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20世纪70年代开始,布雷顿森林体系的崩溃和新古典自由主义的崛起促成了固定汇率制向浮动汇率制的快速转变,西方主要国家纷纷实行浮动汇率制,以美元为中心的固定汇率制全面瓦解,欧洲美元和石油美元资本在国别间进出频繁,导致各国汇率变动无常、大起大落。货币学派开始影响货币政策,西方国家普遍以货币供应量取代利率作为货币政策中介目标,放松了对利率的管制,利率市场化进程正式启动,之后利率波动加大,两次石油危机期间,市场利率水平扶摇直上。
Beginning in the 1970s, the collapse of the Bretton Woods system and the rise of neoclassical liberalism led to the rapid transformation of the fixed exchange rate system to a floating exchange rate system. Most major western countries implemented the floating exchange rate system. The U.S. dollar-centered fixed exchange rate system was comprehensive Collapse, the European dollar and oil dollar capital in the country frequently go in and out, resulting in volatility in the exchange rate volatility in all countries, ups and downs. The monetary school began to influence monetary policy. Western countries generally replaced the interest rate with the money supply as the intermediary of monetary policy, relaxed the control over the interest rate and the marketization of interest rate was officially started. After that, the interest rate fluctuated more and more. During the two oil crises, the market interest rate Level soared straight up.