chapter08国际货币体系
国际货币体系概述ppt54页
即用法律的形式规定金币的重量、成色。
（2）自由铸造
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（3）自由兑换
辅币、银行券可自由兑换金币或黄金。
（4）黄金可以自由输出入
金币本位制的缺点： 从根本上讲，其缺点是过于刚性，表现在：
●清算、支付完全依赖于黄金的输出入，清算、支
付手段单一。
●货币数量的增长依赖于黄金产量的增长。
2、金块本位制
2、改革IMF的作用和职能
☆增加IMF的基金份额，扩大其资金实力。
IMF资金实力太弱，无力充当最终贷款者。
☆扩大IMF提供援助的范围。
无论成员国的危机是否会立即影响该国的对外
支付能力，IMF都应该提供援助，以缓解危机对该 成员国的冲击。
☆增强IMF的监测和信息发布功能，为投资者和市场 主体提供准确的信息，也为成员国制定政策提供重
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3、促进了国际货币合作，加速了世界经济的发展。
IMF的协调、监督及其规则的约束力，IMF对国
际收支逆差国提供资金融通。
（四）布雷顿森林体系的崩溃
1、第一次美元危机（1960年）
2、第二次美元危机（1971年）
3、第三次美元危机（1973年）
（五）布雷顿森林体系的缺陷
其根本缺陷是什么？（讨论）
☆欧元的启动，推动了德国在欧元区各国乃至整个
欧盟的投资
☆国际经济环境的改善 20
2、欧元启动对欧元区小国经济的影响
荷兰：
1996年荷兰GDP增长率为2.6％，1999年为3.7％，
1999年经济增长加快的原因有以下几点：
☆在欧元启动前夕的1998年及启动后的1999年，荷兰
进行了产业结构调整（通过兼并等资产重组的形
三、牙买加体系
（一）牙买加体系的形成
国际货币体系PPT
下面就依次介绍世界银行、国际开发协 会、国际金融公司的产生、机构的宗旨、组 织机构，贷款来源以及贷款条件等，具体如 下:
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1.世界银行的宗旨
(1)通过促进生产性投资以协助成员国恢复受战争 破坏的经济并鼓励不发达国家的资源开发;
(2)通过提供担保和参与私人投资，促进私人对外 投资;
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三、布雷顿森林体系的缺陷
布雷顿森林体系虽然对二战后世界经济的恢复和 发展发挥了重要作用，但也存在着一些缺陷:
1·美国可利用该国际货币制度牟取特殊利益。 2·国际清偿能力供应与美元信誉二者不可兼得，
即所谓的特里芬难题。 3·该国际货币制度的国际收支调节机制过分依赖
于国内政策手段，而限制汇率政策等手段的运 用。 4·在特定时期，它会引发特大规模的外汇投机风 潮。
1943年7月，44国参加了在美国布雷顿森 林举行的联合和联盟国家国际货币金融会议通 过了以怀特方案为基础的国际货币基金协定， 成立了国际货币基金组织（IMF）。
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（二）国际货币基金组织的宗旨
1.建立常设机构，组织有关国际货币问题的磋商， 以促进国际货币合作;
2.促进国际贸易的扩大和平衡发展，并借此提高 就业和实际收入水平，扩大会员资源开发能力;
1.国际金融公司的贷款条件 2.国际金融公司的贷款特点
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1973年初，在抛售美元风潮中，美国政府 又一次宣布美元贬值10%，1盎司黄金官 价由38美元调到42.2美元。而这次美元 贬值未能制止美元危机，西欧和日本的 外汇市场被迫关闭达17天之久。在这种 情况下，发达国家纷纷采用浮动汇率制 度，布雷顿森林体系彻底崩溃。
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Ch 08_Cash
Chapter 8—Sarbanes-Oxley, Internal Control, and CashTRUE/FALSE (easy)1. If the balance in Cash Short and Over at the end of a period is a credit, it indicates that cash shortageshave exceeded cash overages for the period.2. For efficiency of operations and better control over cash, a company should maintain only one bankaccount.3. The bank reconciliation is an important part of the system of internal controls.4. The main reason that the bank statement cash balance and the company's cash balance do not initiallybalance is due to timing differences.5. In establishing a petty cash fund, a check is written for the amount of the fund and is recorded as a debitto Accounts Payable and a credit to Petty Cash.6. Expenditures from a petty cash fund are documented by a petty cash receipt.ANS: T PTS: 1 DIF: Easy OBJ: 08-06NAT: AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-10-Internal Control7. The sum of the money on hand and petty cash receipts in a petty cash fund will always be equal to thebalance in the Petty Cash account.8. A petty cash fund is used to pay relatively large amounts.9. The petty cash fund eliminates the need for a bank checking account.MULTIPLE CHOICE1. Which one of the following below reflects a weak internal control system?a. all employees are well supervisedb. a single employee is responsible for comparing a receiving report to an invoicec. all employees must take their vacationsd. a single employee is responsible for collecting and recording of cash2. An element of internal control isa. risk assessmentb. journalsc. subsidiary ledgersd. controlling accounts3. The cash account in the company's ledger is a(n)a. asset with a debit balanceb. asset with a credit balancec. liability with a debit balance© 2012 Cengage Learning. All Rights Reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.d. liability with a credit balance4. The debit balance in Cash Short and Over at the end of an accounting period is reported asa. an expense on the income statementb. income on the income statementc. an asset on the balance sheetd. a liability on the balance sheet5. What entry is required in the company's accounts to record outstanding checks?a. debit Accounts Receivable; credit Cashb. debit Cash; credit Accounts Receivablec. debit Cash; credit Accounts Payabled. none6. A $150 petty cash fund has cash of $28 and receipts of $110. The journal entry to replenish the accountwould include aa. credit to Petty Cash for $82.b. debit to Cash for $110.c. debit to Cash Over and Short for $12.d. credit to Cash for $1107. A $135 petty cash fund has cash of $44 and receipts of $93. The journal entry to replenish the accountwould include aa. credit to Petty Cash for $93.b. debit to Cash for $93.c. credit to Cash Over and Short for $2.d. credit to Cash for $49.8. Entries are made to the Petty Cash account whena. making payments out of the fund.b. recording shortages in the fund.c. replenishing the petty cash fund.d. establishing the fund.9. The type of account and normal balance of Petty Cash is a(n)a. revenue, creditb. asset, debitc. liability, creditd. expense, debit10. A $100 petty cash fund contains $89 in petty cash receipts, and $7.50 in currency and coins. Thejournal entry to record the replenishment of the fund would include aa. credit to Petty Cash for $96.50.b. credit to Cash for $89.c. debit to Cash Short and Over for $3.50.d. credit to Cash Short and Over for $3.50.11. A $140 petty cash fund has cash of $18 and receipts of $120. The journal entry to replenish the accountwould include a credit toa. Cash for $120.b. Cash Over and Short for $2.© 2012 Cengage Learning. All Rights Reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.