國際金融英文

Chapter4InternationalMonetarySystemDefinitionoftheInternationalMonetarySystemInternationalmonetarysystemisasetofconventions,rules,proceduresandinstitutionsthatgoverntheconductoffinancialrelationsbetweennations.Internationalmonetarysystemisbasedontheexchangeratesystemadoptedbyindividualnations.Theexchangeratesystemisasetofrulesgoverningthevalueofacurrencyrelativetoothercurrencies.Thecenterpieceofthesystemistoselectaninternationalcurrencyasamediumofexchangeininternationalsettlements.Commoditymoneysuchasgoldorsilverwerewidelyusedinhistory.Goldorsilverwereinconvenienttocarryandimpracticalinsettlement.Commodity-backedmoneyreferstothebanknoteswhicharebackedbygoldorsilver.Thebanknotescanbefreelyconvertedintogoldorsilver.Fiatmoneyisinconvertiblemoneythatismadelegaltenderbygovernmentdecree.Theonlythinggivesthemoneyvalueisthefaithplacedinitbythepeoplethatuseit.Aninternationalmonetarysystemneedstosolvethefollowingproblems:Aninternationalcurrency;Thedeterminationoftheexchangerate;Amechanismofbalance-of-paymentsadjustment.TheClassicalGoldStandard(1876–1914)Thegoldstandardwasacommitmentbyparticipatingnationstofixthepriceoftheirdomesticcurrenciesintermsofaspecifiedamountofgold.Thegovernmentannouncesthegoldparvaluewhichistheamountofitscurrencyneededtobuyoneounceofgold.Therefore,thegoldwastheinternationalcurrencyunderthegoldstandard.GoldStandardandExchangeValuesPeggingthevalueofeachcurrencytogoldestablishedanexchangeratesystem.Thegoldparvaluedeterminedtheexchangeratebetweentwocurrenciesknownas“mintparofexchange”Sinceeachcountryhasthegoldparvalue,theexchangeratewasthendeterminedbythegoldparvalueofeachcurrency.Theexchangeratewasprettystablebecauseofthegoldimportandexportpoint.Thegoldstandardwasregardedas“fixedexchangerate”system.TheBOPdisequilibriumwascorrectedby“Price-specie-flowmechanism”.ExampleofgoldexportandimportIfthegoldparvalueinNewZealandwasNZ$125/ounceandA$100/ounceinAustralia,somintparofexchange:100/125=A$0.80/NZ$Costsofgoldtransportation:A$0.008/NZ$Theexchangeratewouldfluctuatebetween(0.80+0.008)=0.8008and(0.80–0.008)=0.7920.8008and0.792arecalledgoldexportandimportpoints.Price-specie-flowmechanism

Rapidgrowthrate(techinnovation)OutputsincreasePricesfallExportsriseImportsshrinkBOPsurplusesGoldinflowsMoneysupplyupPricesupExportsdeclineImportsincreaseBOPdeficitsGoldoutflowsPerformanceofthegoldstandardLong-termpricestability(lowerinflationrate)0.1%(1880–1914),4.2%(1946–1990)NocentralbankneededVulnerabletorealandmonetaryshocksInflationinonecountrywouldinfluenceprices,moneysupplyandrealincomeofanothercountry.

Higherunemploymentrate6.8%(1879–1913),5.6%(1946–1990)Highercosttomaintainthesystem,in1990thecostwouldbe$137billion.Limitedsupplyofthegoldcanhampertherapidgrowthofinternationaltradeandinvestment.TheInternationalMonetarySystemfrom1914to1944WorldWarIinterruptedtradeandthefreemovementofgold.Maincountriessuspendedconvertibilityofgold.Theyalsoimposedembargoesongoldexports.Exchangeratewerefluctuatedoverfairlywiderangesbecauseofthepredatorydevaluationofthedomesticcurrency.

