Not so long ago, we were comforted by theorizing that floating exchange rates would mediate international adjustments in a timely and orderly way. But, in the real world, many countries, particularly but not limited to small, open economies, simply find it impractical or undesirable to permit their currency to float.
不久前，我们还笃定地论证浮动汇率会及时、有序地充当国际调整的媒介。但是，在现实中，许多国家——特别是（但不限于）小型开放经济体——发现，放任货币浮动既不可行，也不可取。