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[경제역사] Flexible VS Fixed exchange rate
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There are several reasons as to why, for the most part of Canada’s recent
economic history, a flexible, rather than a fixed exchange rate, has been used. The most
important purpose of utilizing a flexible exchange rate is to maintain the economic
independence that Canada has enjoyed for the vast majority of its economic history. To
switch to a fixed exchange rate would prove to be detrimental, for past experience
(namely the period between 1962 and 1970) of doing so has resulted in total
dependence on the United States’ monetary policy. In other words, Canada had no
monetary policy of its own and was simply using that of the United States’. One of the
most recent controversies concerning Canadian economics has been whether to fix our
currency to that of the United States’ (a system called “NAMU” - North American
Monetary Union), or to maintain a historically highly favored flexible exchange rate
regime. However, instating the NAMU system would lead to many problems,
especially the loss of Canadian economic freedom, independence, and power of
monetary policy. It is therefore in Canada’s best interest to maintain a policy of flexible
Extensive Integration of Canadian and U.S. Economies
During recent years Canadians have become increasingly worried about the
prospect of being dominated, or at least unduly influenced by the United States. Our
proximity to the United States, coupled with our smaller size and openness, forced us to
confront many of the issues associated with globalization long before the term became
fashionable. The difficulties of maintaining a separate and truly distinct nation,
economy and culture of thirty million people while sharing a continent and three
thousand miles of border with a country ten times its population and twelve times its
economic activity seriously affect many aspects of Canadian life. Many Canadians feel
that their cultural life is heavily influenced by U.S. movies, books and television, and
are looking for ways to reduce this impact.
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