The Gold Standard 金融英语典型实例.pptVIP

The Gold Standard E-mail:jinrongyingyu@126.com Code:123456 The gold standard 金本位 settle the international transactions balances 平衡国际收支 Gold equivalent 含金量 The quantity theory of money 货币数量学说 Great Depression 大萧条 Smoot-Hawley斯穆特一霍利关税法 原来的意图立法是提高保护国内农民反对外国农产品进口。 The major trading nations, primarily the British Common wealth countries and the United States, entered into the first so-called international monetary system--the gold standard. 主要贸易国家，首先是英联邦国家和美国，开始实施所谓的国际货币体系——金本位制。 The society of international trading nations practiced the gold standard from about 1880 to 1914. A majority of countries used this system to settle their international transactions balances. 金本位货币以含金量表示其价值。例如，一盎司黄金值20.67美元，所有其他货币按固定汇率与美元挂钩。 Thus, the gold standard resulted in a system of fixed exchange rates among participating nations. Such stable exchange rates were considered a necessity to increasing trade among gold standard nations.　　 因此，金本位制导致各参与国之间形成固定汇率制。这种稳定的汇率被认为是实行金本位制的国家增加贸易所必须的。 The quantity theory of money was the foundation of the gold standard. It is expressed in the equation MV = PQ, where M is the money stock, V is the velocity速度 of that money stock circulating in the economy, P is the price of goods, and Q is the quantity of goods produced by the economy. 货币数量学说①是金本位制的基础理论。它可以用MV=PQ等式表示，其中M是货币储备，V是货币存量在经济中流通的速度，P是商品的价格，Q是经济中生产出来的商品数量。 In a gold standard economy, if the country had deficit逆差 in trade with the rest of the world, the result would be an outflow of gold to settle the deficit. This would cause M to fall and, thus, P would fall. 在金本位制经济中，如果该国与世界上其他国家进行贸易时发生逆差，结果是黄金流出以抵补逆差。这会引起M下降，从而，P也会下降。 The decline in prices would make the countrys exports less expensive to the rest of the world and they would increase. 价格下降会使该国的出口商品比世界其他地方便宜，出口增加。 The resulting surplus顺差 would cause an inflow of gold, M would increase, P would increase, exports would fall, and the cycle would continue from disequilibrium to equilibrium to disequilibrium, and so forth. 由此产生的顺差会引起黄金的流入，M增加，