第2章国际货币体系ppt课件.ppt

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1、ChapterObjective:Thischapterservestointroducethestudenttotheinstitutionalframeworkwithinwhich:Internationalpaymentsaremade.Themovementofcapitalisaccommodated.Exchangeratesaredetermined.2ChapterTwoTheInternationalMonetarySystem2-0ChapterTwoOutline2.1EvolutionoftheInternat

2、ionalMonetarySystem2.2CurrentExchangeRateArrangements2.3EuropeanMonetarySystem2.4EuroandtheEuropeanMonetaryUnion2.5FixedversusFlexibleExchangeRateRegimes2-1What‘stheinternationalmonetarysystem?Theinternationalmonetarysystemcanbedefinedastheinstitutionalframeworkwithinwhi

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

4、1945-19722.1.5TheFlexibleExchangeRateRegime:1973-Present2-32.1.1Bimetallism:Before1875A“doublestandard”inthesensethatbothgoldandsilverwereusedasmoney.Somecountrieswereonthegoldstandard,someonthesilverstandard,someonboth.Bothgoldandsilverwereusedasinternationalmeansofpaym

5、entandtheexchangeratesamongcurrenciesweredeterminedbyeithertheirgoldorsilvercontents.2-4Gresham’sLawGresham’sLawimpliedthatitwouldbetheleastvaluablemetalthatwouldtendtocirculate.SupposethatyouwereacitizenofGermanyduringtheperiodwhentherewasa20Germanmarkcoinmadeofgoldanda

6、5Germanmarkcoinmadeofsilver.IfGoldsuddenlyandunexpectedlybecamemuchmorevaluablethansilver,whichcoinswouldyouspendifyouwantedtobuya20-markitemandwhichwouldyoukeep?2-52.1.2ClassicalGoldStandard:1875-1914Duringthisperiodinmostmajorcountries:Goldalonewasassuredofunrestricte

7、dcoinageTherewastwo-wayconvertibilitybetweengoldandnationalcurrenciesatastableratio.Goldcouldbefreelyexportedorimported.Theexchangeratebetweentwocountry’scurrencieswouldbedeterminedbytheirrelativegoldcontents.2-62.1.2ClassicalGoldStandard:1875-1914Forexample,ifthedollar

8、ispeggedtogoldatU.S.$30=1ounceofgold,andtheBritishpoundispeggedtogoldat£6=1ounceofgold,itmustbethecaset