国际金融第九章培训教案.pptVIP

Daniels and VanHoose Monetary Approach The Monetary Approach and Portfolio Approach to Balance-of-Payments and Exchange-Rate Determination Fundamental issues Central Bank’s foreign exchange market intervention alter the monetary base and money stock. What is the monetary approach? How does the monetary approach take effect? What is the portfolio approach? Should central bank sterilize foreign exchange intervention? Introduction The Monetary Approach focuses on the supply and demand of money and the money supply process. The monetary approach hypothesizes that BOP and exchange-rate movements r