国际金融英文PPT课件 (2)
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第二章 国际收支 《国际金融》PPT课件
2.4.1 弹性分析法
（1）弹性分析法的前提假设 （2）弹性分析法的主要内容 （3）对弹性分析法的评价 （4）贬值效应的时滞问题——J曲线效应
弹性分析法产生于20世纪30年代，由英国经济学 家琼·罗宾逊最先提出，后经美国经济学家勒纳等的 发展形成的。
该理论建立在马歇尔微观经济学和局部均衡的基 础上，把汇率水平的调整作为调节国际收支不平衡的 基本手段，围绕进出口商品的供求弹性来探讨货币贬 值改善国际收支的条件。
（3）直接管制 包括外汇管制和贸易管制
当一国国际收支不平衡时，须针对形成的原 因采取相应的政策措施
财政和货币政策：往往同国内经济目标发生 冲突
直接管制：为国际经济组织所反对，又会引 起他国的报复
2.4 国际收支调节理论
2.4.1 弹性分析法 2.4.2 吸收分析法 2.4.3 货币分析法 2.4.4 几种主要国际收支调节理论的比较
3） 对货币分析法的评价
主要贡献：
◆突破了将国际收支等同于贸易收支的局限，因
此对国际收支的分析比较全面，也比较符合经济 运行的实际情况
1）弹性分析法的前提假设
◆假定其它一切条件（利率、国民收入等）不变， 只考虑汇率变化对进出口商品的影响
◆假定存在非充分就业，贸易商品的供给具有完全 弹性
◆假定没有劳务进出口和资本流动，国际收支完全 等同于贸易收支
（2）弹性分析法的主要内容
著名的“马歇尔—勒纳条件”： 假定出口需求弹性为DX，进口需求弹性为DM， 当 DX DM ＞1时 货币贬值有利于改善贸易收支
3）对弹性分析法的评价
弹性分析法纠正了货币贬值一定有改善贸易收 支作用的片面看法。但是该理论也有很大的局限：
◆弹性分析法将国际收支局限于贸易收支 ◆弹性分析法以小于“充分就业” 为条件 ◆它是一种局部的均衡分析说 ◆弹性分析法是一种静态分析说 ◆技术上的困难
《国际金融学》PPT课件全
输入 各国标政题策性
银行
如中国国家开发银行、中国进出口银行等，它们在国 内提供政策性金融服务的同时，也积极拓展海外业务， 支持中国企业“走出去”。
各国中央银 行
各国商业银 行
如挪威政府全球养老基金、新加坡政府投资公司等， 它们管理着庞大的外汇储备和财政盈余资金，在全球
范围内进行资产配置和投资。
各国主权财 富基金
成立于1964年，总部设在科特迪瓦经 济首都阿比让。成立目的是为非洲鼓劲 发展的动力，帮助非洲各国进行经济重 建和发展，协助成员国发展经济和减少 贫困，为成员国的经济和社会发展活动 提供资金支持。
各国的国际金融机构
如美联储、欧洲央行等，它们不仅在国内执行货币政 策和金融监管职能，同时也参与国际金融合作与协调。
国际资本流动定义
指资本在国际间转移，包括直接投资、间接投资、国际信贷等方 式。
国际资本流动类型
长期资本流动与短期资本流动。
国际资本流动规模与趋势
近年来，随着全球化进程加速，国际资本流动规模不断扩大，流动 速度也在加快。
国际资本流动的原因与影响
利润驱动
企业为追求更高利润，在全球范围内配置资源。
汇率与利率变动
成立于1966年11月，是面向亚洲和太 平洋地区的区域性政府间金融开发机构。 它不是联合国下属机构，但它是联合国 亚洲及太平洋经济社会委员会（联合国 亚太经社会）赞助建立的机构，同联合 国及其区域和专门机构有密切的联系。
是欧洲经济共同体成员国合资经营的金 融机构，根据1957年《建立欧洲投资 银行协定》的规定，于1958年1月1日 成立。该银行宗旨是利用国际资本市场 和共同体内部资金，促进共同体的平衡 和稳定发展。
《国际金融学》PPT课件 全
国际金融英文版(全)
Short-and Medium-term Debt Markets
Euro-commercial paper (ECP)and Euro-medium-term
notes(EMTN) Floating rate Euro-notes(Floating rate notes(FRN)represent an early innovation in the eurobond market.Interest is usually paid semiannually and they trade at a spread of the reference rate,e.g.,LIBOR.Margin above LIBOR may amount to 25-100 basis points or more.After 6 months ,the rate is reset with the same margin. International REPO market(repurchase agreement ,or REPOS)
Non-bank
Public international financial institutions public global financial institutions regional public national public Private international financial institutions global private regional private national private
the balance of payment
3.the theories of foreign exchange rate determination 4.foreign exchange exposure
第四章 《国际金融》PPT课件
Application of PPP
• Choosing the right initial exchange rate for a newly independent country;
• Forecasting medium- and long-term real exchange rates;
✓ 也可以理解为：汇率水平（E）和相对价格水平（ P*/ P ） 的乘积。
✓ 注意，这里的E是现实世界已知的名义汇率，区别于上面 的根据购买力计算出来的名义汇率e。
✓ 测试购买力平价偏离的程度； a. 如果绝对形式的PPP成立的话，真实汇率应该为1，
但大多时候都不等于1。 b. 如果相对形式的PPP成立的话，真实汇率应该为一
e0
P0 P0*
• 一般化为：
e1
P1 P1 *
P1P0
* *
• 也可以表示为：e *
• One country’s inflation rate can only be higher (lower) than another’s to the extent that its exchange rate depreciates (appreciates).
