讲国际货币体系.pptVIP

The Bretton Woods System1944-1971(P102) Forty-four nations participated in the conference. Ratified in 1944 The Bretton Woods ConferenceOrganizations Created Bretton Woods System System of adjustable pegged exchange rates. U.S. dollar was the anchor of the system because it was pegged to gold. All other participating nations could peg to gold or to the dollar. All chose to beg to the dollar, a dollar-standard exchange rate system was created. The Dollar-Standard System End of the System Faced with a major run on the dollar, President Nixon suspends convertibility of the dollar. The system falls into disarray. 浮动汇率制的优缺点 优点： 1、汇率可以充分发挥调节国际收支的作用。 2、无需牺牲国内经济目标为代价。 3、无需持有较多的储备。 Crawling Peg(爬行钉住) Parity value is changed on a periodic basis. Crawl is typically designed to compensate for differences between the economic performance of the pegging country and the country being pegged to. Bands may be established around the crawling parity rate. Bands may be symmetric or asymmetric. Examples are Chile(智利), Hungary, and Poland. 通过维持一个固定的汇率体系，金汇兑本位制保留了限制非美国政治家滥用金融管理权的范围的优势。同时也使世界货币供给从金本位制下受黄金供给的束缚中解放出来。 Disadvantage of gold exchange standard Increase the scope for financial mismanagement on the part of US monetary authorities. Make the world money supply dependent on US economic policy. 它增加了美国货币当局滥用金融管理权的机会。 尽管他们独立于政治家，但金汇兑本位制仍然使世界货币供给依赖于美国的经济政策。 Dec. 13, 2005 I promise to pay__________________________________ ____________________________________________ at an interest rate of _____% within ______ days. ________________________ Douglas Cloud One Thousand Dollars and no/100 6 90 T. Wood The gold exchange standard made it theoretically possible to regulate the adjustment process in times of international disequilibrium. 虽然调整过程本质上与在金本位制下相同，但金汇兑本位制在发生国际不平衡时，理论上有可能及时控制调整过程，这主要通过美国货币政策的变化、扩张或压缩国际清偿能力的供给来完成的。 Weakness of fixed rate sys