the international monetary system dokuz eylül …：国际货币体系 dokuz eylül….ppt

《the international monetary system dokuz eylül …：国际货币体系 dokuz eylül….ppt》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、TheInternationalMonetarySystemEvolutionoftheInternationalMonetarySystemCurrentExchangeRateArrangementsEuropeanMonetarySystemEuroandtheEuropeanMonetaryUnionFixedversusFlexibleExchangeRateRegimesOutlineBimetallism:Before1875ClassicalGoldStandard:1875-1914InterwarPeriod:1915-1944BrettonWoodsS

2、ystem:1945-1972TheFlexibleExchangeRateRegime:1973-PresentEvolutionoftheInternationalMonetarySystemA“doublestandard”inthesensethatbothgoldandsilverwereusedasmoney.Somecountrieswereonthegoldstandard,someonthesilverstandard,someonboth.Bothgoldandsilverwereusedasinternationalmeansofpaymentand

3、theexchangeratesamongcurrenciesweredeterminedbyeithertheirgoldorsilvercontents.Gresham’sLawimpliedthatitwouldbetheleastvaluablemetalthatwouldtendtocirculate.Bimetallism:Before1875Duringthisperiodinmostmajorcountries:GoldalonewasassuredofunrestrictedcoinageTherewastwo-wayconvertibilitybetwe

4、engoldandnationalcurrenciesatastableratio.Goldcouldbefreelyexportedorimported.Theexchangeratebetweentwocountry’scurrencieswouldbedeterminedbytheirrelativegoldcontents.ClassicalGoldStandard:1875-1914Forexample,ifthedollarispeggedtogoldatU.S.$30=1ounceofgold,andtheBritishpoundispeggedtogold

5、at£6=1ounceofgold,itmustbethecasethattheexchangerateisdeterminedbytherelativegoldcontents:ClassicalGoldStandard:1875-1914$30=£6$5=£1Highlystableexchangeratesundertheclassicalgoldstandardprovidedanenvironmentthatwasconducivetointernationaltradeandinvestment.Misalignmentofexchangeratesandin

6、ternationalimbalancesofpaymentwereautomaticallycorrectedbytheprice-specie-flowmechanism.ClassicalGoldStandard:1875-1914SupposeGreatBritainexportedmoretoFrancethanFranceimportedfromGreatBritain.Thiscannotpersistunderagoldstandard.NetexportofgoodsfromGreatBritaintoFrancewillbeaccompaniedbya

7、netflowofgoldfromFrancetoGreatBritain.ThisflowofgoldwillleadtoalowerpricelevelinFranceand,atthesametime,ahigherpricelevelinBritain.TheresultantchangeinrelativepricelevelswillslowexportsfromGreatBritainandencourageexportsfromFrance.Price-Specie-FlowMechanismThe