TheInternationalFlowsofGoodsandCapital：商品和资本的国际流动

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1、TheInternationalFlowsofGoodsandCapitalInternationaltradeingoodsandcapitalincreaseconsumptionpossibilitiesbeyondproductionpossibilitiesFactorsInfluencingtheInternationalFlowofGoodsDomesticIncomeandForeignIncome;RelativePriceLevel--TheRatiooftheDomesticPriceLeveltotheForeignPriceLevel;TheExc

2、hangeRate;andOtherNon-EconomicFactorssuchasTastes,Preferences,etc.ExchangeRatesNominalExchangeRate(e):Priceofaforeigncurrencyintheunitsofhomecurrency:US$0.8180=C$1orC$1.2225=US$1.00US$/C$=0.8180orC$/US$=1.2225NominalExchangeRates:SpotExchangeRate(e)ForwardExchangeRate(ef)FunctionsoftheFore

3、ignExchangeMarketClearingtheactofhelpinginternationaltraderstoendupwiththekindofcurrencytheyprefer;Hedgingtheactofreducingoreliminatinganetassetoranetliabilitypositioninaforeigncurrency;andSpeculatingtheactoftakinganetassetposition(long)oranetliability(short)positioninaforeigncurrencyIfTra

4、deisBalanced:Goods,servicesandassetsmoveinternationallyfromexporterstoimporters;Paymentsmovedomesticallyfromimporterstoexporters;andForeignexchangemarket’sholdingsofeachcurrencyareunchanged.IfTradeisnotBalanced:Goods,servicesandassetsmoveinternationallyfromexporterstoimporters;Paymentsmove

5、domesticallyfromimporterstoexporters;andForeignexchangemarket’sholdingsofeachcurrencychange,i.e.,currencyofthesurpluscountrybecomesscarce;currencyofthedeficitcountrybecomesabundant.IfTradeImbalancePersists:Currencyofthedeficitcountrydepreciatesthisresultsinimprovementinthecompetitivepositi

6、onofthedeficitcountry’sgoodsinworldmarkets(i.e.,exportswillincreaseandimportswilldecrease);andCurrencyofthesurpluscountryappreciatesthisresultsindeteriorationinthecompetitivepositionofthesurpluscountry’sgoodsinworldmarkets(i.e.,exportswilldecreaseandimportswillincrease).ExchangeRateManagem

7、entSystems(Regimes)Flexible(Floating)ExchangeRateSystemMarketsdetermineandmanageexchangeratesFixedExchangeRateSystemGovernmentsmanageexchangeratesManagedFloatExchangeRateSystemCombinationofFlexibleandFixedSystemsExchangeControlsGovernmentsmonopolizecurrencymar