查尔斯希尔《国际商务》课件Chap010 The Internationa.pdf

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1、Chapter10TheInternationalMonetarySystemIntroduction∑Theinstitutionalarrangementsthatcountriesadopttogovernexchangeratesareknownastheinternationalmonetarysystem∑Whenacountryallowstheforeignexchangemarkettodeterminetherelativevalueofacurrency,afloatingexchange

2、ratesystemexists∑Whenacountryfixesthevalueofitscurrencyrelativetoareferencecurrency,apeggedexchangeratesystemexists∑Whenacountrytriedtoholdthevalueofitscurrencywithinsomerangeofareferencecurrency,dirtyfloatexists∑Countriesthatadoptafixedexchangeratesystemfix

3、theircurrenciesagainsteachother∑Priortotheintroductionoftheeuro,someEuropeanUnioncountriesoperatedwithfixedexchangerateswithinthecontextoftheEuropeanMonetarySystem(EMS)ClassroomPerformanceSystemA________exchangeratesystemexistswhentheforeignexchangemarketdet

4、erminestherelativevalueofacurrency.a)Fixedb)Floatingc)Peggedd)Market10.1TheGoldStandard∑Thegoldstandarddatesbacktoancienttimeswhengoldcoinswereamediumofexchange,unitofaccount,andstoreofvalue∑Paymentforimportswasmadeingoldorsilver∑Later,astradegrew,paymentwas

5、madeinpapercurrencywhichwaslinkedtogoldatafixedrate10.1.1MechanicsOfTheGoldStandard∑Peggingcurrenciestogoldandguaranteeingconvertibilityisknownasthegoldstandard∑Inthe1880s,mostoftheworld’stradingnationsfollowedthegoldstandard∑UnderthegoldstandardoneU.S.dolla

6、rwasdefinedasequivalentto23.22grainsof"fine(pure)gold∑Theamountofacurrencyneededtopurchaseoneounceofgoldwascalledthegoldparvalue10.1.2StrengthOfTheGoldStandard∑Thegreatstrengthofthegoldstandardwasthatitcontainedapowerfulmechanismforachievingbalance-of-tradee

7、quilibrium(whentheincomeacountry’sresidentsearnfromitsexportsisequaltothemoneyitsresidentspayforimports)byallcountriesClassroomPerformanceSystemWhattypeofexchangeratessystemwasthegoldstandard?a)Fixedb)Floatingc)Peggedd)Market10.1.3ThePeriodBetweenTheWars:191

8、8-1939∑Thegoldstandardworkedfairlywellfromthe1870suntilthestartofWorldWarIin1914∑Duringthewar,manygovernmentsfinancedtheirwarexpendituresbyprintingmoney,andindoingso,createdinflation∑Peoplelostc