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Crawling peg is an exchange rate regime usually seen as a part of fixed exchange rate regimes that allows depreciation or appreciation to happen gradually. The system is a method to fully use the key under the fixed exchange regimes as well as the flexibility under the floating exchange rate regime. The system is shaped to peg at a certain value but at the same time is designed to “glide” to respond to external market uncertainties. In dealing to external pressure (such as interest rate differentials or changes in foreign-exchange reserves) to appreciate or depreciate the exchange rate, the system can meet frequent but moderate exchange rate changes to ensure that the economic dislocation is kept minimal. Some central banks use a formula that triggers a change when certain conditions are met (like need for adjustment for inflation), while others prefer not to use a preset formula and change the exchange rate frequently to discourage speculations. The disadvantages of the crawling peg are eliminated under E. Ray Canterbery's idea of the delayed peg. The delayed peg has a wide band for exchange-rate fluctuations, while the band is allowed to move when foreign exchange liabilities accumulate (at a secret but predetermined rate). In China a new use of a "floating band" is essentially a delayed peg.〔Gang Yi, The People's Bank of China, "Exchange Rate Arrangement: Flexible and Fixed Exchange Rate Debate Revisited, IMF, April 16-17, 2013, pp. 5-6.〕 The main advantages of a crawling peg are: * Avoid economic instability as a result of infrequent and discrete adjustments (fixed exchange rate)〔 * Minimize the rate of uncertainty and volatility since the fluctuation in the exchange rate is kept minimal (floating exchange regime)〔 For example, during the peso crisis, Mexico had a fixed exchange rate regime where it pegged the peso to the U.S. dollar in the 1990s. However, its significant inflation made a severe peso devaluation necessary. Knowing that a rapid devaluation would cause financial instability, Mexico instituted a crawling peg, which allowed the peso to slowly depreciate towards a more appropriate exchange rate. — (Investopedia explains 'Crawling Peg' ) In practice, the system may not be an "ideal system" under certain scenarios. For instance, if there is substantial currency flows that may affect the exchange rate, monetary authorities may be "forced" to accelerate currency realignment, leading to substantial unsystematic costs to market players. In practice, only a few countries have adopted crawling pegs. According to the IMF's "Annual Report on Exchange Arrangements and Exchange Restrictions 2014", there were only two countries—Nicaragua's córdoba and Botswana's pula—that had a crawling-peg exchange rate arrangement. ==References== 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「crawling peg」の詳細全文を読む スポンサード リンク
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