CH07INTERNATIONALMONETARYSYSTEM教程.ppt

Contents International monetary system evolution Gold Standard Bretton Woods System Post-Bretton Woods System (Jamaica system ) Today’s Exchange Rate Arrangements (2)International currency system evolves the following eras: Gold Standard era (1870-1914):fixed exchange rate The Bretton Woods era (1944-1973) :ajustable pegged exchange rate The Jamaica Accords era (1978- present) : floating exchange rate 2. The Gold Standard 2.1 Gold parity 2.2 Gold Standard and Exchange Values 2.3 Gold Standard: Costs and Benefits 2.1 Gold parity Came into effect in the mid-1870s when most of the major economies unilaterally pegged to gold. Nations fixed the value of their currency relative to gold via a mint parity rate. Established the convertibility of a currency for gold. Gold parity rates determined the exchange rate between currencies. Pegging the value of each currency to gold, established an exchange rate system by indirectly establishing exchange rates. The mint parity rates could be used to determine the exchange rate. 2.2 Gold Standard and Exchange Values Pegging the value of each currency to gold established an exchange rate system. The mint parity rates determined the exchange value between two currencies. 2.3 Gold Standard: Costs and Benefits The gold standard promoted long-run stability of nation’s money stock and long-run stability of real output, prices, and the exchange rate. It can be very costly to maintain a gold standard because of significant resource costs, such as mining and transportation costs. The political costs of maintaining the gold standard became too significant for nations such as the United Kingdom. By 1936 most nations had left the gold standard. 3. The Bretton Woods System(1944-1973, adjustable pegged rates) 3.1 The Bretton Woods Agreement 3.2 The International Monetary Fund 3.3 The Bretton Woods System 3.4 The Collapse of Bretton Woods System (p121-126) 3.1 Introduction to the Bretton Woods system (BWS) The 1944 confere