第2章国际货币体系

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1、INTERNATIONALFINANCIALMANAGEMENTEUN/RESNICKFifthEditionChapterObjective:Thischapterservestointroducethestudenttotheinstitutionalframeworkwithinwhich:Internationalpaymentsaremade.Themovementofcapitalisaccommodated.Exchangeratesaredetermined.2ChapterTwoTheInternationalMonetarySystem2-1ChapterTwoOutl

2、ine2.1EvolutionoftheInternationalMonetarySystem2.2CurrentExchangeRateArrangements2.3EuropeanMonetarySystem2.4EuroandtheEuropeanMonetaryUnion2.5FixedversusFlexibleExchangeRateRegimes2-2What‘stheinternationalmonetarysystem?Theinternationalmonetarysystemcanbedefinedastheinstitutionalframeworkwithinwh

3、ichinternationalpaymentsaremade,movementsofcapitalareaccommodated,andexchangeratesamongcurrenciesaredetermined.2.1EvolutionoftheInternationalMonetarySystem2.1.1Bimetallism:Before18752.1.2ClassicalGoldStandard:1875-19142.1.3InterwarPeriod:1915-19442.1.4BrettonWoodsSystem:1945-19722.1.5TheFlexibleE

4、xchangeRateRegime:1973-Present2-42.1.1Bimetallism:Before1875A“doublestandard”inthesensethatbothgoldandsilverwereusedasmoney.Somecountrieswereonthegoldstandard,someonthesilverstandard,someonboth.Bothgoldandsilverwereusedasinternationalmeansofpaymentandtheexchangeratesamongcurrenciesweredeterminedby

5、eithertheirgoldorsilvercontents.2-5Gresham’sLawGresham’sLawimpliedthatitwouldbetheleastvaluablemetalthatwouldtendtocirculate.SupposethatyouwereacitizenofGermanyduringtheperiodwhentherewasa20Germanmarkcoinmadeofgoldanda5Germanmarkcoinmadeofsilver.IfGoldsuddenlyandunexpectedlybecamemuchmorevaluablet

6、hansilver,whichcoinswouldyouspendifyouwantedtobuya20-markitemandwhichwouldyoukeep?2-62.1.2ClassicalGoldStandard:1875-1914Duringthisperiodinmostmajorcountries:GoldalonewasassuredofunrestrictedcoinageTherewastwo-wayconvertibilitybetweengoldandnationalcurrenciesatastableratio.Goldcouldbefreelyexport

7、edorimported.Theexchangeratebetweentwocountry’scurrencieswouldbedeterminedbytheirrelativegoldcontents.2-72.1.2ClassicalGoldStandard:1875-1914Forexample,ifthedollarispeggedtogoldatU.S.$30=1ounceofgold,andtheBriti