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1、Passage:ABriefHistoryoftheInternationalSystemofPayments(I)[Para11Havinganalyzedtheworkingoftheforeignexchangemarket,weconcludebyexplainingtheevolutionofthecurrentinternationalpaymentssystem.Until1971,goldplayedanimportantroleintheinternationalpaymentssystem.Th
2、ecurrentsystemisamixofflexibleandfixedexchangeratesinwhichgoldisnolongerananchor.[Para2]Theuseofgoldandotherpreciousmetalsasamediumofinternationaltradegoesbacktoancienttimes,whenimporterspaidexportersingoldcoins.Inmoderntimes,countriesfounditadvantageoustostan
3、dardizetheirmediaofexchangesothattraderswouldnothavetoshipgoldforeachinternationaltransaction.Withthemodemgoldstandard,eachtradingnationagreedtotieitscurrencytogold.Thisamountedtoafixedexchangeratesysteminwhichtheexchangeratebetweeneachpairofcurrencieswasfixed
4、.Forexample,supposeaBritishpoundcouldberedeemedforfivetimesasmuchgoldasonedolla匚ThentheexchangeratebetweenthedollarandtheBritishpoundwouldbefivedollarsperpound,becausefivedollarscouldbuythesameamountofgoldasonepound.[Para3]Withthemoderngoldstandard,whichlasted
5、untilthe1930s,internationaltransactionsingoods,services,andassetswereconductedinconvertiblecurrencies・Currenciesareconvertibleiftheycanbeexchangedwithoutimpedimentsforothercurrencies・Acurrencyisconvertibletogoldifitcanbeexchangedforaspecifiedamountofgold.Goldw
6、asusedonlyforsettlements,whichmeansthatonlythebalancerequiredafinalsettlementbytransferringgold.Tokeepexchangeratefixed,deficitcountrieslostgoldandsurpluscountriesgainedgold・[Para4JBecausegoldisafactoraffectingreservesinthebankingsystem,reservesfellindeficitco
7、untriesandroseinsurpluscountries.Asaresult,themoneysupplyfellindeficitcountriesandroseinsurpluscountries・Thus,thegoldstandardautomaticallyforcedcontractionarymonetarypoliciesondeficitcountriesandexpansionarymonetarypoliciesonsurpluscounties.Wheninternalandexte
8、rnalneedsclashed,theexternalneedsdominated.Forexample,bylosinggold,acountiywithadepressedeconomyandabalanceofpaymentsdeficitautomaticallyreduceditsmoneysupply,therebyfurtherdepress
