国际商务 查尔斯W.L.希尔 第七版 原版官方PPTChap010.ppt

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1、InternationalBusiness7ebyCharlesW.L.HillMcGraw-Hill/IrwinCopyright©2009byTheMcGraw-HillCompanies,Inc.Allrightsreserved.Chapter10TheInternationalMonetarySystemIntroductionTheinstitutionalarrangementsthatcountriesadopttogovernexchangeratesareknownastheinternationalmonetarysystemWhenacountr

2、yallowstheforeignexchangemarkettodeterminetherelativevalueofacurrency,afloatingexchangeratesystemexistsWhenacountryfixesthevalueofitscurrencyrelativetoareferencecurrency,apeggedexchangeratesystemexistsIntroductionWhenacountrytriedtoholdthevalueofitscurrencywithinsomerangeofareferencecurr

3、ency,dirtyfloatexistsCountriesthatadoptafixedexchangeratesystemfixtheircurrenciesagainsteachotherPriortotheintroductionoftheeuro,someEuropeanUnioncountriesoperatedwithfixedexchangerateswithinthecontextoftheEuropeanMonetarySystem(EMS)ClassroomPerformanceSystemA________exchangeratesystemex

4、istswhentheforeignexchangemarketdeterminestherelativevalueofacurrency.a)Fixedb)Floatingc)Peggedd)MarketTheGoldStandardThegoldstandarddatesbacktoancienttimeswhengoldcoinswereamediumofexchange,unitofaccount,andstoreofvaluePaymentforimportswasmadeingoldorsilverLater,astradegrew,paymentwasma

5、deinpapercurrencywhichwaslinkedtogoldatafixedrateMechanicsOfTheGoldStandardPeggingcurrenciestogoldandguaranteeingconvertibilityisknownasthegoldstandardInthe1880s,mostoftheworld’stradingnationsfollowedthegoldstandardUnderthegoldstandardoneU.S.dollarwasdefinedasequivalentto23.22grainsof"fi

6、ne(pure)goldTheamountofacurrencyneededtopurchaseoneounceofgoldwascalledthegoldparvalueStrengthOfTheGoldStandardThegreatstrengthofthegoldstandardwasthatitcontainedapowerfulmechanismforachievingbalance-of-tradeequilibrium(whentheincomeacountry’sresidentsearnfromitsexportsisequaltothemoneyi

7、tsresidentspayforimports)byallcountriesClassroomPerformanceSystemWhattypeofexchangeratessystemwasthegoldstandard?a)Fixedb)Floatingc)Peggedd)MarketThePeriodBetweenTheWars:1918-1939Thegoldstandardworkedfairlywellfromthe1870suntilthestartofWorldWarIin1914Duringthewar,manygov