Goldexchangesystemwereadopted.Othercountriesheldgold,U.S.dollarsorBritishpoundsasreserves.U.S.andU.K.heldgold.U.S.andU.K.tradedgoldonlywithforeigncentralbanks,notprivatecitizens.From1934totheendoftheWar,countriesadoptedpaperstandard,thegoldstandardwasvirtuallyabandoned.Theinternationaltradeandinvestmentdeclinedtoahistoricallowlevelwiththeprotectionistpoliciesadoptedbymanycountries.BrettonWoodsSystem(1944–1971)BrettonWoodsAgreementwastodesignanewinternationalmonetarysystem.Internationalmonetaryfund(IMF)tolendtomembercountriesexperiencingashortageofforeignexchangereservesTheInternationalBankforReconstructionandDevelopment(IBRD)(Worldbank)tofinancepostwarreconstructionGATT(WTO)topromotethereductionoftradebarriersandsettletradedisputesPeggedexchangeratesystemUSdollarwastheinternationalcurrency.EachcountrypeggedthevalueoftheircurrenciestotheUSdollar.USdollarwaspeggedtothegold.($35/ounce)Paritybandwaswithin1%oneitherside.Thepeggedvaluewasadjustable.TheBrettonWoodsSystemThevalueofthedollarwaspeggedtogoldandthedollarwasconvertibletogoldatthemintparityrate.Apeggedexchangeratesysteminwhichacountrypegsthevalueofitscurrencytothecurrencyofanothernation.Inpracticeadollar-exchange-ratesystemasnationspeggedtothedollarandfreelyexchangedthedomesticcurrencyforthedollarattheparityrate.TriffindilemmaTheU.S.wouldneitherrunBOPsurplusofdeficits.IfU.S.keepsBOPsurplus,therewouldnotbeenoughinternationalcurrencyforworldtradeandinternationalinvestment.IfU.S.haslongtermBOPdeficit,peoplewilllosetheconfidencetothedollar.DeclineofBrettonWoodssystemEuropeanandJapaneseeconomygrewfast.USdollarswerebeingspentoverseas,intheformofforeignaid,defensespending,trade,investmentandtourism.

U.S.ranBOPdeficitsin1960s.(capitalaccount)Dollarcrises(1965,1968)WorseningsituationinVietnamRumorstheUSintendtoeliminatethegoldreserverequirementagainstdeposits,notesFrenchverbalattacksontheUSdollardrasticincreaseinpurchasesofgold(1968)Goldpoolclosedin1968.U.S.BalanceofPayments

1959–1973($billions)ThebreakdownoftheBrettonWoodssystemU.S.suspendedtheconvertibilityofthedollarintogoldin1971.Anemergency10%tariffonallUSimportsPriceandwagecontrolstostabilizeinflationThosemeasuresofficiallybrokeoffthelinkbetweentheU.S.dollarandthegold.TheBrettonWoodssystemwascallapsed.

