Mamiriro Ekuti Nyika Inotonga Mari Inoshandiswa Mitengo
Pavanonyanya kutengesa, ERM dzinotenderera dzinobvumira mari kuti dzishandise pasina kupindira nehurumende nemabhanki makuru, nepo masangano eEAM anoshandiswa anosanganisira chero matanho anodiwa kuchengetedza maitiro anowanikwa pane chimwe chinhu chinokosha. Kutungamirirwa kweERM kunowira kune imwe nzvimbo pakati pezvikamu izvi zviviri, neEuropean Exchange Rate Mechanism ("ERM II") iyo ndiyo inonyanya kuonekwa muenzaniso iyo ichiri kushandiswa nhasi kune nyika inotarisira kupinda mubatanidzwa wemari yeEurope.
Nhoroondo ye ERMs
Mari yakawanda yakatanga kare pane imwe yakagadziriswa yekutengesa maitiro, nemitengo yavo yakaiswa kune zvinhu zvakadai segoridhe. Kutaura zvazviri, dhora reUnited States rakagadziriswa pamitengo yegoridhe kusvika munaOctober 1976, apo hurumende yakabvisa zvinyorwa zvegoridhe kubva pamitemo yepamutemo. Dzimwe dzimwe nyika dzakatanga kugadzirisa mari yavo kuDhora rekuAmerica pachayo kuti irege kugadzikana, kusanganisira wekuAmerica mukuru wekutengeserana naye - China - uyo anochengetedza humwe hutano hwekutonga kusvikira nhasi.
Pakazosvika makore makumi mapfumbamwe, nyika dzakawanda dzakatora ERM dzakasvibirira dzakasara dzakasarudzwa zvikuru kuti dzirambe dzichigadzirisa uye dzipedze dambudziko rehupfumi. Kusiyana kwekutonga kunosanganisira nyika dzakadai seVenezuela neArgentina, uyewo nyika dzakasangana nekukwira kwenguva pfupi mumari yavo yekutengesa. Semuenzaniso, Japan neSwitzerland vose vakagamuchira semi-fixed ERMs mukupindura kweEuropean Financial Crisis yakaita kuti kuwedzerwa kwakakosha kwehuwandu hwavo.
Fixed ERM yakabatsira kuderedza kusava nechokwadi kunobatanidza nekuchinja uye zvingangove zvisingakwanisi kudzvinyirira zvishoma, asi kushandura ERMs kunogona kunge kwakabatsira kuvandudza huwandu hwekuwedzera uye kusunungura marongerwo emari ekuisa pfungwa kune hupfumi hwemhuri. Nokuda kwezvikonzero izvi, hurumende dzakawanda dzemazuva ano dzinoshandisa ERM zvinoshandiswa pane kugadzirisa ERM dzakasarudzwa.
Mashandiro anoita ERMs
Kunyatsogadziriswa kushandiswa kwehuwandu hwehutano hunoshanda kuburikidza nekugadzirisa zvinonzwisisika zvekutengeserana kwezveshandisi yemari yekushandura uye zvino kusimbisa urongwa kuburikidza nekupindira. Semuenzaniso, Japan inogona kuisa kumusoro uye yakaderera pane yenyika yeJapan maererano nedhora reU.S. Kana yen yenyika yeJapan ichikoshesa pamusoro peiyi, Bank reJapan inogona kupindira nokutenga yakawanda yemadhora ekuAmerica uye kutengesa yenji yeJapane mumusika kuderedza mutengo.
Zvimwe zvishandiso zvinogona kushandiswa kudzivirirwa kushandiswa kwemari zvinosanganisira zvikwereti uye zvinyorwa, zvekubhadhara mutengo wepamba, mari yemari uye yezvematongerwo enyika, kana kutendeukira kune ERM inotenderera. Aya maitiro akavhengana nemigumisiro uye kuvimbika zvichienderana nemamiriro ezvinhu. Semuenzaniso, kusimudzira mitengo inogona kuva nzira inobatsira yekuwedzera kukosha kwemari, asi zvakaoma kuita kana hupfumi huri kuita zvakanaka.
Sezvo mabhizimusi makuru anogona kunyora mari yavo yekubhadhara mari mune zvinyorwa zvisingaverengeki, vatengesi vakawanda vanoremekedza miganhu yeiyo yakagadzirirwa kana yakasarudzwa ERMs. Kune mamwe mazita anozivikanwa aya eEXM akasimudzika kana asinganatsiri asi asina kukwana, kusanganisira George Soro mukurumbira wakakurumbira paBhange reEngland. Muzviitiko izvi, vatengesi vangashandisa mukana wekubhadhara mari yakawanda pamusoro penyika inoita kuti zviyero zvinodhura zvakanyanya kumabhanki makuru kuti zviite pasina kukonzera kuwedzera kwekuwedzera.
ERMs in Practice
Muenzaniso unonyanya kuzivikanwa wekushandura kwekushandura ndiyo nzira yeEuropean Exchange Rate Mechanism, iyo yakagadzirirwa kuderedza kushandura kwehuwandu hwekushandura kwehutano uye kubudirira kugadzikana kwemari muEurope kusati kwasvika kurosi musi waJanuary 1, 1999. ERM yakagadzirirwa kuchengetedza mari inoshandiswa muhutano pakati penyika idzi vasati vabatanidzwa kuitira kuti vadzivise chero matambudziko anokosha nemusika kuwana zvigaro zvayo.
Kunyange zvazvo yekutanga yeEuropean ERM yakaparadzwa, European ERM II yakagamuchirwa musi waMay 1, 2004 kuitira kubatsira vatsva vemu eurozone zviri nani kubatanidza. Nyika dzakabatanidzwa dzinosanganisira Estonia, Lithuania, Slovenia, Cypriot, Latvia, neSlovakia pakati pevamwe. Sweden yakabvumirwa kuti igare kunze kweErm, apo Switzerland yakagara ichifamba zvakakwana zvakasununguka kusvikira Dambudziko reDheta reEurozone rakaita kuti pave nehutengo hwemadhora 1.20 ye euro.
China zvakare inogadzirisa ERM yakajeka nedhora reAmerica, asi People's Bank yeChina yave ichizivikanwa isingazivikanwi kana ichidzivirira. Semuenzaniso, nyika yakasarudza kurega mari yayo ichikwira kune imwe nzvimbo mukukakavadzana kwekuita kuti ive imwe yenyika inoshandiswa kuchengetedza mari, pamwe chete nedhora reAmerica uye euro. Asi, vanokakavadzana vakapikisa kuti kudhura kwacho kwakangoita kuti mabhizimusi ayo aende kudhura panguva apo hurumende yaida kusimudzira kuwedzera kwehupfumi.