国际财务管理Chap02.ppt

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1、INTERNATIONALFINANCIALMANAGEMENTEUN/RESNICKFifthEditionCopyright©2009byTheMcGraw-HillCompanies,Inc.Allrightsreserved.McGraw-Hill/IrwinChapterObjective:Thischapterservestointroducethestudenttotheinstitutionalframeworkwithinwhich:Internationalpaymentsaremade.Themo

2、vementofcapitalisaccommodated.Exchangeratesaredetermined.2ChapterTwoTheInternationalMonetarySystem2-1EvolutionoftheInternationalMonetarySystemCurrentExchangeRateArrangementsEuropeanMonetarySystemEuroandtheEuropeanMonetaryUnionTheMexicanPesoCrisisTheAsianCurrency

3、CrisisTheArgentinePesoCrisisFixedversusFlexibleExchangeRateRegimesChapterTwoOutline2-2EvolutionoftheInternationalMonetarySystemBimetallism:Before1875ClassicalGoldStandard:1875-1914InterwarPeriod:1915-1944BrettonWoodsSystem:1945-1972TheFlexibleExchangeRateRegime

4、:1973-Present2-3Bimetallism:Before1875A“doublestandard”inthesensethatbothgoldandsilverwereusedasmoney.Somecountrieswereonthegoldstandard,someonthesilverstandard,someonboth.Bothgoldandsilverwereusedasinternationalmeansofpaymentandtheexchangeratesamongcurrencieswe

5、redeterminedbyeithertheirgoldorsilvercontents.2-4Gresham’sLawGresham’sLawimpliedthatitwouldbetheleastvaluablemetalthatwouldtendtocirculate.SupposethatyouwereacitizenofGermanyduringtheperiodwhentherewasa20Germanmarkcoinmadeofgoldanda5Germanmarkcoinmadeofsilver.If

6、Goldsuddenlyandunexpectedlybecamemuchmorevaluablethansilver,whichcoinswouldyouspendifyouwantedtobuya20-markitemandwhichwouldyoukeep?2-5ClassicalGoldStandard:1875-1914Duringthisperiodinmostmajorcountries:GoldalonewasassuredofunrestrictedcoinageTherewastwo-waycon

7、vertibilitybetweengoldandnationalcurrenciesatastableratio.Goldcouldbefreelyexportedorimported.Theexchangeratebetweentwocountry’scurrencieswouldbedeterminedbytheirrelativegoldcontents.2-6Forexample,ifthedollarispeggedtogoldatU.S.$30=1ounceofgold,andtheBritishpoun

8、dispeggedtogoldat£6=1ounceofgold,itmustbethecasethattheexchangerateisdeterminedbytherelativegoldcontents:ClassicalGoldStandard:1875-1914$30=1ounceofgold=£6$30=£6$5=£