假设本国和外国的货币债券是不完全替代关系，又假设投资者突然增加了对外国货币债券的需求，导致本国资产风险

升水的增加。在哪一种汇率制(固定汇率制还是浮动汇率制)下，这种情况对产出的影响会小些？

Imagine that domestic and foreign Currency bonds are imperfect substitutes and that investors suddenly shift their demand toward foreign currency bonds，raising the risk premium on domestic assets．Which exchange rate regime minimizes the effect on output-fixed or floating？