• There is little empirical support for absolute purchasing power parity.
– The prices of identical commodity baskets, when converted to a single currency, differ substantially across countries.
• Speculation: the activity of holding a good or security in the hope of profiting from a future rise in its price.
国际金融英文版课件CH2
Imports Debit (-) Credit (+) $300,000
Balance of trade = Exports – Imports = $20,000 – $300,000 = - $280,000
Transaction 3: service export Mr. Williams, an American, decides to go to China for his three-week vacation. He buys a round trip ticket on China Air Lines for $2,500. His expenses in China for hotels, food, transportation and souvenirs come to the equivalent of $15,000. He pays the ticket in cash with dollars and obtains the RMB equivalent of $15,000 that he spends in China by selling dollars to a Chinese bank.
Chapter 2
Balance of Payments (BOP)
Concept of Balance of Payments
The BOP is the record of the economic and financial flows that take place over a specified time period between residents and non-residents of a given country. Time period: It is arbitrary (1,3,6,12 month). Most countries compile BOP statistics on a yearly basis. The U.S. and U.K. publish trade balance each month.
国际金融课件internationalfinance
06
中国国际金融的实践与展望
中国国际金融业在规模和业务范围上不断扩大，成为全球金融市场的重要参与者。
中国国际金融业在推动经济增长、促进国际贸易和投资等方面发挥了重要作用。
改革开放以来，中国国际金融业经历了从无到有、从小到大的发展历程，逐步建立起较为完善的金融机构体系和金融市场体系。
中国国际金融的发展历程与现状
Global financial markets facilitate the flow of capital across borders, allowing for the efficient allocation of resources and the hedging of risks.
Regional financial markets serve specific geographical regions and are often associated with trade blocs or economic unions.
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国际金融危机的定义
由于国际金融市场上的过度投机、金融监管缺失等原因，导致国际金融市场出现大规模动荡，影响各国经济的稳定。
02
国际金融危机的传染机制
通过贸易、金融和信息等渠道，将危机从一个国家传递到另一个国家。
国际金融危机及其传染机制
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2
3
通过监测和分析国际金融市场的相关信息，及时发现潜在的风险点，采取应对措施。
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03
04
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Main International Financial Centers and Their Characteristics 主要国际金融中心及其特点
ห้องสมุดไป่ตู้
国际金融英文版PPT课件
3.Origin of the market A number of reasons have been given for the origin of the Eurocurrency market.Some analysts go so far as to say that the Soviets initiated the process of trading Eurocurrencies before the western Europeans used foreign deposits.
