Both Latin American debt crisis, currency crisis in 1980s, and Asian financial turbulence in 1 990s which took off in Thailand have shown that inappropriate exchange rate regime is an important causal fac~or for crisis.

• 80年代拉美国家的债务、货币危机，90年代肇始于泰国的亚洲金融风暴均从经验事实上揭示了：不适当的汇率制度是引发危机的重要因素之一。