（精）《国际货币跟金融经济学》03.docVIP

Chapter 3: Exchange Rate Systems, Past to Present I. Chapter Overview Chapter 3 begins with a general discussion monetary orders and exchange rate systems. To relate exchange rate systems and monetary orders, and to understand the evolution of the exchange rate system, the chapter presents the historical experience under three different systems: (1) the gold standard system which lasted from the mid 1870s to World War I, as well as the subsequent brief return to the system after the war, (2) the Bretton Woods pegged exchange rate system, which lasted from World War II through the early 1970s, and, (3) the current post-Bretton Woods floating exchange-rate system. Each is treated in separate sections of the chapter. The second and third sections of the chapter review the historical conditions that led to the development of Gold standard and the Bretton Woods system, as well as the events that culminated in the eventual collapse of each. The treatment of the post-Bretton Woods system also includes discussions of several of the prominent accords and agreements that were reached among the industrialized countries during this period, including the Smithsonian Agreement of 1971, the Jamaica Accords of 1976, the Plaza Agreement of 1985 and the Louvre Accord of 1986. The fourth section of the chapter provides important details about the practical functioning of various types of exchange rate arrangements currently in place as part of the post-Bretton Woods system, including crawling pegs, currency basket pegs, currency boards, and dollarization. The chapter concludes with a brief discussion of the pros and cons of fixed versus flexible exchange rate systems and highlights the importance of sound macroeconomics policy making under either type of system. Throughout the chapter, frequent references are made to present-day issues as they relate to the different types of exchange rate arrangements that have been practiced over time. The chapter begins with a discussion