derivatives
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Non-bank
❖ Public international financial institutions
public global financial institutions
regional public
national public
❖ Private international financial institutions
International finance
Foreign direct investment
Inventory of international
Financial resources
1.non-bank financial institution financial resources
2.international financial markets
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International derivatives exchange-traded
❖ Users of derivatives/risks of derivatives ❖ Currency futures and options ❖ Interest rate futures and options
derivatives
3
Non-bank
❖ Public international financial institutions
public global financial institutions
regional public
national public
❖ Private international financial institutions
International finance
Foreign direct investment
Inventory of international
Financial resources
1.non-bank financial institution financial resources
2.international financial markets
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International derivatives exchange-traded
❖ Users of derivatives/risks of derivatives ❖ Currency futures and options ❖ Interest rate futures and options
国际金融学(共38张PPT)
银行业危机
指大量银行破产倒闭，导致信贷市场 瘫痪、经济衰退的现象。
金融危机的定义、类型与成因
• 债务危机：指一国政府或企业无法偿还到期债务 ，引发金融市场恐慌和动荡的现象。
金融危机的定义、类型与成因
经济基本面恶化
如经济增长放缓、通货膨胀加剧等。
金融市场缺陷
如监管不力、信息不对称等。
国际资本流动冲击
国际货币基金组织（IMF）
提供临时性财政援助，促进国际货币合作和汇率 稳定。
国际清算银行（BIS）
促进各国中央银行之间的合作，维ห้องสมุดไป่ตู้国际支付体 系的稳定。
ABCD
世界银行（WB）
提供长期贷款和技术援助，支持发展中国家减贫 和经济发展。
金融稳定理事会（FSB）
监测和评估全球金融系统风险，提出政策建议并 协调各国行动。
国际资本流动对中国经济安全的影响
03
中国国际金融发展的挑战与机遇
• 国际金融规则变革对中国金融发展的挑战
中国国际金融发展的挑战与机遇
机遇
国际金融合作推动中国金融 创新和改革
国际金融市场为中国提供融 资和投资平台
国际金融规则变革为中国提 供参与制定国际金融规则的 机会
中国国际金融发展的战略与对策
国际收支理论
认为国际收支状况是影响汇率的重要因素之一，顺差国货币升值，逆 差国货币贬值。
资产市场理论
认为汇率变动取决于两国资产市场的供求状况，包括股票、债券等金 融资产。
PART 03
国际金融市场与金融机构
REPORTING
国际金融市场的构成与功能
构成
外汇市场、货币市场、资本市场、黄金市场、衍生金融市场
牙买加体系
1976年牙买加协议后，国际货币体系进入浮动汇率时代，各国可根据 自身经济情况选择汇率制度，黄金非货币化，国际储备货币多元化。
指大量银行破产倒闭，导致信贷市场 瘫痪、经济衰退的现象。
金融危机的定义、类型与成因
• 债务危机：指一国政府或企业无法偿还到期债务 ，引发金融市场恐慌和动荡的现象。
金融危机的定义、类型与成因
经济基本面恶化
如经济增长放缓、通货膨胀加剧等。
金融市场缺陷
如监管不力、信息不对称等。
国际资本流动冲击
国际货币基金组织（IMF）
提供临时性财政援助，促进国际货币合作和汇率 稳定。
国际清算银行（BIS）
促进各国中央银行之间的合作，维ห้องสมุดไป่ตู้国际支付体 系的稳定。
ABCD
世界银行（WB）
提供长期贷款和技术援助，支持发展中国家减贫 和经济发展。
金融稳定理事会（FSB）
监测和评估全球金融系统风险，提出政策建议并 协调各国行动。
国际资本流动对中国经济安全的影响
03
中国国际金融发展的挑战与机遇
• 国际金融规则变革对中国金融发展的挑战
中国国际金融发展的挑战与机遇
机遇
国际金融合作推动中国金融 创新和改革
国际金融市场为中国提供融 资和投资平台
国际金融规则变革为中国提 供参与制定国际金融规则的 机会
中国国际金融发展的战略与对策
国际收支理论
认为国际收支状况是影响汇率的重要因素之一，顺差国货币升值，逆 差国货币贬值。
资产市场理论
认为汇率变动取决于两国资产市场的供求状况，包括股票、债券等金 融资产。
PART 03
国际金融市场与金融机构
REPORTING
国际金融市场的构成与功能
构成
外汇市场、货币市场、资本市场、黄金市场、衍生金融市场
牙买加体系
1976年牙买加协议后，国际货币体系进入浮动汇率时代，各国可根据 自身经济情况选择汇率制度，黄金非货币化，国际储备货币多元化。
国际金融英语International Finance 课件
Bank (lender) Public investors
capital
a company (borrower)
principal with interests
A company may borrow long-term funds by issuing long-term corporate bonds to the public. It is a temporary transfer of ownership of funds from the bond buyers (investors) to the company. And the company promises to pay back the principal with interests to the bond buyers in the future. Here, commercial or investment banks play the role of financial intermediation and collect fees for this services, instead of interests.
