国际贸易与金融双语ch(1)

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1、InternationalEconomicsByRobertJ.Carbaugh9thEditionChapter14:Balance-of-PaymentsAdjustmentsUnderFixedExchangeRatesBalanceofpaymentsadjustmentsBalanceofpaymentsadjustmentsIfpartofthebalanceofpaymentsisindeficitorsurplusforaperiodoftime,mechanismsareneededtorestoreequilibriumAdjustmentmechanisms

2、canbe:Automatic-economicprocessesDiscretionary-governmentpolicies2Carbaugh,Chap.14BalanceofpaymentsadjustmentsAutomaticadjustmentunderfixedexchangeratesKeyvariablesPricesInterestratesIncomeMoney3Carbaugh,Chap.14BalanceofpaymentsadjustmentsSchoolsofthoughtonadjustmentClassicalapproach(1800s-ea

3、rly1900s)CenteredongoldstandardEmphasizedroleofpricesandinterestratesKeynesianapproach(1930sonward)EmphasizedincomechangesaffectingadjustmentMonetaristapproach(1960s-,Chicagoschool)Focusonroleofmoneyinchangesandadjustment4Carbaugh,Chap.14BalanceofpaymentsadjustmentsPriceadjustment-backgroundU

4、nderthegoldstandard,eachnation’scurrencywasbackedbygoldandhadafixedpriceintermsofgoldImportsandexportswerepaidforingoldAnation’smoneysupply(totalamountofgoldandgold-backedcurrency)wasdirectlytiedtobalanceofpayments-whethergoldwasflowinginoroutoverall5Carbaugh,Chap.14Balanceofpaymentsadjustmen

5、tsPriceadjustment-background(cont’d)Balanceofpaymentssurpluswouldexpandmoneysupply;deficitwouldshrinkmoneysupplyBytheclassicalquantitytheoryofmoney,increasesinthemoneysupplyleddirectlytoanincreaseinoverallprices(andashrinkingmoneysupplycausedoverallpricestofall)6Carbaugh,Chap.14Balanceofpayme

6、ntsadjustmentsPriceadjustmentoftheBOPDeficitnationsWouldbelosinggold,thereforeshrinkingtheirmoneysupplyandcausingpricestofallLowerpriceswouldmaketheirexportsmorecompetitiveandlessendemandforimports,restoringequilibriumSurplusnationsWouldbegaininggold,increasingmoneysupplyandpricelevelHigherpr

7、iceswouldcutexportsandencourageimportsuntilthesurpluswaseliminated7Carbaugh,Chap.14BalanceofpaymentsadjustmentsGoldflowsarenotdirectlylinkedtodomesticmoneysupplyNationsareoftennotatfullemploymentIfeconomyisnotatcapacity,lesslikelythatpriceswi