PolicyandCoordination(国际金融(香港大学,WONG.pptxVIP

Macroeconomic Policy and Coordination Under Floating Exchange Rates;Gold standard;Gold ;Advantage of gold standard;Disadvantage of gold standard;Historical Background;Gold standard collapsed;Competitive devaluation;Gold standard collapsed: Result;Lesson;A proposal by Harry Dexter White in the US  John Maynard Keynes in the UK;The birth of IMF;Gold-exchange standard orBretton Woods System;Two major elements;Country 1 ;Reserve currency;The asymmetric position of the reserve center (3 countries);Country 1 ;The asymmetric position of the reserve center;If country 1 expands its money supply;The asymmetric position of the reserve center (N countries);If country 1 expands its money supply;The asymmetric position of the reserve center;The collapse of Bretton Woods;Post Bretton Woods;Exchange rate arrangements;Floating exchange rates;The case for and against floating exchange rates;For: monetary policy autonomy;For: symmetry;For: Exchange rates as automatic stabilizers;DD1;DD2;DD2;DD2;DD2;Against: Discipline;Against: Destabilizing speculation and money market disturbances;DD1;DD1;DD1;DD1;Against: Destabilizing speculation and money market disturbances;Against: Injury to international trade and investment;Against: uncoordinated economic policies;Against: illusion of greater autonomy;Monetary policy ;Floating or fixed?;The First Oil Shock and Its Effects, 1973-1975;Energy prices and the 1974-75 recession;Effect of the war on oil prices;Effect of the oil shock;Effect of the oil shock;Effect on current account;Current Account Balances, 1973-1997 (billions of dollars), (KO, Table 22-2);Effect on inflation;Other factors causing inflation ;Monetary policies;Monetary growth;Stagflation: 1974-75;Regaining Internal and External Balance;Is floating good?;Non-oil-developing countries;Revising IMF’s Charter;Weak U.S.Dollar 1976-1979;Depreciation of U.S. dollar;;Depreciation of U.S. dollar;Paul Volcker factor: 1979;The Volcker factor;Does floating give us autonomy in monetary policy