机械工业出版社。 6、《经济学原理》，Gregory Mankiw, 机械工业出版社。 7、《中央银行英语教程》、《商业银行英语教程》、
《证券市场与投资银行英语教程》，李若谷、张燕铃、 和广北等，新华出版社。 8、《金融市场与机构》，Jeff Madura, 北京大学出版社。
Recommended Media for Learning
II. Functions of Money
A. Medium of Exchange (流通手段）— basic function B. Standard of Value (价值尺度）— basic function C. Store of Value (价值储藏） D. Standard of Deferred Payment (延期支付标准） F. World Currency (世界货币）
《国际金融》PPT课件
本国货币实际升值；
精选PPT
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2.内部实际汇率，公式为
，其中， PT为本国贸
易品的国内价格水平； PN为本国非贸易品的国内价格水平。
内部实际汇率下降意味着放弃同等数量的非贸易品消
费，能够换的更多数量的贸易品消费，即对贸易品而言，
本币的购买力增加，本国货币实际升值；反之，则称为本
国货币实际贬值。
3.实际汇率=名义汇率 财政补贴或税收减免
与六种国际主要外汇的汇率得出的，是综合反映美元在国际 外汇市场的汇率情况的指标，用来衡量美元对一揽子货币的 汇率变化程度。它通过计算美元和对选定的一揽子货币的综 合的变化率，来衡量美元的强弱程度，从而间接反映美国的 出口竞争能力和进口成本的变动情况。
精选PPT
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197精3选-P2PT011年美元指数的历史走势
本国货币实际升值；
精选PPT
6
（六）实际汇率和有效汇率
1.外部实际汇率，公式为
，其中，R为实际汇
率；e为直接标价法下的名义汇率； Pf 为外国商品价格水平； Pd为本国商品价格水平。
以同一种货币表示的外国商品与本国商品之间的相对价
格，因此是衡量一国商品国际竞争力的主要指标。
外部实际汇率R值下降，表示单位外国商品所能换取 的本国商品的数量减少，即本国商品相对外国商品变贵了，
我们称该外汇的远期汇率为贴水（Discount）；当两者相等
时，则称为平价精（选PPPTar Value）。
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（四）官方汇率和市场汇率 （五）均衡汇率 均衡汇率（Equilibrium Exchange Rate）是指能使经济 达到内外部同时均衡的汇率水平。 所谓内部经济均衡是指物价稳定情况下的充分就业的经 济状态，所谓外部均衡是指与一国宏观经济相适应的合理的 国际收支结构，也即国际收支长期动态均衡的状态 汇率失调（Misalignment of Exchange Rate）是说汇率 脱离其长期均衡水平。
国际金融英文课件2共45页
• National income accounting – Records all the expenditures that contribute to a country’s income and output
• Balance of payments accounting – Helps us keep track of both changes in a country’s indebtedness to foreigners and the fortunes of its export- and import-competing industries
– 宏观经济学以整个国民经济作为研究对象，研究经济总量的决定及其变化规律。 具体来说，就是研究国民收入决定和变动；长期的经济增长和短期的经济波动； 以及相关的通货膨胀、失业和国际收支等问题。宏观经济学通过经济总量的分析 以期为政府制定宏观经济政策提供理论依据。
– It emphasizes four aspects of economic life: • Unemployment • Saving • Trade imbalances • Money and the price level
Balance of payments
• The balance of payments (BOP) is the method countries use to monitor all international monetary transactions at a specific period of time. Usually, the BOP is calculated every quarter and every calendar year. All trades conducted by both the private and public sectors are accounted for in the BOP in order to determine how much money is going in and out of a country.
• Balance of payments accounting – Helps us keep track of both changes in a country’s indebtedness to foreigners and the fortunes of its export- and import-competing industries
– 宏观经济学以整个国民经济作为研究对象，研究经济总量的决定及其变化规律。 具体来说，就是研究国民收入决定和变动；长期的经济增长和短期的经济波动； 以及相关的通货膨胀、失业和国际收支等问题。宏观经济学通过经济总量的分析 以期为政府制定宏观经济政策提供理论依据。
– It emphasizes four aspects of economic life: • Unemployment • Saving • Trade imbalances • Money and the price level
Balance of payments
• The balance of payments (BOP) is the method countries use to monitor all international monetary transactions at a specific period of time. Usually, the BOP is calculated every quarter and every calendar year. All trades conducted by both the private and public sectors are accounted for in the BOP in order to determine how much money is going in and out of a country.
