国际商务第十一章资料.ppt

International Business 9e By Charles W.L. Hill Chapter 11 The International Monetary System What Is The International Monetary System? The international monetary system refers to the institutional arrangements that countries adopt to govern exchange rates A floating exchange rate system exists when a country allows the foreign exchange market to determine the relative value of a currency the U.S. dollar, the EU euro, the Japanese yen, and the British pound all float freely against each other their values are determined by market forces and fluctuate day to day What Is The International Monetary System? A pegged exchange rate system exists when a country fixes the value of its currency relative to a reference currency many Gulf states peg their currencies to the U.S. dollar A dirty float exists when a country tries to hold the value of its currency within some range of a reference currency such as the U.S. dollar China pegs the yuan to a basket of other currencies What Is The International Monetary System? A fixed exchange rate system exists when countries fix their currencies against each other at some mutually agreed on exchange rate European Monetary System (EMS) prior to 1999 What Was The Gold Standard? The gold standard refers to a system in which countries peg currencies to gold and guarantee their convertibility the gold standard dates back to ancient times when gold coins were a medium of exchange, unit of account, and store of value payment for imports was made in gold or silver What Was The Gold Standard? later, payment was made in paper currency which was linked to gold at a fixed rate in the 1880s, most nations followed the gold standard $1 = 23.22 grains of “fine” (pure) gold the gold par value refers to the amount of a currency needed to purchase one ounce of gold Why Did The Gold Standard Make Sense? The great strength of the gold standard was that it contained a powerful mechanism for achieving balance-of-trade equilibrium by all c