二次世界大戰後，國際貨幣基金會基於傳統理論，認為貶值會使就業效果增加並改善國際收支，而允許各國當發生「基本不均衡」時，可以調整其基金平價。

本文建立嚴謹的兩國模型，同時引進Laursen-Metzler效果與貨幣學派所主張滙率變動的銀根緊縮效果，來探討在不同滙率體系下，財政政策，貨幣政策與商業性政策之有效性，浮動滙率是否能隔絕國外干擾及貨幣政策是否具有自主性等國際金融問題，並與傳統理論作一比較分析。本文除了用比較靜態分析外，為了使解說更清楚明瞭起見，我們還配合圖形加以說明。

經由慎密的研討，吾人發現本文的結論涵著了傳統的看法，一般傳統學者的見解皆可由本文模型化解得之。當我們考慮滙率變動後所引發的銀根緊縮效果與 Laursen-Metzler 效果後，財金政策的有效性不再是浮動滙率體系大於固定滙率體系，浮動滙率亦無能完全隔絕來自國外的波及，傳統的結論有了重大的修正。

事實上，基於本文的假設所求得的結果，是否符合實際的經濟情勢，有待進一步的研究。

一、中文部份：
（l）陳昭南（一九七三）：「IS - LM分析與彈性，支用、貨幣三派理論之綜合」，中央研究院經濟研究所「經濟論文」一卷一期，民國六十二年三月。
（2）賴景昌（一九七九）：「滙率變動的貨幣效果與傳遞過程」，國立臺灣大學經濟研究所碩士論文，民國六十八年六月。
（3）賴景昌（一九八○）：「浮動滙率與國外干擾」，臺灣經濟金融月刊，十六卷十期，民國六十九年五月。
（4）陳博志（一九八○）：「滙率調整在可變工資下的產出與物價效果」，經濟論文叢刊，第九輯第二期， 141-165頁。
（5）洪有忠（一九八二）：「資本不能移動性與冲銷政策 - 總體經濟政策有效性之分析」，臺灣經濟金融月刊，十八卷十一期，民國七十一年十一月。
（6）洪有忠與賴景昌（一九八二）：「浮動滙率與動態安定性 - 一個新啟示的探討」，企銀季刊，六卷二期，民國七十一年十月。
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