国际金融英文版.ppt

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1、Chapter4InternationalMonetarySystemDefinitionoftheInternationalMonetarySystemInternationalmonetarysystemisasetofconventions,rules,proceduresandinstitutionsthatgoverntheconductoffinancialrelationsbetweennations.Internationalmonetarysystemisbasedontheexchange

2、ratesystemadoptedbyindividualnations.Theexchangeratesystemisasetofrulesgoverningthevalueofacurrencyrelativetoothercurrencies.Thecenterpieceofthesystemistoselectaninternationalcurrencyasamediumofexchangeininternationalsettlements.Commoditymoneysuchasgoldorsi

3、lverwerewidelyusedinhistory.Goldorsilverwereinconvenienttocarryandimpracticalinsettlement.Commodity-backedmoneyreferstothebanknoteswhicharebackedbygoldorsilver.Thebanknotescanbefreelyconvertedintogoldorsilver.Fiatmoneyisinconvertiblemoneythatismadelegaltend

4、erbygovernmentdecree.Theonlythinggivesthemoneyvalueisthefaithplacedinitbythepeoplethatuseit.Aninternationalmonetarysystemneedstosolvethefollowingproblems:Aninternationalcurrency;Thedeterminationoftheexchangerate;Amechanismofbalance-of-paymentsadjustment.The

5、ClassicalGoldStandard(1876–1914)Thegoldstandardwasacommitmentbyparticipatingnationstofixthepriceoftheirdomesticcurrenciesintermsofaspecifiedamountofgold.Thegovernmentannouncesthegoldparvaluewhichistheamountofitscurrencyneededtobuyoneounceofgold.Therefore,th

6、egoldwastheinternationalcurrencyunderthegoldstandard.GoldStandardandExchangeValuesPeggingthevalueofeachcurrencytogoldestablishedanexchangeratesystem.Thegoldparvaluedeterminedtheexchangeratebetweentwocurrenciesknownas“mintparofexchange”Sinceeachcountryhasthe

7、goldparvalue,theexchangeratewasthendeterminedbythegoldparvalueofeachcurrency.Theexchangeratewasprettystablebecauseofthegoldimportandexportpoint.Thegoldstandardwasregardedas“fixedexchangerate”system.TheBOPdisequilibriumwascorrectedby“Price-specie-flowmechani

8、sm”.ExampleofgoldexportandimportIfthegoldparvalueinNewZealandwasNZ$125/ounceandA$100/ounceinAustralia,somintparofexchange:100/125=A$0.80/NZ$Costsofgoldtransportation:A$0.008/NZ$Theexchangeratewouldfluc