vaihtokurssijärjestelmä

vaihtokurssijärjestelmä, also known as the exchange rate system, refers to the framework that governs how the value of one country's currency is determined in relation to other currencies. There are several types of exchange rate systems, each with its own implications for international trade and capital flows.

A fixed exchange rate system is one where a country's government or central bank ties its currency's value to another currency or a basket of currencies. This means the central bank intervenes in the foreign exchange market to maintain the predetermined rate. While this system offers stability and predictability, it can limit a country's ability to conduct independent monetary policy.

A floating exchange rate system, on the other hand, allows a currency's value to fluctuate freely in the foreign exchange market, driven by supply and demand. This system provides greater flexibility for monetary policy but can lead to greater volatility and uncertainty in currency values.

A managed float, or dirty float, system is a hybrid approach where the exchange rate is generally allowed to float but the central bank may intervene periodically to influence the rate, often to smooth out excessive volatility or to achieve specific economic objectives.

The choice of exchange rate system has significant consequences for a nation's economy, affecting its export competitiveness, import costs, inflation, and overall economic stability. Countries often consider their economic structure, policy objectives, and susceptibility to external shocks when deciding which system to adopt.