《国际货币与金融经济学》课件.ppt

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1、ExchangeRateSystemsPasttoPresentINTERNATIONALMONETARYANDFINANCIALECONOMICSThirdEditionJosephP.DanielsDavidD.VanHooseCopyright©South-Western,adivisionofThomsonLearning.Allrightsreserved.1ConceptsMonetaryOrder:Asetoflawsandregulationsthatestablishestheframeworkwithinwhichindividualscondu

2、ctandsettletransactions.Exchange-RateSystem:Asetofrulesthatdeterminetheinternationalvalueofanation’scurrency.Convertibility:Theabilitytofreelyexchangeacurrencyforareservecommodityorreservecurrency.2TheGoldStandardCameintoeffectinthemid-1870swhenmostofthemajoreconomiesunilaterallypegged

3、togold.Nationsfixedthevalueoftheircurrencyrelativetogoldviaamintparityrate.Establishedtheconvertibilityofacurrencyforgold.Goldparityratesdeterminedtheexchangeratebetweencurrencies.3TheGoldStandardPeggingthevalueofeachcurrencytogold,establishedanexchangeratesystembyindirectlyestablishin

4、gexchangerates.Themintparityratescouldbeusedtodeterminetheexchangerate.4GoldStandardandExchangeValuesPeggingthevalueofeachcurrencytogoldestablishedanexchangeratesystem.Themintparityratesdeterminedtheexchangevaluebetweentwocurrencies.5GoldStandard:CostsandBenefitsThegoldstandardpromoted

5、long-runstabilityofnation’smoneystockandlong-runstabilityofrealoutput,prices,andtheexchangerate.Itcanbeverycostlytomaintainagoldstandardbecauseofsignificantresourcecosts,suchasminingandtransportationcosts.Thepoliticalcostsofmaintainingthegoldstandardbecametoosignificantfornationssuchas

6、theUnitedKingdom.By1936mostnationshadleftthegoldstandard.6TheBrettonWoodsAgreementThe1944conferencewasoriginallynamedthe“InternationalMonetaryandFinancialConferenceoftheUnitedandAssociatedNations,”butbecamebetterknownastheBrettonWoodsConference.Thisconferenceestablished:TheInternationa

7、lMonetaryFundTheInternationalBankforReconstructionandDevelopment,or“WorldBank”TheGeneralAgreementonTariffsandTrade,or“GATT”TheBrettonWoodsExchangeRateSystem7TheInternationalMonetaryFundAmultinationalorganizationofmorethan180membernationsthatseekstoencourageglobalgrowth.TheIMFattempts