7-Chapter6Exchang-RateSystems精简版课案.ppt

Chapter 6 Exchange-Rate Systems汇率制度;Contents;Exchange-Rate Practices;Exchange-Rate Practices;Exchange-Rate Practices;Exchange-Rate Practices;Exchange-Rate Practices;Exchange-Rate Practices;“特里芬两难问题”-美元的信任 （1）如果美国要保持国际社会有足够的美元用于国际支付，那么人们就会担心美国持有的黄金能否兑换各国持有的美元，从而对美元的信心，进而是布雷顿森林体系的信心发生动摇； （2）如果美国力图消除国际收支逆差，以维持人们对，美元的供应就不可能充足。 ;Exchange-Rate Practices;Exchange-Rate Practices;;Exchange arrangement with no separate legel tender 放弃独立法定货币的汇率制度 Currency-board arrangements 货币局制度 Conventional pegged(fixed) exchange rates 传统钉住汇率制 Pegged exchange rates within horizontal bands 较宽波幅的钉住汇率制 Crawling pegged exchange rates 爬行钉住汇率制;Crawling band 爬行波幅汇率制 Managed floating exchange rates 管理浮动汇率制 Independently floating exchange rates 独立浮动汇率制 ;Unit 1 Fixed Exchange-Rate System 固定汇率制度;1. Anchoring to a basket of currencies 盯住一篮子货币 Developing nations with more than one major trading partner （贸易伙伴国超过一个） *Currency basket 一篮子货币 Prescribed（规定的） quantities of foreign currencies In proportion to（成比例的） the amount of trade done ;2. Anchoring to a single currency 盯住单一货币 Developing nations whose trade and financial relations are mainly with a single industrial-country partner.（主要的贸易伙伴国只有一个） 3. Anchoring to the special drawing right (SDR) 盯住SDR A basket of four currencies established by the IMF.（USD,GBP,EUR,JPY）;Balance-of-payments equilibrium by devaluing or revaluing its currency *Currency devaluation 货币法定贬值 To cause the home currency’s exchange value to depreciate Counteracting（抵消） a payments deficit *Currency revaluation 货币法定升值 To cause the home currency’s exchange value to appreciate Counteracting（抵消） a payments surplus; ;Unit 1 Fixed Exchange-Rate System 固定汇率制度;Impossible trinity 三元悖论; 三元悖论指的是本国货币政策的独立性、汇率的稳定性、资本的完全流动性不能同时实现，最多只能同时满足两个目标???而放弃另外一个目标。? 1、保持本国货币政策的独立性和汇率稳定，必须牺牲资本的完全流动性，实行资本管制；? 2、保持本国货币政策的独立性和资本的完全流动性，必须牺牲汇率的稳定性；? 3、保持资本的完全流动性和汇率的稳定性，必须放弃本国货币政策的独立性。;Countries can adopt only two of the following three policies: free capital flows, a fixed exc