unit13Foreign_Exchange1题库.pptVIP

* 金本位制 指所使用的货币为含有法定重量和成色的黄金的金属铸币以及可以按照票面价值随时兑换成铸币的纸币，对黄金进出口无限制，有足够黄金储备供国内兑换和国际结算的货币制度。 采用过金本位制的国家有：英、德、比、意、瑞士、美、荷、奥、日、俄。 * --- functions: a. defining the value of a currency $20.67 per ounce; ￡4.2474 per ounce; b. determining the exchange rate between two currencies * Interwar years, 1919-1939 In the 20s: -- STG greatly weakened; -- USD back to gold standard (1919), but not other countries (1920s); In the 30s: -- end of gold convertibility in US; -- rise of isolationism protectionism; -- decline of world trade the need for currency exchange: * Period of the Bretton Woods System, 1944-1971 Background: --- a growing need for a system for currency convertibility and stability Bretton Woods Conference: --- 44 +1 countries gathered in Bretton Woods，NH, for a postwar international monetary system * Bretton Woods Agreement: to establish Fixed exchange rates system（“adjustable peg”） A fund of gold and currencies, available to member countries (IMF) --- to provide sufficient liquidity (黄金、外汇、特别提款权的储备量） 3. A bank, providing funding for long-term development projects (WB). --- to extend credit for countries to defend their currency values * Bretton Woods System: “adjustable peg” --- setting par values of currencies in terms of gold; --- no convertibility to gold, but to US dollar only; --- USD: the only currency officially convertible to gold (pegged at $35/ounce) --- reliance on the value of the dollar + US economy --- 25 years of stability of major world currencies * Times of crisis, 1971-1973 August 1971: US ended convertibility of dollar into gold -- the ending of fixed exchange rate system -- dollar devaluated in the world currency markets Late 1971: Group of Ten met in Washington for a system to keep world markets operational: 1. dollar devaluated to $38/ounce of gold; 2. all other major currencies revaluated against US$ 3. allowed to vary from fixed parity rates (固定汇率平价） by +/- 2.25% * Actual performa