© 2012 Cengage Learning. All Rights Reserved. This edition is intended for use outside of the U.S. only, with content that may be differentfrom the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.c. Petty Cash for $122.d. Cash for $122.12. Cash equivalentsa. are illegal in some statesb. will be converted to cash within two yearsc. will be converted to cash within 90 daysd. will be converted to cash within 120 daysEXERCISE/OTHER1. The following selected transactions relate to cash collections for a firm that maintains a $100 changefund at all times. Present entries to record the transactions for each of the two days of cash receipts from sales.(a) Actual cash in cash register, $4,512.36; cash receipts per cash register tally, $4,413.07.(b) Actual cash in cash register, $3,812.95; cash receipts per cash register tally, $3,712.16.2. The actual cash received during the week ended September 23 for cash sales was $15,543.00 and theamount indicated by the cash register total was $15,539.00. Journalize the entry to record the cash receipts and cash sales.3. The actual cash received during the week ended October 31 for cash sales was $23,447.00 and the amount indicated by the cash register total was $23,457.00. Journalize the entry to record the cash receipts and cash sales. Journal Date Description Post Ref.Debit Credit4. The actual cash received during the week ended June 7 for cash sales was $18,632.00, and the amountindicated by the cash register total was $18,628.00. Journalize the entry to record the cash receipts and cash sales.JournalDate Description Post Ref DebitCredit5.Journalize the entries to record the following:Date Description Post Ref.Debit Credit© 2012 Cengage Learning. All Rights Reserved. This edition is intended for use outside of the U.S. only, with content that may be differentfrom the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. Mar 1 Established a petty cash fund of $450.00Mar 31 The amount of cash in the petty cash fund is now $173.00. The fund is replenishedbased on the following receipts: office supplies, $145.00; selling expenses, $135.00.Record any discrepancy in the cash short and over account.6. Journalize the entries to record the following:Sept 1 Established a petty cash fund of $350Sept 30 The amount of cash in the petty cash fund is now $130. The fund is replenishedbased on the following receipts: office supplies, $116; postage $100.Record any discrepancy in the cash short and over account.JournalDate Description Post Ref.Debit Credit7. The Scharf Company is a retailer located in a state without sales tax. The following data was given to youto complete the transactions for the day’s sales to be recorded. All cash drawers start with $100 in change .Reg. #1 Reg.#2 Reg. #3 Reg.#4 Cash in Drawer 1,096.54 2,398.76 844.22 1,255.88Sales Reading 998.75 2,307.76 744.22 1,151.66DifferenceRecord the Journal Entries for EACH cash register to determine the cashier’s accuracy.8. Present entries to record the following transactions:(a) Established a petty cash fund of $235.00.(b) The petty cash fund now has a balance of $42.80. Replenished the fund, based on thefollowing disbursements as indicated by a summary of the petty cash receipts: officesupplies, $74.50; miscellaneous administrative expense, $92.75; and miscellaneous sellingexpense, $18.60.(c) Increased the petty cash fund to $300.00.。
最新8国际货币体系2汇总
2020年8月13日星期四
Байду номын сангаас
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金融系
第三节 布雷顿森林体系
四.布雷顿森林体系的局限性
国际金融
★ (一)以美元作为主要储备货币，具有内在的不稳定性 “特里芬难题”——信心和清偿力之间的矛盾 ◆信心——美国保持国际收支顺差 ◆清偿力——美国保持国际收支逆差 ★(二)缺乏有效的国际收支调节机制 ★(三)以“双挂钩”为核心的汇率制度，不能适应经济
2020年8月13日星期四
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金融系
第八章 国际货币体系
1 国际货币体系的主要内容和类型 2 国际金本位制 3 布雷顿森林体系 4 牙买加体系 5 欧洲货币一体化
2020年8月13日星期四
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国际金融
金融系
第三节 布雷顿森林体系
一.布雷顿森林体系的建立
国际金融
★ （一）1943年3月，英国发布其财政部顾问凯恩斯（ J.M.Keynes）拟定的“国际清算同盟计划”（Proposal For The International Union）,又称凯恩斯计划（
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国际金融
金融系
第二节 国际金本位制
一.国际金本位制的特征
★ (一)国际金本位条件下的固定汇率制
铸币平价、黄金输送点
★(二)金本位制下的储备资产和国际结算
金币自由铸造、自由兑换、自由输出入
国际贸易90%以上用英镑结算
★(三)金本位制下国际收支的调节
“价格——铸币流动机制”
国际收支自动平衡
国际财务管理课后习题答案chapter 8之欧阳与创编
CHAPTER 8 MANAGEMENT OF TRANSACTIONEXPOSURESUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTER QUESTIONS AND PROBLEMS QUESTIONS1. How would you define transaction exposure? How is it different from economic exposure?Answer: Transaction exposure is the sensitivity of realized domestic currency values of the firm’s contractual cash flows denominated in foreign currencies to unexpected changes in exchange rates. Unlike economic exposure, transaction exposure is well-defined and short-term.2. Discuss and compare hedging transaction exposure using the forward contract vs. money market instruments. When do the alternative hedging approaches produce the same result?Answer: Hedging transaction exposure by a forward contract is achieved by selling or buying foreign currencyreceivables or payables forward. On the other hand, money market hedge is achieved by borrowing or lending the present value of foreign currency receivables or payables, thereby creating offsetting foreign currency positions. If the interest rate parity is holding, the two hedging methods are equivalent.3. Discuss and compare the costs of hedging via the forward contract and the options contract.Answer: There is no up-front cost of hedging by forward contracts. In the case of options hedging, however, hedgers should pay the premiums for the contracts up-front. The cost of forward hedging, however, may be realized ex post when the hedger regrets his/her hedging decision.4. What are the advantages of a currency options contract asa hedging tool compared with the forward contract? Answer: The main advantage of using options contracts for hedging is that the hedger can decide whether to exercise