在上一讲中，大家为你介绍了澳大利亚从一九八三年开始实行澳元的浮动汇率制。在此之前，澳大利亚同世界上大部分国家一样，曾实行过各种不一样的固定汇率制，包含：
1 Gold Standard 金本位制2 Bretton Woods system 布雷顿森林货币体系3 crawling peg2 system 蠕动钉住汇率制
那样，实行浮动汇率制有哪些好处呢？澳洲广播电台金融节目主持人巴里克拉克说：
One of the most important benefits of floating exchange rates is that they help to insulate the domestic economy against shocks. For example under fixed exchange rates, if an export market collapses3, the adverse4 impact is transmitted fully5 to the domestic economy. It may be said that we achieve stability of the exchange rate at the cosplayt of domestic instability.
However, if a similar thing happens under floating exchange rates, the automatic depreciation6 of the dollar helps to offset7 the negative domestic effects. In other words, we get relative domestic stability at the cosplayt of exchange rate instability.
Furthermore, our domestic economic policy options are themselves significantly affected8 by whether exchange rates are fixed or floating.
巴里克拉克在谈话中用了如此几个词语：
1 insulate 隔绝2 adverse impact 不利影响3 transmit 传导4 depreciation 贬值5 offset 抵销，补偿
下面大家分段听一遍巴里克拉克的这段讲话及中文翻译：（英文略）
浮动汇率最大有哪些好处是它能够帮助国内经济免受（国际金融市场动荡的）打击。举例来讲，在固定汇率规范下，假如一个出口市场崩溃，国内经济就会经受全部的打击。这或许可以说是以国内经济动荡为代价来换取汇率的稳定。
但假如在浮动汇率制下发生同样的状况，货币的自动贬值会抵销对国内经济的消极影响。换句话说，大家以汇率不稳的代价换取了国内经济的相对稳定。
而且汇率是固定的还是浮动的，对大家选择国内经济政策也有非常大影响。
目前大家再把巴里克拉克的这段谈话完整听一遍。（略）
为何巴里克拉克说选择固定汇率制还是浮动汇率制对一个国家的经济政策的选择也有非常大影响呢？美国斯坦福大学经济学教授安妮克鲁格作知道释。她在讲话中用了如此一些词语：
1 monetary9 policy 货币政策2 fiscal10 policy 财政政策3 trade balance 贸易收入支出4 deficit11 赤字
目前请你听一遍安妮克鲁格教授的谈话。
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 potent12 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.
下面大家分段听一遍安妮克鲁格教授的谈话和中文翻译：（英文略）
安妮克鲁克说，实行固定汇率制时，货币政策对国内经济活动不会有非常大的影响。但在浮动汇率制下，利率的变化对汇率有着强有力的影响，并通过贸易收入支出对经济活动的水平有还要大得多的影响。因此与固定汇率相比，浮动汇率制使货币政策有更大威力。
对财政收入支出政策来讲恰好相反。假如政府决定扩大预算赤字以扩展经济，国内的利率自然就会上升，这会致使贸易收入支出向相反方向变化，从而抵销一部分财政的膨胀。因此财政收入支出政策和货币政策的相对效应与需要怎么样借助它们会依据实行的是哪一种汇率规范而变化。
目前大家再听一遍美国斯坦福大学经济学教授安妮克鲁格这段话的全文。（略）
大家今天为你介绍的是固定汇率和浮动汇率问题。那样到底是哪一种汇率对经济的进步更有益处呢？澳广金融节目主持人巴里克拉克谈了他的怎么看：
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.
巴里克拉克说，总的来讲，至少从二十世纪来看，固定汇率制的记录并不非常光彩。它们不只未能维持汇率的稳定，而且事实上为投机者提供了为牟利而破坏稳定的潜在机会。这种机会在浮动利率制中并没有。
下面大家再听一遍巴里克拉克的这段谈话。（略）
在结束这一讲之前，大家再听一遍这一讲中遇见的一些英文词语：
1 insulate 隔绝2 adverse impact 不利影响3 transmit 传导4 depreciation 贬值5 offset 抵销，补偿6 monetary policy 货币政策7 fiscal policy 财政政策8 trade balance 贸易收入支出9 deficit 赤字
这次的金融世界节目到这里就结束了，谢谢你的收听
