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1、1.HistoryofInternationalMonetarySystems,Part1HistoricaloverviewFromthe19thcenturytopresent,themajorinternationalmonetarysystemshaveevolvedasfollows.Goldstandard,until1914(fixedratesunderUKdominance):throughoutmostofthe19thcenturyandupto1914(outbreakofWW1),theworldwasonagoldstandard.Especially,
2、theperiodof1879-1913wascalledtheClassicalGoldStandard(orInternationalGoldStandard)becauseallmajorcountriesparticipatedinit.Tradewasliberalizedandcapitalwasmobile.Interwarperiod:afterWW1,theworldpowerstriedtoreturntothegoldstandardatprewarparities(i.e.,atthepreviousexchangerates),buttheattemptt
3、orestoregoldconvertibilitydidnotsucceed,exceptmomentarily.The1920s-30swerecharacterizedbyrecessions,bankingcrises,theGreatDepressionandtheriseoffascism.Exchangeratesweremostlyfloatingandprotectionismincreased.TherewasahegemonicpowershiftfromtheUKtotheUS.BrettonWoodssystem,1950s-1971(US-centere
4、dfixedrates):Undertheinternationaldollarstandard,theworldeconomyexperiencedhighgrowth,pricestabilityandmovementtowardfreertrade.Unlikethegoldstandarddays,however,thereweresevererestrictionsonprivatecapitalmobility.Generalfloatingandattemptstoreduceinstabilities,1973-:Afterthetransitionperiodof
5、1971-73,themajorcurrenciesstartedtofloat.Soon,itwasdiscoveredthatcurrencysometimesfluctuatedtoomuch.Crisesandcalmperiodsalternated.Overshooting,currencycrisesandmassivecapitalflowsbecamecommon.From1985,majorcountriesoccasionallyintervenedjointlytocorrectcurrencylevels.Atthesametime,Europeancou
6、ntriesstrivedtocreateaunifiedcurrencyinsteps,whichwasachievedin2002.Sincethelate19thcenturytopresent,broaddevelopmentsinpricesandlong-terminterestrateswereasfollows.InflationwasmoststableduringtheBrettonWoodsperiod,withWPI(wholesalepricingindex)inflationinmajorcountriesstayingalmostatzeroforaf
7、ewdecades(particularlyearly1950stomid1960s).The19thcenturygoldstandardalsoexperiencedrelativepricestability,althoughlong-andmedium-termpriceswings(whichweresynchronousacrossallcountries)existed.Inthe1970s,inflationacceleratedwithdiffere
