The crisis has brought important lessons about the benefits of possessing a freely floating currency. One benefit, UK experience suggests, is monetary and fiscal policy autonomy. But a substantial depreciation has contributed much less to the adjustment of the current account than most would have expected. These lessons have important policy implications.
在拥有自由浮动货币的好处方面,这场金融危机带给了我们一些重要的经验。英国的经验表明,好处之一是,能够保持货币与财政政策的独立性。但大幅贬值下英国经常账户的调整幅度,远低于多数人的预期。这些经验具有重要的政策影响。
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