国际货币体系国际财务管理.pptxVIP

国际货币体系国际财务管理第1页/共40页 CHAPTER OVERVIEWALTERNATIVE EXCHANGE RATE SYSTEMS (各种汇率制度)A BRIEF HISTORY OF THE INTERNATIONAL MONETARY SYTEM (国际货币体系)III. THE EUROPEAN MONETARY SYSTEM AND MONETARY UNION(欧洲货币联盟)IV. EMERGING MARKET CURRENCY CRISES2第2页/共40页 PART I. ALTERNATIVE  EXCHANGE RATE SYSTEMSI. FIVE MARKET MECHANISMS A. Freely Floating (自由浮动) (“Clean Float”) 1. Market forces of supply and demand determine rates. 3第3页/共40页 ALTERNATIVE EXCHANGE RATE SYSTEMS 2. Forces influenced by a. price levels(价格水平) b. interest rates(利率) c. economic growth(经济增长) 3. Rates fluctuate randomly over time.(随机波动)4第4页/共40页 ALTERNATIVE EXCHANGE RATE SYSTEMSB. Managed Float (“Dirty Float”)管理浮动 1. Market forces set rates unless excess volatility occurs. 2. Then, central bank determines rate. 5第5页/共40页 ALTERNATIVE EXCHANGE RATE SYSTEMS管理浮动把中央银行的干预分成三类消除每日波动顺势而行的干预非官方盯住6第6页/共40页 ALTERNATIVE EXCHANGE RATE SYSTEMSC. Target-Zone Arrangement目标区安排 1. Rate Determination a. Market forces constrained to upper and lower range of rates. b. Members to the arrangement adjust their national economic policies to maintain target.7第7页/共40页 ALTERNATIVE EXCHANGE RATE SYSTEMSD. Fixed Rate System固定汇率制定 1. Rate determination a. Government maintains target rates. b. If rates threatened, central banks buy/sell currency. c. Monetary policies coordinated.8第8页/共40页 ALTERNATIVE EXCHANGE RATE SYSTEMSE. Current System 1. A hybrid system a. Major currencies: use freely- floating method b. Other currencies move in and out of various fixed-rate systems. 9第9页/共40页 PART II. A BRIEF HISTORY OF THE INTERNATIONAL MONETARY SYSTEMI. THE USE OF GOLD A. Desirable properties B. In short run: High production costs limit changes. C. In long run: Commodity money insures stability. 10第10页/共40页 A BRIEF HISTORYII. The Classical Gold Standard (1821-1914) A. Major global currencies on gold standa