options upon observing the realized future exchange rate. Options thus provide a hedge against ex post regret that forward hedger might have to suffer. Hedgers can only eliminate the downside risk while retaining the upside potential.5. Suppose your company has purchased a put option on theGerman mark to manage exchange exposure associated with an account receivable denominated in that currency. In this case, your company can be said to have an ‘insurance’ policy on its receivable. Explain in what sense this is so. Answer: Your company in this case knows in advance that it will receive a certain minimum dollar amount no matter what might happen to the $/€exchange rate. Furthermore, if the German mark appreciates, your company will benefit from the rising euro.6. Recent surveys of corporate exchange risk management practices indicate that many U.S. firms simply do not hedge. How would you explain this result?Answer: There can be many possible reasons for this. First, many firms may feel that they are not really exposed to exchange risk due to product diversification, diversified markets for their products, etc. Second, firms may be using self-insurance against exchange risk. Third, firms may feel that shareholders can diversify exchange risk themselves, rendering corporate risk management unnecessary.7. Should a firm hedge? Why or why not?Answer: In a perfect capital market, firms may not need to hedge exchange risk. But firms can add to their value by hedging if markets are imperfect. First, if managementknows about the firm’s exposure better than shareholders, the firm, not its shareholders, should hedge. Second, firms may be able to hedge at a lower cost. Third, if default costs are significant, corporate hedging can be justifiable because it reduces the probability of default. Fourth, if the firm faces progressive taxes, it can reduce tax obligations by hedging which stabilizes corporate earnings.8. Using an example, discuss the possible effect of hedging on a firm’s tax obligations.Answer: One can use an example similar to the one presented in the chapter.9. Explain contingent exposure and discuss the advantages of using currency options to manage this type of currency exposure.Answer: Companies may encounter a situation where they may or may not face currency exposure. In this situation, companies need options, not obligations, to buy or sell a given amount of foreign exchange they may or may not receive or have to pay. If companies either hedge using forward contracts or do not hedge at all, they may face definite currency exposure.10. Explain cross-hedging and discuss the factors determining its effectiveness.Answer: Cross-hedging involves hedging a position in one asset by taking a position in another asset. The effectiveness of cross-hedging would depend on the strength and stability of the relationship between the two assets.PROBLEMS1. Cray Research sold a super computer to the Max Planck Institute in Germany on credit and invoiced €10 million payable in six months. Currently, the six-month forward exchange rate is $1.10/€ and the foreign exchange adviso r for Cray Research predicts that the spot rate is likely to be $1.05/€ in six months.(a) What is the expected gain/loss from the forward hedging?(b) If you were the financial manager of Cray Research, would you recommend hedging this euro receivable? Why or why not?(c) Suppose the foreign exchange advisor predicts that the future spot rate will be the same as the forward exchange rate quoted today. Would you recommend hedging in this case? Why or why not?Solution: (a) Expected gain($) = 10,000,000(1.10 – 1.05)= 10,000,000(.05)= $500,000.(b) I would recommend hedging because Cray Research can increase the expected dollar receipt by $500,000 and also eliminate the exchange risk.(c) Since I eliminate risk without sacrificing dollar receipt, I still would recommend hedging.2. IBM purchased computer chips from NEC, a Japanese electronics concern, and was billed ¥250 million payable in three months. Currently, the spot exchange rate is ¥105/$ and the three-month forward rate is ¥100/$. The three-month money market interest rate is 8 percent per annum in the U.S. and 7 percent per annum in Japan. The management of IBM decided to use the money market hedge to deal with this yen account payable.(a) Explain the process of a money market hedge and compute the dollar cost of meeting the yen obligation.(b) Conduct the cash flow analysis of the money market hedge.Solution: (a). Let’s first compute the PV of ¥250 million, i.e., 250m/1.0175 = ¥245,700,245.7So if the above yen amount is invested today at the Japanese interest rate for three months, the maturity value will be exactly equal to ¥25 million which is the amount of payable. To buy the above yen amount today, it will cost:$2,340,002.34 = ¥250,000,000/105.The dollar cost of meeting this yen obligation is $2,340,002.34 as of today.(b)___________________________________________________________________Transaction CF0 CF1_________________________________________________ ___________________1. Buy yens spot -$2,340,002.34with dollars ¥245,700,245.702. Invest in Japan - ¥245,700,245.70¥250,000,0003. Pay yens -¥250,000,000Net cash flow - $2,340,002.34_________________________________________________ ___________________3. You plan to visit Geneva, Switzerland in three months to attend an international business conference. You expect to incur the total cost of SF 5,000 for lodging, meals and transportation during your stay. As of today, the spot exchange rate is $0.60/SF and the three-month forward rate is $0.63/SF. You can buy the three-month call option on SF with the exercise rate of $0.64/SF for the premium of $0.05 per SF. Assume that your expected future spot exchange rate is the same as the forward rate. The three-month interest rate is 6 percent per annum in the United States and 4 percent per annum in Switzerland.