国际经济学II课件2-06.ppt

Where does the country’s monetary authority get the dollars to sell into the FX market? Official International Reserve Assets --Foreign Exchange Assets --Reserve Position with the IMF --Special Drawling Rights --Gold Borrows the Dollars -- Official (Swap Lines) -- Private (Secret) Reserve Currency (Deficits without Tears) 国际储备： 各国中央政府为了弥补国际收支逆差和保持汇率稳定而持有的国际间可以接受的一切资产 外汇资产： 一国政府所持有的可以自由兑换的外币以及短期金融资产 储备头寸（普通提款权）： 国际货币基金组织的会员国按规定从基金组织提取一定数额款项的权利，是IMF中最基本的一项贷款。 SDR实际上是一种允许各国借入美元的信贷额度，但SDR被当作储备是因为一国可以自动从信贷额度内提取贷款。 What is the implication of buying domestic currency from the foreign exchange market? By buying domestic currency, the monetary authority is removing domestic money from the economy, which tends to lower the domestic money supply unless the authority separately takes action of sterilization to restore the domestic money back into the economy. 2.3.1 Official Intervention a. Defense against Depreciation b. Defense against Appreciation c. Temporary Disequilibrium d. Disequilibrium That is Not Temporary b. Defense against Appreciation Mechanism: Buying the U.S. dollars and Selling Domestic Currencies Figure 6.3 Intervention to Defend a Fixed Rate:Preventing Appreciation of the Country’s Currency b. Defense against Appreciation Effects: It will result in an official settlements balance surplus What does the country’s monetary authority do with the dollars that it obtains from the FX market? It adds these dollars to its official international reserve holdings (or, if appropriate, repays prior official borrowings of dollars) b. Defense against Appreciation What is the implication of selling domestic currency into the FX market? This will expand the domestic money supply unless the authority separately takes another action to remove the additional domestic money from the economy. 2.3.1 Official Intervention a. Defense against Depreciation b. Defense against Appreciation c. Temporary Disequilibrium d. Disequi