0136091008_PPTsM03_Eiteman0136091008_12_MBF_C03课件.pptVIP

Chapter 3 The International Monetary System History of the International Monetary System The Gold Standard (1876 – 1913) Gold has been a medium of exchange since 3000 BC “Rules of the game” were simple, each country set the rate at which its currency unit could be converted to a weight of gold Currency exchange rates were in effect “fixed” Expansionary monetary policy was limited to a government’s supply of gold Was in effect until the outbreak of WWI as the free movement of gold was interrupted History of the International Monetary System The Inter-War Years WWII (1914-1944) During this p