(a) Calculate your expected dollar cost of buying SF5,000 if you choose to hedge via call option on SF.(b) Calculate the future dollar cost of meeting this SF obligation if you decide to hedge using a forward contract. (c) At what future spot exchange rate will you be indifferent between the forward and option market hedges?(d) Illustrate the future dollar costs of meeting the SF payable against the future spot exchange rate under both the options and forward market hedges.Solution: (a) Total option premium = (.05)(5000) = $250. In three months, $250 is worth $253.75 = $250(1.015). At the expected future spot rate of $0.63/SF, which is less than the exercise price, y ou don’t expect to exercise options. Rather, you expect to buy Swiss franc at $0.63/SF. Since you are going to buy SF5,000, you expect to spend $3,150 (=.63x5,000). Thus, the total expected cost of buying SF5,000 will be the sum of $3,150 and $253.75, i.e., $3,403.75.(b) $3,150 = (.63)(5,000).(c) $3,150 = 5,000x + 253.75, where x represents the break-even future spot rate. Solving for x, we obtain x = $0.57925/SF. Note that at the break-even future spot rate, options will not be exercised.(d) If the Swiss franc appreciates beyond $0.64/SF, which is the exercise price of call option, you will exercise the option and buy SF5,000 for $3,200. The total cost of buying SF5,000 will be $3,453.75 = $3,200 + $253.75.This is the maximum you will pay. 4. Boeing just signed a contract to sell a Boeing 737 aircraft to Air France. Air France will be billed €20 million which is payable in one year. The current spot exchange rate is $1.05/€ and the one -year forward rate is $1.10/€. The annualinterest rate is 6.0% in the U.S. and 5.0% in France. Boeingis concerned with the volatile exchange rate between the dollar and the euro and would like to hedge exchangeexposure.(a) It is considering two hedging alternatives: sell the euro proceeds from the sale forward or borrow euros from the Credit Lyonnaise against the euro receivable. Which alternative would you recommend? Why?(b) Other things being equal, at what forward exchange rate would Boeing be indifferent between the two hedging methods?Solution: (a) In the case of forward hedge, the future dollar proceeds will be (20,000,000)(1.10) = $22,000,000. In the case of money market hedge (MMH), the firm has to first$ Cost Options hedge Forward hedge $3,453.75 $3,150 0 0.579 0.64 (strike price) $/SF $253.75borrow the PV of its euro receivable, i.e., 20,000,000/1.05 =€19,047,619. Then the firm should exchange t his euro amount into dollars at the current spot rate to receive: (€19,047,619)($1.05/€) = $20,000,000, which can be invested at the dollar interest rate for one year to yield:$20,000,000(1.06) = $21,200,000.Clearly, the firm can receive $800,000 more by using forward hedging.(b) According to IRP, F = S(1+i$)/(1+i F). Thus the “indifferent” forward rate will be:F = 1.05(1.06)/1.05 = $1.06/€.5. Suppose that Baltimore Machinery sold a drilling machine to a Swiss firm and gave the Swiss client a choice of paying either $10,000 or SF 15,000 in three months. (a) In the above example, Baltimore Machinery effectively gave the Swiss client a free option to buy up to $10,000 dollars using Swiss franc. What is the ‘implied’ exercise exchange rate?(b) If the spot exchange rate turns out to be $0.62/SF, which currency do you think the Swiss client will choose to use for payment? What is the value of this free option for the Swiss client?(c) What is the best way for Baltimore Machinery to dealwith the exchange exposure?Solution: (a) The implied exercise (price) rate is: 10,000/15,000 = $0.6667/SF.(b) If the Swiss client chooses to pay $10,000, it will cost SF16,129 (=10,000/.62). Since the Swiss client has an option to pay SF15,000, it will choose to do so. The value of this option is obviously SF1,129 (=SF16,129-SF15,000).(c) Baltimore Machinery faces a contingent exposure in the sense that it may or may not receive SF15,000 in the future. The firm thus can hedge this exposure by buying a put option on SF15,000.6. Princess Cruise Company (PCC) purchased a ship from Mitsubishi Heavy Industry. PCC owes Mitsubishi Heavy Industry 500 million yen in one year. The current spot rate is 124 yen per dollar and the one-year forward rate is 110 yen per dollar. The annual interest rate is 5% in Japan and 8% in the U.S. PCC can also buy a one-year call option on yen at the strike price of $.0081 per yen for a premium of .014 cents per yen.(a) Compute the future dollar costs of meeting this obligation using the money market hedge and the forward hedges. (b) Assuming that the forward exchange rate is the best predictor of the future spot rate, compute the expected futuredollar cost of meeting this obligation when the option hedge is used.(c) At what future spot rate do you think PCC may be indifferent between the option and forward hedge? Solution: (a) In the case of forward hedge, the dollar cost will be 500,000,000/110 = $4,545,455. In the case of money market hedge, the future dollar cost will be: 500,000,000(1.08)/(1.05)(124)= $4,147,465.(b) The option premium is: (.014/100)(500,000,000) = $70,000. Its future value will be $70,000(1.08) = $75,600.At the expected future spot rate of $.0091(=1/110), which is higher than the exercise of $.0081, PCC will exercise its call option and buy ¥500,000,000 for $4,050,000 (=500,000,000x.0081).The total expected cost will thus be $4,125,600, which is the sum of $75,600 and $4,050,000.