現在請您聽一遍安妮克魯格教授的談話。

When you have a fixed exchange rate, then monetary policy does not have a great deal of influnce on domestic economic activity. Under a floating rate, a change in the interest rate has quite a powerful effect on the exchange rate and, through the trade balance, has a much bigger effect on the level of economic activity. So floating rates do make monetary policy more potent than a fixed rate system.

The opposite is true for fiscal policy, because if the government decides it wants to run a bigger deficit because it thinks that would expand the economy, what will happen, of course, is that the domestic interest rate will go up, that will lead to the opposite change in the trade balance, and that will offset some of the fiscal expansion. So the relative efficacy of fiscal and monetary policy and how you need to use those tools does change depending on what system you're under.

下面我們分段聽一遍安妮克魯格教授的談話和中文翻譯：（英文略）

安妮克魯克說，實行固定匯率制時，貨幣政策對國內經濟活動不會有很大的影響。但在浮動匯率制下，利率的變化對匯率有著強有力的影響，并通過貿易收支對經濟活動的水平有還要大得多的影響。因此與固定匯率相比，浮動匯率制使貨幣政策有更大威力。

對財政收支政策來說恰好相反。如果政府決定擴大預算赤字以擴展經濟，國內的利率自然就會上升，這會導致貿易收支向相反方向變化，從而抵銷一部分財政的膨脹。因此財政收支政策和貨幣政策的相對效應以及需要如何利用它們會依據實行的是哪一種匯率制度而變化。

現在我們再聽一遍美國斯坦福大學經濟學教授安妮克魯格這段話的全文。（略）

我們今天為您介紹的是固定匯率和浮動匯率問題。那么到底是哪一種匯率對經濟的發展更有益處呢？澳廣金融節目主持人巴里克拉克談了他的看法：

In general, the record of fixed exchange rate regimes, at least in this century, has not been wholly impressive. Not only did they fail to maintain exchange rate stability, but they gave speculators virtually underwritten opportunities for destabilising profit-making that simply do not exist in a floating rate system.

巴里克拉克說，總的來說，至少從二十世紀來看，固定匯率制的記錄并不很光彩。它們不僅未能保持匯率的穩定，而且實際上為投機者提供了為牟利而破壞穩定的潛在機會。這種機會在浮動利率制中并不存在。

下面我們再聽一遍巴里克拉克的這段談話。（略）

在結束這一講之前，我們再聽一遍這一講中遇到的一些英文詞匯：

1 insulate 隔絕
2 adverse impact 不利影響
3 transmit 傳導
4 depreciation 貶值
5 offset 抵銷，補償
6 monetary policy 貨幣政策
7 fiscal policy 財政政策
8 trade balance 貿易收支
9 deficit (預算)赤字

這次的金融世界節目到這里就結束了，謝謝您的收聽。