五华区法院案件查询:急求高手帮忙翻译一下（2）

不要用软件翻。。。。小弟谢过了~~
I. Introduction
For decades the exchange rate was at the center of macroeconomic policy debates
in the emerging markets. In many countries the nominal exchange rate was often used as
a way of bringing down inflation; in other countries -- mostly in Latin America -- the
exchange rate was used as a way of (implicitly) taxing the export sector. Currency crises
were common and were usually the result of acute (real) exchange rate overvaluation.
During the 1990s academics and policy makers debated the merits of alternative
exchange rate regimes for the emerging economies. Based on credibility-based theories
many authors argued that developing and transition countries should have hard peg
regimes – preferably currency boards or dollarization. One of the main arguments for
favoring rigid exchange rate regimes was that emerging economies exhibited a “fear to
float.” After the currency crashes of the late 1990s and early 2000, however, a growing
number of emerging economies moved away from exchange rate rigidity and adopted a
combination of flexible exchange rates and “inflation targeting.” Because of this move
the exchange rate has become less central in economic policy debate in most emerging
markets. This, however, does not mean that the exchange rate has disappeared from
policy discussions. Indeed, with the adoption of inflation targeting a number of
important exchange rate-related questions – many of them new – have emerged. In this
paper I address three broad policy issues related to inflation targeting (IT) and exchange
rates that have become increasingly important in analyses on monetary policy in
emerging countries.