(c) When the option hedge is used, PCC will spend “at most” $4,125,000. On the other hand, when the forward hedging is used, PCC will have to spend $4,545,455 regardless of the future spot rate. This means that the options hedge dominates the forward hedge. At no future spot rate, PCC will be indifferent between forward and options hedges.7. Airbus sold an aircraft, A400, to Delta Airlines, a U.S. company, and billed $30 million payable in six months. Airbus is concerned with the euro proceeds from international sales and would like to control exchange risk. The current spot exc hange rate is $1.05/€ and six-month forward exchange rate is $1.10/€ at the moment. Airbus can buy a six-month put option on U.S. dollars with a strike price of €0.95/$ for a premium of €0.02 per U.S. dollar. Currently, six-month interest rate is 2.5% in the euro zone and 3.0% in the U.S.pute the guaranteed euro proceeds from theAmerican sale if Airbus decides to hedge using a forward contract.b.If Airbus decides to hedge using money marketinstruments, what action does Airbus need to take? What would be the guaranteed euro proceeds from the American sale in this case?c.If Airbus decides to hedge using put options on U.S.dollars, what would be the ‘expected’ euro proceeds from the American sale? Assume that Airbus regards the current forward exchange rate as an unbiased predictor of the future spot exchange rate.d.At what future spot exchange rate do you think Airbuswill be indifferent between the option and money market hedge?Solution:a. Airbus will sell $30 million forward for €27,272,727 = ($30,000,000) / ($1.10/€).b. Airbus will borrow the present value of the dollar receivable, i.e., $29,126,214 = $30,000,000/1.03, and then sell the dollar proceeds spot for euros: €27,739,251. This is the euro amount that Airbus is going to keep.c. Since the expected future spot rate is less than the strike price of the put option, i.e., €0.9091< €0.95, Airbus expects to exercise the option and receive €28,500,000 = ($30,000,000)(€0.95/$). This is gross proceeds. Airbus spent €600,000 (=0.02x30,000,000) u pfront for the option and its future cost is equal to €615,000 = €600,000 x 1.025. Thus the net euro proceeds from the American sale is €27,885,000, which is the difference between the gross proceeds and the option costs.d. At the indifferent future spot rate, the following will hold:€28,432,732 = S T (30,000,000) - €615,000.Solving for S T, we obtain the “indifference” future spot exchange rate, i.e., €0.9683/$, or $1.0327/€. Note that€28,432,732 is the future value of the proceeds under money market hedging:€28,432,732 = (€27,739,251) (1.025).Suggested solution for Mini Case: Chase Options, Inc. [See Chapter 13 for the case text]Chase Options, Inc.Hedging Foreign Currency Exposure Through Currency OptionsHarvey A. PoniachekI. Case SummaryThis case reviews the foreign exchange options market and hedging. It presents various international transactions that require currency options hedging strategies by the corporations involved. Seven transactions under a variety of circumstances are introduced that require hedging by currency options. The transactions involve hedging of dividend remittances, portfolio investment exposure, and strategic economic competitiveness. Market quotations are provided for options (and options hedging ratios), forwards, and interest rates for various maturities.II. Case Objective.The case introduces the student to the principles of currency options market and hedging strategies. The transactions areof various types that often confront companies that are involved in extensive international business or multinational corporations. The case induces students to acquire hands-on experience in addressing specific exposure and hedging concerns, including how to apply various market quotations, which hedging strategy is most suitable, and how to address exposure in foreign currency through cross hedging policies. III. Proposed Assignment Solution1. The company expects DM100 million in repatriated profits, and does not want the DM/$ exchange rate at which they convert those profits to rise above 1.70. They can hedge this exposure using DM put options with a strike price of 1.70. If the spot rate rises above 1.70, they can exercise the option, while if that rate falls they can enjoy additional profits from favorable exchange rate movements.To purchase the options would require an up-front premium of:DM 100,000,000 x 0.0164 = DM 1,640,000.With a strike price of 1.70 DM/$, this would assure the U.S. company of receiving at least:DM 100,000,000 –DM 1,640,000 x (1 + 0.085106 x 272/360)= DM 98,254,544/1.70 DM/$ = $57,796,791by exercising the option if the DM depreciated. Note that the proceeds from the repatriated profits are reduced by the premium paid, which is further adjusted by the interest foregone on this amount.However, if the DM were to appreciate relative to the dollar, the company would allow the option to expire, and enjoy greater dollar proceeds from this increase.Should forward contracts be used to hedge this exposure, the proceeds received would be:DM100,000,000/1.6725 DM/$ = $59,790,732,regardless of the movement of the DM/$ exchange rate. While this amount is almost $2 million more than that realized using option hedges above, there is no flexibility regarding the exercise date; if this date differs from that at which the repatriate profits are available, the company may be exposed to additional further current exposure. Further, there is no opportunity to enjoy any appreciation in the DM. If the company were to buy DM