Smi揭ths竿oni顯an頂agr汗eem拋ent故(D釣ec.卷19臨71)G-1搜0m構(gòu)et查in載Smi郊ths合oni姻an玩Ins糟tit共ute剃in崇De曲cem促ber沒19敗71強(qiáng)to逃rea徒ch映the應(yīng)ag棉r(nóng)ee彎men垮t.Dev填alu液ed寧oll木ar梨aga茂ins賠tg械old米($跟35顏to要$38旱)Reva貢lue也othe迅rcu耳rren倘cies芳aga株inst卡dol吧lar魂(8%)Pari周tyb炕and資wide牛ned螞(±1%全to推±2.2富5%)U.S.騰rem輪ove悟10%瞎tari境ffAft獸er更the否Sm己ith玩son倡ian臥ag挽ree簡men腐t,攤maj遭or誘cur不ren文cie虛sw兔ere微al花low蜓ed熄to瓜flu悔ctu袍ate雄.The誘oil屬cris超isa弊ndi拆tsa伏fter足mathIn1唉973,帖OPE喜Cqu號(hào)adru悲pled勝the友oil攻pri腳cew茫hich神ha曲da菊huge危imp情act晉ont炕hew榴orld足eco沃nomy然and某eff魯ecti礙vely腔end縱eda持nyh栗opes雞of顛rest貿(mào)orin貿(mào)ga定fixe湯dex舌chan螺ger范ate動(dòng)syst攏em.LDCs哭wer鏈eha望rdh氏itb忍oth群byh伐igh側(cè)oil陸pric祖esa魂ndr份eces歲sion付in床the羊indu巷stri險(xiǎn)aliz明edc曬ount判ries脆.Oil摸impo尾rtin毫gco訴untr株ies歪such而as湯Japa變nan宇dUK下suf購fere找dgr功eatl充yfr壓omt緒hes吹hock誰.The獵re叔al繩pri膚ce密of砌OPE沿Cc孝rud鍋eo齒ilGlo綠bal弦cu魄rre族nt疫acc押oun蜓tb體ala與nce蝴s

1乎973傷-80繪($叮bi頭lli黃ons案)Flo估ati怖ng效Exc事han瘋ge則Rat誘eS錫yst渡em魔(19毛76肆–N械ow)Jama勻ica勢acco姿rd(堅(jiān)1976怪)Jama刷ica來acco扁rdi涉n19津76a辭mend彈edt旁heI院MFc責(zé)onst牽itut僚ion亭and蠻sign饑ifie把dth岸est致art株oft鋪hef切l(wèi)oat舞ing露exch雅ange架rat蒙eer弊a.Floa跟ting涉rat女esw敵ere貞decl臣ared華acc博epta千ble.Gol怠dw美as沉aba丸ndo但ned跳as丟a隱res會(huì)erv菌ea也sse彼t.Tota代lan革nual都IMF酬quo變tas貞were柳inc斧reas箱edt豎o$4慣1bi翁llio恢n.(艦in2倒008,耽$31啟1bi倍llio毫n)Plaz丟aag躬reem顯ent爺(198草5)G-5嫩join檔tly憤inte肌rven己edt端hef麗orei糾gne擾xcha熊nge藝mark革ett太opu逮llt皆hev尼alue栽of辜the呀doll興ard躺own.Lou祥vre攝ac園cor幻玉d(娃198看7)G-7樣de宮cla怎red建to呆ce騎ase餃to魂dr旦ive譽(yù)do魂wn繩the問va斜lue櫻of暖th搏ed淡oll誦ar疲sin癥ce泥the借yf辰elt朋th湊at州the霜do蒼lla王rh薯ad抄dep壯rec哄iat演ed猾far哪en老oug繩h.The勞tw倒oe宗ven橫ts斯sho好wed飽th鋼ef漢loa壁tin推ge逢xch愉ang歪er它ate功sy掌ste婆mw慚as擊mor擊el獅ike辰a指man鼠age祖d(底dir朱ty)理fl日oat朝ing搞ra致te統(tǒng)ins次tea淘do礎(chǔ)fa佛fr悟eel康y(儀cle膠an)洞fl釀oat塵ing膝ra絲式te僚sys音tem倍.The瞎no敵min林al及and遼re殊al陷eff肺ect笛ive球ex抖cha母nge昌ra丘te沃of陜the匹do婚lla史r,窮198蹈0–標(biāo)20顆05The物crea襯tion廳of刃the營EuroThe遷19鴉91啞Tre胡aty邊of董Ma艦ast賴ric眠h(yuǎn)tThe榨ti深met配abl攝ef緩or臣the絹in裙tro聯(lián)duc域tio匯no境ft擊he蒜eur門o:Janu期ary肚1,1工999.譜The騎eur掠ore李plac睬edt社heE綿CU.Janu李ary貨1,2嚴(yán)002.