with more flexible exchange rates worry that higher interest rates will send their currencies soaring.
甚至那些有着灵活的汇率制度的国家也担心，更高的利率会让他们的货币飙升。
Countries, such as Mexico, that have more flexible exchange rates and are more committed to inflation targets have done better.
类似墨西哥那样汇率更弹性通胀目标更明确的新兴国家作的要好些。
Flexible exchange rates offer some cushioning against foreign shifts but tend to magnify the disruption from shifts of domestic origin.
变动汇率对国外的变动提供某种缓冲作用，但往往会加重国内变动所造成的破坏。
Chapters 19 and 20 addressed the important issue of how easy it is to stabilize national economies under fixed and flexible exchange rates.
第十九章和二十章提出了在固定汇率和可变汇率下稳定各国国民经济的难易程度这一重要问题。
Today's emerging markets, by and large, have more flexible exchange rates, bigger reserves and a smaller share of their debts in foreign currency.
整体而言，当今的新兴市场有着更加灵活的汇率，更大的外汇储备和更小的外币债务占比。
International economists have been debating whether fixed or flexible exchange rates would be more likely to play the role of automatic stabilizer.
一些国际经济学家一直在争论，究竟是固定汇率还是变动汇率更有可能起自动稳定器的作用。
The western economists concluded that emerging economies should adopt flexible exchange rates and modern, well-regulated and competitive financial markets.
西方经济学家得出的结论是，新兴经济体应采取灵活的汇率制度，并建立现代的、监管良好的、有竞争力的金融市场。
As the US trade deficit grows, debate is hotting up on whether the main Asian currencies should be made to appreciate or to adopt more flexible exchange rates.
随着美国贸易赤字的增长，围绕是否应该让亚洲主要货币升值，或者应当采取更灵活的汇率制度的辩论也越来越激烈。
A correction in the region's imbalances is already underway via currency depreciation (in countries with flexible exchange rates) and via a sharp drop in domestic demand.
通过货币贬值(在那些实行弹性汇率的国家)和国内需求的剧烈下滑，该地区修正失衡的过程已经开始。
As exchange risks rise, the adjusting economies in Asia with flexible exchange rates are experiencing higher inflation, higher interest rates and severe stresses on their banking systems.
随着外汇风险增加，亚洲区处于调整期而又有灵活汇率的经济体系，都要面对通胀和利率上升，而他们的银行系统亦须承受极大压力。
One of the most debated issues in international economics concerns the choice ofexchange rate regime and the 'pros' and 'cons' of fixed versus flexible or floating exchange rates.
在国际经济事物中最具争议的问题之一是关于选择多种交换的汇率制度以及优点可缺点混杂的固定与灵活的浮动汇率。
One of the most debated issues in international economics concerns the choice ofexchange rate regime and the 'pros' and 'cons' of fixed versus flexible or floating exchange rates.
在国际经济事物中最具争议的问题之一是关于选择多种交换的汇率制度以及优点可缺点混杂的固定与灵活的浮动汇率。
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