puts as above, and sell an equivalent amount in calls with strike price 1.647, the premium paid would be exactly offset by the premium received. This would assure that the exchange rate realized would fall between 1.647 and 1.700. If the rate rises above 1.700, the company will exercise its put option, and if it fellbelow 1.647, the other party would use its call; for any rate in between, both options would expire worthless. The proceeds realized would then fall between:DM 100,00,000/1.647 DM/$ = $60,716,454andDM 100,000,000/1.700 DM/$ = $58,823,529.This would allow the company some upside potential, while guaranteeing proceeds at least $1 million greater than the minimum for simply buying a put as above.Buy/Sell OptionsDM/$Spot Put Payoff “Put”Profits Call Payoff“Call”Profits Net Profit1.60 (1,742,846) 0 1,742,846 60,716,454 60,716,454 1.61 (1,742,846) 0 1,742,846 60,716,454 60,716,454 1.62 (1,742,846) 0 1,742,846 60,716,454 60,716,454 1.63 (1,742,846) 0 1,742,846 60,716,454 60,716,454 1.64 (1,742,846) 0 1,742,846 60,716,454 60,716,454 1.65 (1,742,846) 60,606,061 1,742,846 0 60,606,061 1.66 (1,742,846) 60,240,964 1,742,846 0 60,240,964 1.67 (1,742,846) 59,880,240 1,742,846 0 59,880,240 1.68 (1,742,846) 59,523,810 1,742,846 0 59,523,810 1.69 (1,742,846) 59,171,598 1,742,846 0 59,171,598 1.70 (1,742,846) 58,823,529 1,742,846 0 58,823,529 1.71 (1,742,846) 58,823,529 1,742,846 0 58,823,529 1.72 (1,742,846) 58,823,529 1,742,846 0 58,823,529 1.73 (1,742,846) 58,823,529 1,742,846 0 58,823,529 1.74 (1,742,846) 58,823,529 1,742,846 0 58,823,5291.75 (1,742,846) 58,823,529 1,742,846 0 58,823,529 1.76 (1,742,846) 58,823,529 1,742,846 0 58,823,529 1.77 (1,742,846) 58,823,529 1,742,846 0 58,823,529 1.78 (1,742,846) 58,823,529 1,742,846 0 58,823,529 1.79 (1,742,846) 58,823,529 1,742,846 0 58,823,529 1.80 (1,742,846) 58,823,529 1,742,846 0 58,823,529 1.81 (1,742,846) 58,823,529 1,742,846 0 58,823,529 1.82 (1,742,846) 58,823,529 1,742,846 0 58,823,529 1.83 (1,742,846) 58,823,529 1,742,846 0 58,823,529 1.84 (1,742,846) 58,823,529 1,742,846 0 58,823,529 1.85 (1,742,846) 58,823,529 1,742,846 0 58,823,529Since the firm believes that there is a good chance that the pound sterling will weaken, locking them into a forward contract would not be appropriate, because they would lose the opportunity to profit from this weakening. Their hedge strategy should follow for an upside potential to match their viewpoint. Therefore, they should purchase sterling call options, paying a premium of:5,000,000 STG x 0.0176 = 88,000 STG.If the dollar strengthens against the pound, the firm allows the option to expire, and buys sterling in the spot market at a cheaper price than they would have paid for a forward contract; otherwise, the sterling calls protect against unfavorable depreciation of the dollar.Because the fund manager is uncertain when he will sell the bonds, he requires a hedge which will allow flexibility as to the exercise date. Thus, options are the best instrument for him to use. He can buy A$ puts to lock in a floor of 0.72 A$/$. Since he is willing to forego any further currency appreciation, he can sell A$ calls with a strike price of0.8025 A$/$ to defray the cost of his hedge (in fact he earnsa net premium of A$ 100,000,000 x (0.007234 – 0.007211) = A$ 2,300), while knowing that he can’t receive less than 0.72 A$/$ when redeeming his investment, and can benefitfrom a small appreciation of the A$.Example #3:Problem: Hedge principal denominated in A$ into US$. Forgo upside potential to buy floor protection.I. Hedge by writing calls and buying puts1) Write calls for $/A$ @ 0.8025Buy puts for $/A$ @ 0.72# contracts needed = Principal in A$/Contract size100,000,000A$/100,000 A$ = 1002) Revenue from sale of calls = (# contracts)(size of contract)(premium)$75,573 = (100)(100,000 A$)(.007234 $/A$)(1 + .0825 195/360)3) Total cost of puts = (# contracts)(size of contract)(premium)$75,332 = (100)(100,000 A$)(.007211 $/A$)(1 + .0825 195/360)4) Put payoffIf spot falls below 0.72, fund manager will exercise putIf spot rises above 0.72, fund manager will let put expire5) Call payoffIf spot rises above .8025, call will be exercised If spot falls below .8025, call will expire6) Net payoffSee following Table for net payoff Australian Dollar Bond HedgeStrikePrice Put Payoff “Put”Principal Call Payoff“Call”Principal Net Profit0.60 (75,332) 72,000,000 75,573 0 72,000,241 0.61 (75,332) 72,000,000 75,573 0 72,000,241 0.62 (75,332) 72,000,000 75,573 0 72,000,241 0.63 (75,332) 72,000,000 75,573 0 72,000,241 0.64 (75,332) 72,000,000 75,573 0 72,000,241 0.65 (75,332) 72,000,000 75,573 0 72,000,241 0.66 (75,332) 72,000,000 75,573 0 72,000,241 0.67 (75,332) 72,000,000 75,573 0 72,000,241 0.68 (75,332) 72,000,000 75,573 0 72,000,241 0.69 (75,332) 72,000,000 75,573 0 72,000,241 0.70 (75,332) 72,000,000 75,573 0 72,000,241 0.71 (75,332) 72,000,000 75,573 0 72,000,241 0.72 (75,332) 72,000,000 75,573 0 72,000,241 0.73 (75,332) 73,000,000 75,573 0 73,000,241 0.74 (75,332) 74,000,000 75,573 0 74,000,241 0.75 (75,332) 75,000,000 75,573 0 75,000,241 0.76 (75,332) 76,000,000 75,573 0 76,000,241 0.77 (75,332) 77,000,000 75,573 0 77,000,241 0.78 (75,332) 78,000,000 75,573 0 78,000,241 0.79 (75,332) 79,000,000 75,573 0 79,000,241 0.80 (75,332) 80,000,000 75,573 0 80,000,241 0.81 (75,332) 0 75,573 80,250,000 80,250,241 0.82 (75,332) 0 75,573 80,250,000 80,250,241 0.83 (75,332) 0 75,573 80,250,000 80,250,241 0.84 (75,332) 0 75,573 80,250,000 80,250,2410.85 (75,332) 0 75,573 80,250,000 80,250,241 4. The German company is bidding on a contract which theycannot be certain of winning. Thus, the need to execute acurrency transaction is similarly