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2016-06-30 发布于江西
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ch18International Banking Reserves, Debt and Risk(国际经济学-浙江林学院,岑丽娟).ppt

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ch18International Banking Reserves, Debt and Risk(国际经济学-浙江林学院,岑丽娟)

Carbaugh, Chap. 18 International EconomicsBy Robert J. Carbaugh8th Edition Chapter 18: International Banking: Reserves, Debt and Risk Nature of international reserves Reserves of foreign currency and other suitable assets are used to finance payments imbalances Reserves allow a nation to take more time to correct BOP disequilibrium (but may also delay needed action) Demand for reserves depends on the monetary value of international transactions and the size of payments imbalances Demand for international reserves Main factor in demand for reserves is the nature of the adjustment mechanisms to correct BOP imbalances Exchange rate flexibility is a crucial element of the adjustment process Key use for reserves is to intervene in currency markets to defend an exchange rate The more a nation is willing to let its currency float, the less it will need sizable reserves Demand for international reserves Other factors affecting demand for reserves: Automatic adjustment mechanisms that respond to payments imbalances Economic policies used to correct payments imbalances International coordination of economic policies Level of world prices and income Demand for reserves and exchange rate flexibility Supply of international reserves International reserves may be owned by nations or may be borrowed if reserves on hand prove insufficient Owned reserves: Reserve currencies (US dollar, German mark, etc,) Gold - once central, now rarely used Special drawing rights Borrowed reserves can come from the IMF and other official arrangements, or can be borrowed from major commercial banks Gold as a reserve asset Gold was originally used as currency, but it began to be replaced by paper money and bank deposits Post-World War I inflation prompted many nations to return to a gold standard, where all currency in circulation was backed by gold Gold standard collapsed during the Great Depression, to be replaced by a gold exchange standard after World War II Gold as a reserve asset (cont’d) The