罗伯特J凯伯《国际金融》(第十三版英文版)课件
• Settled with international reserves
• Enable nations to sustain temporary balanceof-payments deficits
• Until acceptable adjustment measures can operate to correct the disequilibrium
• The smaller and more short-lived market imbalances will be and • The fewer reserves will be needed
© 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password‐protected website for classroom use
International Banking: Reserves, Debt, and Risk
PowerPoint slides prepared by: Andreea Chiritescu Eastern Illinois University
© 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password‐protected website for classroom use
• Enable nations to sustain temporary balanceof-payments deficits
• Until acceptable adjustment measures can operate to correct the disequilibrium
• The smaller and more short-lived market imbalances will be and • The fewer reserves will be needed
© 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password‐protected website for classroom use
International Banking: Reserves, Debt, and Risk
PowerPoint slides prepared by: Andreea Chiritescu Eastern Illinois University
© 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password‐protected website for classroom use
国际金融英语PPT
grammar
• Para3.p13 nothing more than 只不过 ，仅 仅是
• With collective action doing nothing more than devaluing money by causing inflation.
Sentence.p13
• It was this realization that inspired the blueprint for the post war international monetary system, the_____________.
• 1.What did the UK face in the 1920s?
• 2. What is the gold exchange standard and when did it come to an end?
The End of the Gold Standard Era and its Return
The Causes of the Collapse
Lack of an adequate adjustment mechanism
The huge destabilizing capital flows The outbreak of the Great Depression
This also was a period when nations imposed very high tariffs and other serious import restrictions.
The Automatic Adjustment Mechanism
Chapter 2
• para.1-4 the background • para.5-6 goals and structure of the IMF • para.7-18 the Bretton Woods System
国际金融英语International Finance 课件
Unit 1. Money
I. Money
A. Definition of money and review of money’s history.
a) Money is defined as anything that is generally acceptable in payment for goods and services, or in discharge of debts.
b) direct finance, with investment banks as intermediaries:
providing funds
thru buying shares
investors (lender)
a company (borrower)
dividends
A company Acquires long-term funds by issuing stocks to the public. And the investors become the shareholders (owners) of the company. The shareholders have the voting powers and make decisions on some important issues of the company.And the company will give the dividends to the shareholders in the future if making profits.
a) inAdicroemcptafniny aBnorcreo,wws sihthorct-otemrmmfeurncdisaflrobmancokmsmaesricniatlebramnkesd. iAanrdieist :is a
国际金融(英文版)Chapter 2 Theories of Balance of Payment
That is:
BP=CA+K=dR=0
So that:
CA+K=-dR
(2.8)
Where CA is the current account balance, K is the capital account balance, and dR is the change in the authorities’ reserves.
Chapter 2 Theories of balance of payments
2.1 The elasticity approach to the balance of payments
This approach provides an analysis of what happens to the current account
Its fundamental basis is that the balance of payments is
essentially a monetary phenomenon.
Three assumptions:
a stable money demand gate schedule
There are three possible scenarios following a devaluation, and two effects
in play once a currency is devalued:
1. The price effect – exports become cheaper measured in foreign currency.
expensive should lead to a decreased volume of imports.
第2讲Balance of Payments(国际金融(香港大学,WONG Ka Fu)
Excess demand
D
HKD
17
Floating Exchange Rate Regime
Initially exchange rate at 1HD = x FD For the sake of illustrating how equilibrium exchange rate may be determined (although this case cannot happen), suppose CA > 0 and KA > 0 implies net demand for home currency implies 1 HD = y FD and y > x i.e., home currency appreciates
13
A Country's International Trade and Lending
can be equivalently measured as CA surplus KA deficit net acquisition of foreign assets net foreign lending (if NFP and net unilateral transfers are zero) net exports
20
Floating Exchange Rate Regime -- in general
Initially exchange rate at 1 HD = x FD In general, if CA + KA > 0, then net demand for home currency implies 1 HD = y FD and y > x i.e., home currency appreciates stop appreciation when CA + KA = 0
国际金融英语International Finance (II) 课件109页PPT
The goal of steady economic growth is closely related to the high employment goal because businesses are more likely to invest in capital equipment to increase productivity when unemployment is low. ( The employed workers are potential customers to buy more of the goods.)
