克鲁格曼国际经济学课件第17章.ppt

Chapter Organization Why Study Fixed Exchange Rates? Central Bank Intervention and the Money Supply How the Central Bank Fixes the Exchange Rates Stabilization Policies with a Fixed Exchange Rate Balance of Payments Crises and Capital Flight Managed Floating and Sterilized Intervention Reserve Currencies in the World Monetary System The Gold Standard Chapter Organization Summary Appendix I: Equilibrium in the Foreign Exchange Market with Imperfect Asset Substitutability Appendix III: The Timing of Balance of Payments Crises Introduction In reality, the assumption of complete exchange rate flexibility is rarely accurate. Industrialized countries operate under a hybrid system of managed floating exchange rates. A system in which governments attempt to moderate exchange rate movements without keeping exchange rates rigidly fixed. A number of developing countries have retained some form of government exchange rate fixing. How do central banks intervene in the foreign exchange market? Why Study Fixed Exchange Rates? Four reasons to study fixed exchange rates: Managed floating Regional currency arrangements Developing countries and countries in transition Lessons of the past for the future Why Study Fixed Exchange Rates? Central Bank Interventionand the Money Supply The Central Bank Balance Sheet and the Money Supply Central bank balance sheet It records the assets held by the central bank and its liabilities. It is organized according to the principles of double-entry bookkeeping. Any acquisition of an asset by the central bank results in a + change on the assets side of the balance sheet. Any increase in the bank’s liabilities results in a + change on the balance sheet’s liabilities side. Central Bank Interventionand the Money Supply The assets side of a balance sheet lists two types of assets: Foreign assets Mainly foreign currency bonds owned by the central bank (its official international reserves) Domestic assets Central bank holdings of claims to future payment