駐The謹(jǐn)eur湖obe墻gan托publ句icc撥ircu忙lati部ona繩long覽side困nat俘iona還lcu宵rren流cies去.Jul秤y1恐,2億002亦.T惱he畜eur洗of辛orm該all沃yr蝕epl廊ace雜dt拆he須cur輩ren賣cie只so會(huì)fp險(xiǎn)art卡ici酬pat晴ing腿co伯unt瓦rie樂s.Con軌ver到gen芬ce蜘cri循ter誤iaCou秀ntr徑ies飾th邪at詠wer強(qiáng)eq癥ual舅ifi漫ed廁to化ado橋pt孝eur員os怨hou蝕ld放mee扭tc施onv則erg點(diǎn)enc閥ec菠rit壩eri枕a:Infl難atio兄nra漆t(yī)es條shou扔ldb糟ewi新thin舍1.5肝%of蠟the娘thr喝eem屈embe寨rso霧fth鎖eEU腔wit守hth黎elo水west完inf拍lati萬onr續(xù)ates搭dur俯ing綢the饒prev矮ious宅yea遠(yuǎn)r.Long險(xiǎn)-ter綱min匹tere差str訪ates扎sho形uld漁bew局ithi旦n2%尚of曬the將thre提eme唱mber儉sof竭the凍EU脊with想the肢low荷est鈴inte鳥rest介rat蜻es.Bud蝦get輩de霧fic微its贊sh燒oul析db介en按oh竟igh廁er免tha秀n3露%o逮fg平ros班sd淹ome挨sti固cp閘rod隊(duì)uct推.Gove稻rnme刷ntd撇ebt古shou牢ldb劣ele摘sst楊han恢60%屆ofg伯ross瞧dom安esti壞cpr貢oduc抗t.Onl瘋y1濕1m希emb貞er蓄cou逃ntr漏ies探of油th芳eE蝕Um賊et仰the電cr倚ite尿ria畜wh旅en庫the勸eu壁ro湊was逆in沫tro犬duc碌ed.縣No司wt話her背ea國re凳16平cou咐ntr瓦ies濱.The腔perf燒orma睬nce比oft虎hee腔uro掙(aga許inst膠the匆dol鄭lar)摸.The丸Do時(shí)lla潑r/E寨uro蜘Sp煌ot炊Exc哈han暖ge牽Rat殘e,昨199濱0–沒20姿07舉(Mo題nth副ly太Ave對(duì)rag吸e)Curr捉ency勝Cri葡ses嬌post像-1慢990The揪Me誤xic貸an數(shù)pes笛oc偽ris犯is忌of堂199壩5The足peso掌los雀t40滑%of更its扎val幕uea祖gain旗stt糞hed移olla脹r.S堅(jiān)tock昂mar申ket撿fell幻玉50%掃of陳its故valu奮e.The殼As份ian叮fi棟nan妹cia喉ls達(dá)tor冊mo乒f1蝦997Thai垮land吳:ba蹦htl謠ost噴50%睛ofi獄tsv糠alue籮.Ind叉one斃sia凍:r畜upi草ah洞los以t7辨5%眾of兩its悅va姨lue牢.Sou酒th晴Kor暫ea:樹wo棍nl箏ost常44系%o茂fi偵ts爆val岡ue.The罪fall役of守the蛇Russ草ian遍rubl編ein己199筒8Russ掩iad溪efau拴lted慈on雜more國tha恭n$4疤0bi頌llio蹲nof腔deb鋼tan閥dwa辨sfo墳rced雀to嚼aban漫don想pegg迅edr代ate.200攪2A婚rge獸nti腿na芝pes撞oc透ris戴isArg雁ent腹ina線wa匯sf數(shù)orc敞ed想to眨dev魯alu墻et秘he才pes警oa樣nd翻all響owe蜘dt姓he弓pes乓ot旅of覽loa活t.Exch茂ange魚Rat肆eAr陷rang秋emen渡tsT番odayAn選ati凱on’朽sp親oli禿cym倦ake托rs甩may得ch用oos賓ea福ny歡typ饅eo犧fe武xch箏ang蘆er蹄ate然sy伶ste庭m.Henc窯e,t猾here鏟is壺awi皂der睜ange應(yīng)of計(jì)arra遠(yuǎn)ngem度ents敏in腳plac評(píng)eat璃thi絕sti愈me.Exch掠ange綱Rat殘eSy駝stem纏sin拉Pra穴ctic碎eCra壓wli市ng斷peg閱is及an攀ex賞cha麗nge仆ra擦te掙sys過tem糕in蘭wh頁ich恐a枝cou陷ntr矩yp霉egs星it裂sc帥urr汽enc食yt娘oa襖not歸her胡cu盾rre嫩ncy哄,b旦ut削all菜ows將th克ep備ari賺ty蜂val默ue簽to咳cha壩nge租at準(zhǔn)re萌gul你ar柏tim斥ei指nte繭rva透ls.恥It湖ca核nh無elp沒el師imi去nat帝es犁ome斑su到dde臨nc攻urr竟enc戶ya扭tta伏c(diǎn)ks黃.Mex榆ico惑,N摧ica冠rag桿ua輔and成ot雙her盡su童sed駕to鉗ad謎opt喜th齒ec洋raw季lin攻gp同eg恨sys浸tem箱.Nic幕ara悼guaNic甜ara襯gua訂’s續(xù)cra織wli妨ng-耗peg染ex肚cha少nge憶-ra界te淚arr蹲ang旨eme旨nt鍛all蓄ows強(qiáng)fo微ra墨1青per黨cen苗tm職ont浩hly紛ra劇te受of宴cra批wl湖of盾dep歪rec比iat優(yōu)ion充of恩th印ec者ord班oba蠶re倘lat射ive譜to敲th霸eU灘.S.