uncertain, and using aforward or futures as a hedge is inappropriate, because itwould force them to perform even if they do not win thecontract.Using a sterling put option as a hedge for this transactionmakes the most sense. For a premium of:12 million STG x 0.0161 = 193,200 STG,they can assure themselves that adverse movements in thepound sterling exchange rate will not diminish theprofitability of the project (and hence the feasibility of theirbid), while at the same time allowing the potential for gainsfrom sterling appreciation.5. Since AMC in concerned about the adverse effects that astrengthening of the dollar would have on its business, weneed to create a situation in which it will profit from such anappreciation. Purchasing a yen put or a dollar call willachieve this objective. The data in Exhibit 1, row 7 representa 10 percent appreciation of the dollar (128.15 strike vs.116.5 forward rate) and can be used to hedge against asimilar appreciation of the dollar.For every million yen of hedging, the cost would be:Yen 100,000,000 x 0.000127 = 127 Yen.To determine the breakeven point, we need to compute the value of this option if the dollar appreciated 10 percent (spot rose to 128.15), and subtract from it the premium we paid. This profit would be compared with the profit earned on five to 10 percent of AMC’s sales (which would be lost as a result of the dollar appreciation). The number of options to be purchased which would equalize these two quantities would represent the breakeven point.Example #5:Hedge the economic cost of the depreciating Yen to AMC.If we assume that AMC sales fall in direct proportion to depreciation in the yen (i.e., a 10 percent decline in yen and 10 percent decline in sales), then we can hedge the full value of AMC’s sales. I have assumed $100 million in sales.1) Buy yen puts# contracts needed = Expected Sales *Current ¥/$ Rate / Contract size9600 = ($100,000,000)(120¥/$) / ¥1,250,0002) Total Cost = (# contracts)(contract size)(premium)$1,524,000 = (9600)(¥1,250,000)($0.0001275/¥)3) Floor rate = Exercise – Premium128.1499¥/$ = 128.15¥/$ - $1,524,000/12,000,000,000¥4) The payoff changes depending on the level of the ¥/$ rate.The following table summarizes the payoffs. An equilibrium is reached when the spot rate equals the floor rate.AMC ProfitabilityYen/$ Spot Put Payoff Sales Net Profit 120 (1,524,990) 100,000,000 98,475,010 121 (1,524,990) 99,173,664 97,648,564 122 (1,524,990) 98,360,656 96,835,666 123 (1,524,990) 97,560,976 86,035,986 124 (1,524,990) 96,774,194 95,249,204 125 (1,524,990) 96,000,000 94,475,010 126 (1,524,990) 95,238,095 93,713,105 127 (847,829) 94,488,189 93,640,360 128 (109,640) 93,750,000 93,640,360 129 617,104 93,023,256 93,640,360 130 1,332,668 92,307,692 93,640,360 131 2,037,307 91,603,053 93,640,360 132 2,731,269 90,909,091 93,640,360 133 3,414,796 90,225,664 93,640,360 134 4,088,122 89,552,239 93,640,360 135 4,751,431 88,888,889 93,640,360 136 5,405,066 88,235,294 93,640,360 137 6,049,118 87,591,241 93,640,360 138 6,683,839 86,966,522 93,640,360 139 7,308,425 86,330,936 93,640,360 140 7,926,075 85,714,286 93,640,360 141 8,533,977 85,106,383 93,640,360 142 9,133,318 84,507,042 93,640,360 143 9,724,276 83,916,084 93,640,360 144 10,307,027 83,333,333 93,640,360 145 10,881,740 82,758,621 93,640,360 146 11,448,579 82,191,781 93,640,360 147 12,007,707 81,632,653 93,640,360。
国际货币体系
国际货币体系∙什么是国际体系英（International Monetary System）国际货币体系就是各国政府为适应国际贸易与国际支付的需要，对货币在国际范围内发挥世界货币职能所确定的原则、采取的措施和建立的组织形式的总称。
货币及汇率政策涉及一个国家的主权，是一个国家改变国内收入以及就业水平的手段，因而货币及汇率政策与国内利益集团相关，而与世界上其它任何国家无关。
任何一个国家的汇率变动，必然影响到其他国家汇率的反向变化，进而影响到相应国家之间商品的要求以及投资的趋向（资本的流动）。
特别是随着国家之间商品以及服务往来的加强，国际之间相互依存的程度也在不断加深，这就是使得建立一种稳定而有效的国际货币体系成为许多国家长期以来奋斗的目标。
∙国际货币体系的作用1. 确定国际清算和支付手段来源、形式和数量，为世界经济的发展提供必要的充分的国际货币，并规定国际货币及其同各国货币的相互关系的准则。
2. 确定国际收支的调节机制，以确保世界经济的稳定和各国经济的平衡发展。
3. 确立有关国际货币金融事务的协商机制或建立有关的协调和监督机构。
∙国际货币体系的发展与演变国际货币体系在其发展过程中经历了三个重要的历史时期：（第一）1870年到1914年的金本位时期；（第二）1945年1973年的布雷顿森林体系下的固定汇率时期；（第三）1976年牙买加协议以来的国际货币多元化和浮动汇率时期。
（一）国际金本位制世界上首次出现的国际货币制度是金本位制度（Gold Specie Standard），大约形成于19世纪80年代末，结束于1914年（第一次世界大战之前）。
金本位是以一定重量和成色的黄金作为本位币，并使流通中各种货币与黄金间建立起固定兑换关系的货币制度。
在金本位制度下，黄金具有货币的所有职能，如价值尺度、流通手段、储藏手段、支付手段和世界货币。
1816年英国率先颁布了《金本位制》，大约半个世纪以后，欧美主要资本主义国家才相继在国内实行了金本位制，国际金本位制度大致形成。
国际货币危机与国际货币体系概论
CHAPTER
03
国际货币危机的原因与机制
国际货币危机的直接原因
1 2 3
汇率失调
当一国货币的汇率被高估或低估时，会导致国际 投资者对该国货币失去信心，引发资本外流和货 币贬值。
外债规模过大
当一国的外债规模超过其偿付能力时，会导致债 务违约风险上升，进而引发国际金融市场的恐慌 和资本外流。
国际游资的冲击
国际货币危机的应对策略
短期应对策略
资本管制
国家可以实施资本管制，限制 资本流动，以防止资本外逃。
外汇干预
中央银行可以干预外汇市场， 通过买卖外汇来稳定汇率。
流动性支持
向金融机构提供短期流动性支 持，以防止信贷紧缩和金融恐 慌。
信息透明度
提高信息透明度，向市场传递 稳定信号，增强市场信心。
中长期应对策略
建立更加稳定的汇率制度
通过加强汇率合作和建立更加稳定的 汇率机制，减少汇率波动对全球经济 的影响。
扩大国际货币发行
增加国际储备货币的种类和数量，降 低对单一货币的依赖，增强国际货币 体系的稳定性。
加强国际金融监管
建立更加有效的国际金融监管体系， 加强对跨国金融机构和跨境资本流动 的监管。
推动国际经济合作
大规模的国际游资流入或流出，会对一国货币的 供需关系造成影响，导致汇率波动和金融市场动 荡。
国际货币危机的深层次原因
01 02
经济基本面的失衡
如高企的通货膨胀、过度的财政赤字、产业结构不合理等，这些因素会 导致一国经济缺乏可持续发展的动力，进而引发国际投资者对该国经济 的担忧。
政策的不协调
如货币政策与财政政策的配合不当、汇率政策与产业政策的冲突等，这 些因素会导致政策效果大打折扣，甚至引发市场的负面预期。
国际货币体系概述课件
推动贸易和投资自由化便利化，减少贸易保护主义措施，促进全球贸易
和投资平衡发展。
03
加强国际金融监管合作
加强各国金融监管机构之间的合作，建立统一、高效的监管标准和方法
，防止跨国金融风险扩散。
改革国际金融机构
增强国际金融机构的代表性和发言权
提高发展中国家在国际金融机构中的代表性和发言权，使国际金融机构能够更加充分地 反映全球经济的多元化趋势。
国际货币体系概述课件
目录 CONTENTS
• 国际货币体系概述 • 国际货币体系的主要组成部分 • 国际货币体系的主要问题 • 国际货币体系改革的方向与建议 • 国际货币体系与中国
01
国际货币体系概述
定义与特点
1 2
定义
国际货币体系是指规范各国货币在国际支付、汇 兑和资本流动等方面的制度、惯例和机构的总和 。
欧元
欧元区国家使用统一的货币，是全球第二大储备货币。
日元、英镑和瑞士法郎
这些货币也是重要的国际储备货币之一。
国际收支调节机制
01
各国政府和中央银行通过货币政 策、财政政策等手段调节国际收 支，以保持经济稳定。
02
国际货币基金组织（IMF）提供 政策建议和技术援助，帮助成员 国解决国际收支问题。
汇率制度
深化财政政策合作
加强各国财政政策之间的合作，共同应对全球经济和金融风险，促进全球经济稳定和发展 。
加强国际经济政策对话与合作
建立健全国际经济政策对话与合作机制，加强各国在经济、贸易、金融等领域的政策沟通 与协调，共同应对全球性挑战。
05
国际货币体系与中国
中国在国际货币体系中的地位与作用
全球第二大经济体
经济危机
全球不平衡可能引发经济危机，如2008年全球金融危机，导致经济增长放缓、失 业率上升和贫困加剧。
