维持固定汇率实际货币供给外币储蓄的本币收益实际国内-1pdfnet.PPT

Fixed Exchange Rate Foreign Exchange Intervention Fixed exchange rate: end of World War II-1973 Hybrid system (managed floating): after 1973 feature: central banks routinely intervening Chinese version Fixed exchange rates? Managed floating Regional currency arrangements Developing countries and countries in transition Lessons of the past for the future Central bank intervention the money supply central bank transactions in asset markets the central bank balance sheet according to the principles of double-entry bookkeeping double-entry bookkeeping Changes in the central bank’s assets cause changes in the domestic money supply When the central bank buys an asset from the public, its payment (cash/check) enters the money supply. the asset purchase →money supply to expand. the asset sale →receive cash or check →money supply shrinks upshot Changes in the level of central bank asset holdings cause the money supply to change in the same direction because they require equal changes in the central bank’s liabilities. Any central bank purchase of assets automatically results in an increase in the domestic money supply, while any central bank sale of assets automatically causes the money supply to decline. Money multiplier Effect When the central bank buys assets, the accompanying increase in the money supply is larger than the initial asset purchase because of multiple deposit creation within the private banking system. Central Bank Balance Sheet Exchange intervention Decline in Money Supply private citizen’s action result of such action Sterilization Sterilized foreign exchange intervention: Central banks carry out equal foreign and domestic asset transactions in opposite directions to nullify the impact of their foreign exchange operation on domestic money supply. Before Sterilized $ 100 Sale Sterilized Process After Sterilized $ 100 Sale Table 17-2 Summary 简译 Balance of Payments Money Supply Different definition: BOP is the sum of the current account and the