II. Four Goals of Monetary Policy
a. Maximum Employment
a) When the economy operates below its capacity, there are some idle resources and workers, which results in unemployment and lower GDP. In order to combat such a situation, the central bank increase money supply to simulate the economy and solve the unemployment problem.
b) Types of unemployment i) Frictional unemployment（摩擦性失业） involves searches by
workers and firms to find suitable match-ups, is beneficial to the economy.
c) The goal of employment
II. Four Goals of Monetary Policy
a. Maximum Employment
a) When the economy operates below its capacity, there are some idle resources and workers, which results in unemployment and lower GDP. In order to combat such a situation, the central bank increase money supply to simulate the economy and solve the unemployment problem.
b) Types of unemployment i) Frictional unemployment（摩擦性失业） involves searches by
workers and firms to find suitable match-ups, is beneficial to the economy.
c) The goal of employment
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2-1
2.1 Evolution of the International Monetary System
2.1.1 Bimetallism: Before 1875 2.1.2 Classical Gold Standard: 1875-1914 2.1.3 Interwar Period: 1915-1944 2.1.4 Bretton Woods System: 1945-1972 2.1.5 The Flexible Exchange Rate Regime: 1973-
The resultant change in relative price levels will slow exports from Great Britain and encourage exports from France.
2-11
Classical Gold Standard
There are advantages:
in and out of the country
The exchange rate between two country’s currencies would be determined by their relative gold contents.
2-7
Classical Gold Standard
currencies at a stable ratio. Gold could be freely exported or imported.
Notes (银行劵) ve of a
minimum stated ratio The domestic money stock should rise and fall as gold flows
Misalignment of Exchange
Rates
Suppose one pound is trading for 1.80 francs at this moment, and you want to buy 1,000 francs.
First, you can use 1,000/1.8 = £555.56 pounds to get it. Alternatively, you can buy 83.333 ounces of gold from
The International Monetary System
2
Chapter Two
Chapter Objective:
International Monetary System, which defines the overall financial environment in which multinational corporations and international investors operate. The international momentary system can be defined as the institutional framework within which:
Gold has a natural scarcity and no one can increase its quantity at will. Therefore, if gold serves as the sole base for domestic money creation, the money supply can not get out of control and cause inflation.
The majority of countries gave up classical gold standard when World War I broke out in 1914 .
During this period, London became the center of international financial system, reflecting it’s advanced economy and preeminent position.
Both gold and silver were used as means of international payment and
the exchange rates among currencies were determined by either their gold or silver contents.
Fr12 = 1 ounce of gold = £6
Fr12 = £6
Fr2 = £1
2-8
Classical Gold Standard
Highly stable exchange rates under the classical gold standard provided a good environment that was conducive to international trade and investment.
2-4
2.1.2 Classical Gold Standard: 1875-1914 (古典金本位制)
Christopher Columbus: Gold constitutes treasure, and he who possesses it has all he needs in this world.
International payments are made. The movement of capital is accommodated. Exchange rates are determined.
2-0
Outline
2.1 Evolution of the International Monetary System 2.2 Current Exchange Rate Arrangements 2.3 European Monetary System 2.4 Euro and the European Monetary Union 2.5 The Mexican Peso Crisis 2.6 The Asian Currency Crisis 2.7 The Argentine Peso Crisis 2.8 Fixed versus Flexible Exchange Rate Regimes
During 1870, exchange rate among British pound, French franc, and German mark
Nonconvertibility happened during 1848 through 1879.
2-3
Gresham’s Law (格雷欣法则)
the bank of England for £500 pounds (83.333= £500/6). Then, you can ship 83.333 ounces of gold to France and sell it to the bank of France for 1,000 francs (83.333x12=1,000francs). Since the domestic money stock should rise and fall as gold flows in and out of the country, the pound will eventually appreciate to its fair value, namely Fr2.0/£1.0.
Misalignment of exchange rates and imbalances of international payment were automatically corrected by the price-specie-flow mechanism (价格-铸币-流通机制).
2-9
2-5
Classical Gold Standard: 1875-1914 (古典金本位制)
Britain (1816-1821), USA(1873), France (1878), Germany (1875), Russia and Japan (1897)
The international gold standard existed as a historical reality from 1875-1914.
Present
2-2
2.1.1 Bimetallism: Before 1875 (古典金银双本位制)
A “double standard” in the sense that both gold and silver were used as money.
