国际金融英文版课件.ppt

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1、INTERNATIONALFINANCIALMANAGEMENTEUN/RESNICKSecondEdition2EssentialReadingsP29-49P53-571InternationalMonetarySystemInternationalmonetarysystemcanbedefinedastheinstitutionalframeworkinwhichinternationalpaymentsaremade,movementsofcapitalareaccommodated,andexchangeratesamongcurrenciesaredetermined.Itisa

2、complexwholeofarrangements,rules,institutions,mechanisms,andpoliciesregardingexchangerates,internationalpayments,andtheflowofcapital.2MainContentsEvolutionoftheInternationalMonetarySystemRelatedTheories:TrilemmaandOptimumCurrencyAreas.TheAsianCurrencyCrisis3EvolutionoftheInternationalMonetarySystem

3、Bimetallism:Before1875ClassicalGoldStandard:1875-1914InterwarPeriod:1915-1944BretonWoodsSystem:1945-1972TheFlexibleExchangeRateRegime:1973-Present4Bimetallism:Before1875A“doublestandard”inthesensethatbothgoldandsilverwereusedasmoney.Bothgoldandsilverwereusedasinternationalmeansofpaymentandtheexchang

4、eratesamongcurrenciesweredeterminedbyeithertheirgoldorsilvercontents.Grasham’lawphenomenonhasonlymadethelessvaluablemetaltocirculate.5ClassicalGoldStandard:1875-1914Duringthisperiodinmostmajorcountries:GoldalonewasassuredofunrestrictedcoinageTherewastwo-wayconvertibilitybetweengoldandnationalcurren

5、ciesatastableratio.Goldcouldbefreelyexportedorimported.Theexchangeratebetweentwocountry’scurrencieswouldbedeterminedbytheirrelativegoldcontents.6ClassicGoldStandardForExample:If1ouncegold=12Francs1ouncegold=6poundsThen1pound=2Francs7ClassicalGoldStandard:1875-1914AdvantagesoftheGoldStandard:Highlys

6、tableexchangeratesundertheclassicalgoldstandardprovidedanenvironmentthatwasconducivetointernationaltradeandinvestment.Misalignmentofexchangeratesandinternationalimbalancesofpaymentwereautomaticallycorrectedbytheprice-specie-flowmechanism.8ClassicalGoldStandard:1875-1914Thereareshortcomings:Thesuppl

7、yofnewlymintedgoldissorestrictedthatthegrowthofworldtradeandinvestmentcanbehamperedforthelackofsufficientmonetaryreserves.9InterwarPeriod:1915-1944Exchangeratesfluctuatedascountrieswidelyused“predator