天津财经-国际金融双语辅修-17章.pptVIP

Chapter 17 Fixed Exchange Rates and Foreign Exchange Intervention Preview Balance sheets of central banks Intervention in the foreign exchange markets and the money supply How the central bank fixes the exchange rate Monetary and fiscal policies under fixed exchange rates Financial market crises and capital flight Types of fixed exchange rates: reserve currency and gold standard systems Zero interest rates, deflation, and liquidity traps Introduction Many countries try to fix or “peg” their exchange rate to a currency or group of currencies by intervening in the foreign exchange markets. Many