宏观经济管理学与财务知识分析0004).ppt

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1、CHAPTER15InternationalEconomicPolicy1Copyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.QuestionsHowhastheworldorganizeditsinternationalmonetarysystem?Whatisafixedexchangeratesystem?Whatisafloatingexchangeratesystem?Whatarethecostsandbenefitsoffixedexchangeratesvis

2、-à-visfloatingexchangerates?2Copyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.QuestionsWhydomostcountriestodayhavefloatingexchangerates?WhyhaswesternEuroperecentlycreateda“monetaryunion”--anirrevocablecommitmenttofixedexchangerateswithinwesternEurope?Whatwerethec

3、ausesofthethreemajorcurrencycrisesofthe1990s?3Copyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.TheGoldStandardBeforeWorldWarI,nearlyalloftheworldeconomywasonthegoldstandardagovernmentwoulddefineaunitofitscurrencyasworthaparticularamountofgoldthecurrencywasconvert

4、iblecouldbeconvertedintogoldfreelythecurrency’spriceintermsofgoldwasitsparity4Copyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.Figure15.2-GrowthoftheGoldStandard5Copyright©2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.TheGoldStandardWhentwocountrieswereonth

5、egoldstandard,theirnominalexchangeratewasfixedattheratiooftheirgoldparitiesatWorldWarIIparitiestheU.S.dollarwasequalto1/35ofanounceofgoldtheBritishpoundsterlingwassettoequal1/15.58333ouncesofgoldtheexchangerateofthedollarforthepoundwas£1.00=$2.406Copyright©2002byTheMcGraw-Hil

6、lCompanies,Inc.Allrightsreserved.TheGoldStandardExampleofcurrencyarbitragetheU.S.governmentiswillingtobuygoldat$35perouncetheBritishgovernmentiswillingtobuygoldat£15.58333perouncethepoundtradesfor$2.64(10%higherthantheratioofthegoldparities-$2.40)7Copyright©2002byTheMcGraw-Hi

7、llCompanies,Inc.Allrightsreserved.TheGoldStandardSomeonewithanounceofgoldcouldtradeittotheBritishTreasuryfor£15.58333tradethosepoundsfordollarsintheforeignexchangemarketandget$38.50tradethe$38.50totheU.S.Treasuryfor1.1ouncesofgoldrepeattheprocessasquicklyaspossible,makinga10%

8、profiteachtimethecircleiscompleted8Copyright©2002byTheMcGraw-HillCom