近代国际金融史(国外英语资料).docVIP

近代国际金融史(国外英文资料) Modern international financial history Modern international financial history 1., beginning in the early nineteenth Century, it has found rich gold resources in Russia, the United States, Australia and South Africa as well as Canada, which has made the productivity of gold develop rapidly. In the latter half of nineteenth Century alone, gold produced by humans exceeded the total output of the past 5 thousand years. With the increase of gold production, the reality of material demand for gold increases, and with the development of gold productivity as a precondition, mankind has entered a gold standard period. The establishment of the gold standard of gold meant that gold moved from the monarch to the vast society, from the narrow court category to the ordinary economic life, from the symbol of privilege and luxury to the symbol of wealth of the property. The gold standard began in Britain in the nineteenth Century. By the end of the 1816, the gold standard had been basically adopted in the major countries of the world. During the first World War in 1914, 59 countries in the world had adopted the gold standard. The gold standard has the following characteristics: (1) gold acts as an international currency in international exchanges, and most of the international reserve assets held by the central bank bills are gold, and gold is the foundation of the international monetary system. Gold coins can be freely minted, freely convertible and freely exported; (2) the exchange rate of the currencies between the two countries is equal to their respective gold content - Gold parity (Gold Parity) to decide, for example, that a pound has a gold content of 113.0015 Green, while a dollar has a gold content of 23.22 Green: 1 pounds, =113.0015/23.22=4.8665 dollars As long as the gold content of the two currencies remains unchanged, the exchange rate of the two currencies will remain stable. Of course, this fixed exchange rate is also affected by foreign exchange supp