Some countries were on the gold standard, some on the silver standard, some on both.
The first full-fledged gold standard, however, was not established until 1821 in Great Britain, when notes (银行劵) from the Bank of England were made fully redeemable for gold.
For example, if the French money is pegged to gold at 12Francs = 1 ounce of gold, and the British pound is pegged to gold at £6 = 1 ounce of gold, it must be the case that the exchange rate is determined by the relative gold contents:
2.1 Evolution of the International Monetary System
2.1.1 Bimetallism: Before 1875 2.1.2 Classical Gold Standard: 1875-1914 2.1.3 Interwar Period: 1915-1944 2.1.4 Bretton Woods System: 1945-1972 2.1.5 The Flexible Exchange Rate Regime: 1973-
The resultant change in relative price levels will slow exports from Great Britain and encourage exports from France.
2-11
Classical Gold Standard
There are advantages:
in and out of the country
The exchange rate between two country’s currencies would be determined by their relative gold contents.
2-7
Classical Gold Standard
currencies at a stable ratio. Gold could be freely exported or imported.
Notes (银行劵) ve of a
minimum stated ratio The domestic money stock should rise and fall as gold flows
Misalignment of Exchange
Rates
Suppose one pound is trading for 1.80 francs at this moment, and you want to buy 1,000 francs.
First, you can use 1,000/1.8 = £555.56 pounds to get it. Alternatively, you can buy 83.333 ounces of gold from
The International Monetary System
2
Chapter Two
Chapter Objective:
International Monetary System, which defines the overall financial environment in which multinational corporations and international investors operate. The international momentary system can be defined as the institutional framework within which:
Gold has a natural scarcity and no one can increase its quantity at will. Therefore, if gold serves as the sole base for domestic money creation, the money supply can not get out of control and cause inflation.
The majority of countries gave up classical gold standard when World War I broke out in 1914 .
During this period, London became the center of international financial system, reflecting it’s advanced economy and preeminent position.
Both gold and silver were used as means of international payment and
the exchange rates among currencies were determined by either their gold or silver contents.
Fr12 = 1 ounce of gold = £6
Fr12 = £6
Fr2 = £1
2-8
Classical Gold Standard
Highly stable exchange rates under the classical gold standard provided a good environment that was conducive to international trade and investment.
2-4
2.1.2 Classical Gold Standard: 1875-1914 (古典金本位制)
Christopher Columbus: Gold constitutes treasure, and he who possesses it has all he needs in this world.
International payments are made. The movement of capital is accommodated. Exchange rates are determined.
2-0
Outline
2.1 Evolution of the International Monetary System 2.2 Current Exchange Rate Arrangements 2.3 European Monetary System 2.4 Euro and the European Monetary Union 2.5 The Mexican Peso Crisis 2.6 The Asian Currency Crisis 2.7 The Argentine Peso Crisis 2.8 Fixed versus Flexible Exchange Rate Regimes
During 1870, exchange rate among British pound, French franc, and German mark
Nonconvertibility happened during 1848 through 1879.
2-3
Gresham’s Law (格雷欣法则)
the bank of England for £500 pounds (83.333= £500/6). Then, you can ship 83.333 ounces of gold to France and sell it to the bank of France for 1,000 francs (83.333x12=1,000francs). Since the domestic money stock should rise and fall as gold flows in and out of the country, the pound will eventually appreciate to its fair value, namely Fr2.0/£1.0.
Misalignment of exchange rates and imbalances of international payment were automatically corrected by the price-specie-flow mechanism (价格-铸币-流通机制).
2-9
2-5
Classical Gold Standard: 1875-1914 (古典金本位制)
Britain (1816-1821), USA(1873), France (1878), Germany (1875), Russia and Japan (1897)
The international gold standard existed as a historical reality from 1875-1914.
Present
2-2
2.1.1 Bimetallism: Before 1875 (古典金银双本位制)
A “double standard” in the sense that both gold and silver were used as money.
Some countries were on the gold standard, some on the silver standard, some on both.
The first full-fledged gold standard, however, was not established until 1821 in Great Britain, when notes (银行劵) from the Bank of England were made fully redeemable for gold.
For example, if the French money is pegged to gold at 12Francs = 1 ounce of gold, and the British pound is pegged to gold at £6 = 1 ounce of gold, it must be the case that the exchange rate is determined by the relative gold contents: