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1、InternationalEconomicsTenthEditionTheInternationalMonetarySystem:Past,Present,andFutureDominickSalvatoreJohnWiley&Sons,Inc.Salvatore:InternationalEconomics,10thEdition©2010JohnWiley&Sons,Inc.CHAPTERTWENTYONE21Inthischapter:IntroductionTheGoldStandardandtheInterw
2、arExperienceTheBrettonWoodsSystemOperationandEvolutionoftheBrettonWoodsSystemU.S.BalanceofPaymentsDeficitsandCollapseoftheBrettonWoodsSystemInternationalMonetarySystem:PresentandFutureSalvatore:InternationalEconomics,10thEdition©2010JohnWiley&Sons,Inc.Introducti
3、onAninternationalmonetarysystemreferstotherules,customs,instruments,facilitiesandorganizationsforeffectinginternationalpayments.Agoodinternationalmonetarysystemisonethat:maximizestheflowofinternationaltradeandinvestments.Leadsto“equitable”distributionofgainsfrom
4、tradeamongnations.Salvatore:InternationalEconomics,10thEdition©2010JohnWiley&Sons,Inc.IntroductionAninternationalmonetarysystemcanbeevaluatedintermsof:Adjustment–processbywhichbalanceofpaymentsdisequilibriaarecorrected.Liquidity–amountofinternationalreserveasset
5、savailabletosettletemporarybalanceofpaymentsdisequilibria.Confidence–knowledgethattheadjustmentmechanismisworkingadequately,andthatinternationalreserveswillretaintheirabsoluteandrelativevalues.Salvatore:InternationalEconomics,10thEdition©2010JohnWiley&Sons,Inc.T
6、heGoldStandardandtheInterwarExperienceTheGoldStandardPeriod(1880-1914)Nationsdefinedthegoldcontentofitscurrencyandpassivelystoodreadytobuyorsellanyamountofgoldatthatprice.Exchangerateswerefixedatmintparity,allowedtofluctuatebycostofshipping.Adjustmentmechanismwa
7、sHume’sprice-specieflowmechanism(seechapter16).Nationscouldnotusemonetarypolicyforachievingfullemploymentwithoutinflation.Salvatore:InternationalEconomics,10thEdition©2010JohnWiley&Sons,Inc.TheGoldStandardandtheInterwarExperienceTheGoldStandardPeriod(1880-1914)I
8、nreality,adjustmentprocessworkedmuchtoosmoothlyandquickly,withfewactualtransfersofgold.Adjustmentsoccurredbecauseofspecialconditionsthatexistedduringthistime:Greateco