值do為lla部r.Cur撇ren沾cy旺bas棄ket叛sr滿efe窩rt驚op縱eg悟ac尊urr驗(yàn)enc惹yt堪oa勉we仔igh芹ted慕av虎era巖ge志of盞an英umb奸er泥of者for羊eig稀nc割urr技enc筐ies詢.T贊he蜜wei住ght驕ed怎ave吩rag垮e(cuò)o系fa掏ba挺ske捧to閉fc偽urr悠enc包ies鞠is佛li恢kel駝yt取ob廉el舒ess甩va脫ria顧ble怨th可an嶄the咽ex酬cha銳nge月ra外te刺of艱as枕ing怎le釋cur燒ren神cy.Curr飲ency區(qū)boa訓(xùn)rdi餓san雄exc潛hang箏era燥tes圾yste網(wǎng)min悄whi撲cht筋hem糟onet偶ary例auth股orit威yis圾sues說not跟esa駝ndc旁oins割con丑vert調(diào)ible盈int證oa丑fore辛ign惱anch掛orc假urre桃ncy瞇ata消tru堪l(fā)yf宴ixed證rat核ean隊(duì)don摘dem末and.The岸cu呆rre賞ncy菠bo浴ard忽su寬ppl綢ies稅cu蘋rre母ncy行on暗th夸eb咐asi折so棄f1逐00%蘿fo孟rei拔gn伶res雄erv按es.For牙exam港ple,懷if露the摸mone伙tary科aut窄h(huán)ori蔬tyi隨nHo漁ngK課ong裙issu朽eso紐奉neH前ong永Kong搶dol奏l(xiāng)ar,冤it若must澤hav種eth偽eeq浩uiva墨lent弓U.S吊.do汗llar扯.Su訓(xùn)ppos時(shí)eth價(jià)eex歇chan祝ger狠ate沫isH嶄K$7.餃50/$窮,it痰imp維lies執(zhí)tha掠tfo抽rea筑chH早ong挨Kong遷dol塔lar悉issu攀ed,僻the蜘mone穩(wěn)tary弓aut接hori頭tym惠ust漁keep愿$0.莖13(惠1/7.爐5).Cur筒ren貝cy綱boa哪rd報(bào)eli詞min求ate題st良he棍pos帽sib窩ili墳ty稻of炸an婦ati蒼on’完sm委one炒ys廈upp報(bào)ly芒gro輪win濱gt猶oo口rap帝idl值ya慘nd稼cau酒sin咽gi旱nfl誘ati昆on.Doll落ariz火atio騙n(E嫩uroi挪zati稻on)滲mean膨sth溜ata暈cou潤ntry淹use淋the詳cur株renc喂yof浪ano首ther獄nat諷ionto銹ser部ve壤as娃leg莫al鵝ten凍der爆.F便or詞som姑ec先oun枯tri蔽es螺it吉is稻an偽eff搶ect桌ive遭wa濫yt慕or站edu鏡ce俘ris潮ka瘋nd稼pro念tec貨ta相gai魔nst診in伶fla晶tio典na爐nd冬dev晃alu勁ati貧on.Adva殿ntag瘋eso悅fth企edo緊llar澆izat柔ion(1)維Avoi辣dsp聚ecul座ativ老eat徐tack飄son鮮the甚loc賄alm其oney(2)胳Redu秘cec局ount約ryr邁isk,默cre術(shù)ate六posi慨tive債inv執(zhí)esto邀rse含ntim握ent專and寺more限sta分ble吃capi申tal炕mark權(quán)et.(3)碑Im距pro第ve剝the喇gl胡oba質(zhì)le輔con乓omy壇by蛛al壟low猴ing校fo鋼re懸asi斑er辰int芒egr邊ati路on理of懇eco置nom擋ies縫in棗to融the趁wo地rld均’s鋪mar真ket對(duì).Disa勒dvan均tage潛of制doll牙ariz破atio房誠n(1)口The政cent侵ral夸bank牢los騙est裁hea策bili滔tyt賺oad息mini居ster拐mon悔etar臨ypo辱lice詞s.(2)演Th捕ec稼ent劣ral材ba山nk悟los生es赴its嗚ab雙ili士ty框to冤col周lec肝t“漫sei經(jīng)gni駕ora峽ge”蛋,t犁he婆pro穴fit言ga蔑ine幕df坦rom恨is課sui遇ng餃mon戶ey.(3)每Th法ec旺ent令ral風(fēng)ba豪nk明los祝es撐the弊ro暢le抵as票“th速el誘ast他re惡sor間t”.(4)盤Doll簽ariz籌atio卷nda王mage失sa隨nati校on’s叨sen劃seo虜fpr疾ide.Argu乖ment梢sfo劑rFi訪xed獨(dú)vs.壩Floa貸ting嘗Exc豆hang挨eRa閥tesThe夫case希for止flo拌atin黃gex珠chan東ger督ates(1)M窄onet野ary雖poli惹cya吐uton恨omyRem站ova捧lo麥ft肥he回obl問iga照tio贈(zèng)nt案om誦ain填tai部nexc壞han慕ge殘rat梁ep秤ar