ch18 The International Monetary System, 1870-1973 克鲁格曼国际经济学第六版英文知识讲稿.pptVIP

Chapter 18 The International Monetary System, 1870-1973;Chapter Organization;The External Balance Problem of the United States Worldwide Inflation and the Transition to Floating Rates Summary ;Introduction;Macroeconomic Policy Goals in an Open Economy;Problems with Excessive Current Account Deficits: They sometimes represent temporarily high consumption resulting from misguided government policies. They can undermine foreign investors’ confidence and contribute to a lending crisis. ;Macroeconomic Policy Goals in an Open Economy;Several factors might lead policymakers to prefer that domestic saving be devoted to higher levels of domestic investment and lower levels of foreign investment: It may be easier to tax It may reduce domestic unemployment. It can have beneficial technological spillover effects;International Macroeconomic Policy Under the Gold Standard, 1870-1914;International Macroeconomic Policy Under the Gold Standard, 1870-1914;International Macroeconomic Policy Under the Gold Standard, 1870-1914;International Macroeconomic Policy Under the Gold Standard, 1870-1914;Internal Balance Under the Gold Standard The gold standard system’s performance in maintaining internal balance was mixed. Example: The U.S. unemployment rate averaged 6.8% between 1890 and 1913, but it averaged under 5.7% between 1946 and 1992.;The Interwar Years, 1918-1939;The Fleeting Return to Gold 1919 U.S. returned to gold 1922 A group of countries (Britain, France, Italy, and Japan) agreed on a program calling for a general return to the gold standard and cooperation among central banks in attaining external and internal objectives. ;1925 Britain returned to the gold standard 1929 The Great Depression was followed by bank failures throughout the world. 1931 Britain was forced off gold when foreign holders of pounds lost confidence in Britain’s commitment to maintain its currency’s value. ;International Economic Disintegration Many countries suffered during the Great Depression. Major ec