Chapter 7 International Monetary System(国际金融国家级课程上海金融学院)课件.ppt

Chapter 7 International Monetary System 第一节 国际货币体系概述 国际货币体系的涵义 国际间进行各种交易支付所采用的一系列安排和惯例；以及支配各国货币关系的一套规则和机构。 The channels of interdependence depend, in turn, on the monetary and exchange rate arrangements that countries adopted-a set of institutions called the international monetary system. Arrangement Categories 国际收支及其调节 汇率决定及其变动 国际货币或储备资产的数量和形式 国际金融市场与资本流动 国际货币合作的形式与机构 Objects and Functions Internal balance requires the full employment of a country’ resources and domestic price level stability. External balance is attained when a country’s current account is neither so deeply in deficit nor so strongly in surplus. Types of International monetary system 1. 汇率制度 exchange rate system (1) Fixed exchange rate system (2) Adjustable Peg (3) Crawling Peg (4) Managed Float (5) Floating exchange rate system 2. 货币本位 monetary standard (reserve asset) (1) Commodity Standard (Gold Standard) (2) Credit Standard (inconvertible paper money) (3) Mixed Standard (gold exchange standard) The Gold Standard (1) 第二节 国际金本位制度的形成及其特点： The gold standard had its origin in the use of gold coins as a medium of exchange, unit of account, and store of value. The gold standard as a legal institution dates from 1819, when the British Parliament passed the Resumption Act-exchanging currency notes for gold on demand at a fixed rate. The Gold Standard (2) Later in the nineteenth century, Germany, Japan, and other countries also adopted the gold standard. The United States effectively joined the gold standard in 1879 when it pegged to gold the paper “greenbacks” issued during the Civil War. The U. S. Gold Standard Act of 1900 institutionalized the dollar-gold link. Merits of International Gold Standard 国际金本位制的作用： 由于各国汇率由含金量确定，汇率波动受黄金输送点限制，各国间汇率稳定。 国际收支失衡的调节通过“物价和现金流动机制”?自动调节，避免政府政策的人为失误。 由于没有外汇管制，有利于商品和资本在国际间自由流动，使生产要素在国际间达到最佳组合和配置。 对偏好依赖“通货膨胀”的政府施加了外部约束。因为受到(1)该国货币用黄金存量的限制；(2)物价和现金流动机制会使货币供应和物价水平恢复平衡 ?The Price-Specie-Flow Mechanism (1) The theory was recognized by th