本文探討實質匯率調整與名目匯率制度間之關聯是否支持Friedman假說。實證結果指出在非工業及非工業且非石油輸出組織國家中實質匯率調整隨匯率制度愈具彈性而變快，且在5%顯著水準下，調整速度在固定與浮動匯率制度間之差異顯著，此外實證結果具穩健性，實證結果支持Friedman假說。

We examine the association between nominal exchange rate regimes and real exchange rate adjustments. Our empirical results point out that the flexible exchange rate regime facilitates real exchange rate and current account adjustments and the difference of adjustments between regimes is significant at the 5% level. Furthermore, this result is robust under different scenarios. Our results support Friedman’s hypothesis for non-industrial as well as nonindustrial and non-OPEC countries.