初宏第13章.ppt

* The U.S. dollar was designated the world’s key currency. Most international trade and finance was to be transacted in dollars. Fixed exchange rate parities were set in both gold and dollar terms. BRETTON WOODS THE DOLLAR STANDARD * THE COLLAPSE OF BRETTON WOODS By the mid-1950s, Europe was increasingly self-sufficient. U.S exports slowed. American’s strong economy attracted foreign imports. U.S. trade deficits were further fueled by an overvalued currency, budget deficits to finance the Vietnam War, and growing overseas investment by American firms. THE FLOATING EXCHANGE RATE 汇率完全由供给和需求的变