资源描述:
《Multinational Financial Management, 10th solution manual ch_03》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库。
1、17CHAPTER3:THEINTERNATIONALMONETARYSYSTEMCHAPTER3THEINTERNATIONALMONETARYSYSTEMThepurposeofthischapteristohelpstudentsunderstandwhattheinternationalmonetarysystemisandhowthechoiceofsystemaffectscurrencyvalues.Italsoprovidesahistoricalbackgroundoftheinternationalmonetarysystem.Thise
2、nablesstudentstogainperspectivewhentryingtointerpretthelikelyconsequencesofnewpoliciesintheareaofinternationalfinance.Thischapterdescribeshowexchangeratesaredeterminedunderfourdifferentmechanismsfreefloat,managedfloat,fixedratesystem,andtargetzonesystem.Underthelatterthreesyste
3、ms,governmentsinterveneinthecurrencymarketsinoneformoranothertoaffecttheexchangerate.Regardlessofthesystemchosen,itsdesignisconstrainedbythefundamentaltrilemmaofinternationalfinance.This“impossibletrinity”ofinternationalfinancestemsfromthefactthat,ingeneral,economicpolicymakerswoul
4、dliketoachieveeachofthefollowingthreegoals:astableexchangerate,anindependentmonetarypolicy,andcapitalmarketintegration.Thepolicymaker’strilemmaisthatinpursuinganytwoofthesegoals,thecountrymustforgothethird.KeyPoints1.Underamanagedfloat,fixedratesystem,andtargetzonesystem,whichinv
5、olvevaryingdegreesofcentralbankintervention,therealexchangerateisliabletochange,withimportantimplicationsforexchangeriskmanagement(asdiscussedinChapters9through11).2.Regardlessoftheformofintervention,fixedratesdon'tremainfixedforlong.Neitherdofloatingrates.Thebasicreasonthatexchang
6、eratesdon'tstayfixedforlongineitherafixedorfloatingratesystemisthatgovernmentssubordinateexchangerateconsiderationstodomesticpoliticalconsiderations.3.Thegoldstandardisaspecifictypeoffixedexchangeratesystem,onethatrequiredparticipatingcountriestomaintainthevalueoftheircurrenciesi
7、ntermsofgold.Callsforanewgoldstandardremindusofthefundamentallackoftrustinfiatmoneyduetothehistoricalunwillingnessofthemonetaryauthoritiestodesistfromtamperingwiththemoneysupply.4.Interventiontomaintainadisequilibriumrateisusuallyeitherineffectiveorinjuriouswhenpursuedoverlengthype
8、riodsoftime.Seldom,ifever,