现在请您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 potent 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.

下面我们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很大的影响。但在浮动汇率制下，利率的变化对汇率有着强有力的影响，并通过贸易收支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。

对财政收支政策来说恰好相反。如果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，这会导致贸易收支向相反方向变化，从而抵销一部分财政的膨胀。因此财政收支政策和货币政策的相对效应以及需要如何利用它们会依据实行的是哪一种汇率制度而变化。

现在我们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）

我们今天为您介绍的是固定汇率和浮动汇率问题。那么到底是哪一种汇率对经济的发展更有益处呢？澳广金融节目主持人巴里克拉克谈了他的看法：

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，总的来说，至少从二十世纪来看，固定汇率制的记录并不很光彩。它们不仅未能保持汇率的稳定，而且实际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不存在。

下面我们再听一遍巴里克拉克的这段谈话。（略）

在结束这一讲之前，我们再听一遍这一讲中遇到的一些英文词汇：

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 贸易收支
9 deficit (预算)赤字

这次的金融世界节目到这里就结束了，谢谢您的收听。