宏观经济学 斯蒂芬威廉森chap08
Macroeconomics, 3e (Williamson)Chapter 8 A Two-Period Model: The Consumption-Savings Decision and Credit Markets1) C onsumption smoothing refers toA) t he tendency of all consumers to choose the same amount of current consumption.B) t he tendency of consumers to seek a consumption path over time that is smoother thanincome.C) t he tendency of consumers to seek an income path over time that is smoother thanconsumption.D) c onsumer's concerns about going heavily into debt.Answer: BQuestion Status: P revious Edition2) I ntertemporal decisions involve economic decisionsA) m ade within a given period of time.B) m ade in between two periods of time.C) i nvolving trade-offs across periods of time.D) t hat ignore concerns about the future.Answer: CQuestion Status: P revious Edition3) T he simplest device to analyze dynamic decisions is aA) o ne-period model.B) t wo-period model.C) m odel that includes only the number of years of a typical consumer's lifetime.D) c ontinuous time model.Answer: BQuestion Status: P revious Edition4) W e use a two-period model becauseA) t he business cycle has two phases: contraction and recovery.B) i t is the simplest dynamic model.C) w e want to make a distinction between young and old households.D) t his is the horizon of the politicians that formulate policy.Answer: BQuestion Status: N ew5) W e limit ourselves to two periods in the intertemporal model of the business cycle becauseA) w e need to concentrate on the two phases of the business cycle.B) w e can assume that people can live two periods of, say, 30 years.C) t his is all we need to emphasize the intertemporal trade-off.D) w e need an even number of periods.Answer: CQuestion Status: N ew6) F or all bonds to be indistinguishable,A) a ll consumers must never be expected to default on their debts.B) t he government must guarantee all bonds.C) a ll consumers must be identical.D) t hey must be traded through financial intermediaries.Answer: AQuestion Status: P revious Edition7) S avings in our model areA) d urable consumption.B) n on-durable consumption.C) p ostponed consumption.D) m oney.Answer: CQuestion Status: N ew8) A one-period bond is a promise to repayA) 1units of goods in the second period.+(1)rB) r units of goods in the second period.C) (1 +r) units of goods in the second period.D) t he original amount lent.Answer: CQuestion Status: P revious Edition9) T he consumer's lifetime budget constraint states thatA) t he present value of lifetime consumption must be equal to the present value oflifetime gross income.B) t he present value of lifetime consumption must be equal to the present value oflifetime disposable income.C) t he present value of lifetime consumption plus the present value of lifetime taxes to bepaid must be equal to the present value of lifetime income.D) t he present value of lifetime taxes to be paid by the consumer must be equal to thepresent value of government spending.Answer: BQuestion Status: P revious Edition10) T he endowment point is the consumption bundle in whichA) f irst-period consumption is equal to zero.B) s econd-period consumption is equal to zero.C) t he consumer finds the most utility.D) c onsumption is equal to disposable income in each period.Answer: DQuestion Status: P revious Edition11) T he endowment point is the consumption bundle in whichA) b oth consumptions are the same.B) c urrent consumption equals current output less current government expenses.C) n o savings occur.D) t he interest rate equals zero.Answer: CQuestion Status: N ew12) A t the endowment point, we have the property thatA) c = c'.B) c = y - t.C) y - t = y' - t'.D) y = y'.Answer: BQuestion Status: N ew13) I f we represents a two -period consumer's lifetime wealth and r denotes the real rate ofinterest, the vertical (future consumption) intercept of the consumer's budget line is equal toA) w e.B) (1 + r )we. C) (1)we r +. D) (1)r we+. Answer: BQuestion Status: P revious Edition14) I f we represents a two -period consumer's lifetime wealth and r denotes the real rate ofinterest, the horizontal (current consumption) intercept of the consumer's budget line is equal toA) w e.B) (1 + r )we. C) (1)we r +. D) (1)r we+. Answer: AQuestion Status: P revious Edition15) I f we represents a two -period consumer's lifetime wealth and r denotes the real rate ofinterest, the slope of the consumer's budget line is equal toA) r × we.B) - 1(1)r +. C) - (1)r we +. D) - (1 + r ).Answer: DQuestion Status: P revious Edition16) I f the interest rate increases, lifetime wealth (we )A) i ncreases.B) s tays constant.C) d ecreases.D) c hanges in an ambiguous way.Answer: CQuestion Status: N ew17) T o assure a well-defined solution to the consumers' intertemporal choice problems, we mustassume that consumers' preferences exhibit the properties thatA) c onsumers are all identical and that more is always preferred to less.B) m ore is preferred to less and that consumers prefer diversity.C) c onsumers like diversity and that more is sometimes preferred to less.D) m ore is sometimes preferred to less and that first-period consumption and second-period consumption are both normal goods.Answer: BQuestion Status: P revious Edition18) W e assume that the representative consumer's preferences exhibit the properties thatA) t hey are convex and that more is always preferred to less.B) m ore is always preferred to less and that each consumer has one strictly favoriteperiod of time for consumption.C) e ach consumer has one strictly favorite period of time for consumption and thatcurrent and future consumption are both normal goods.D) c urrent and future consumption are both normal goods and that the consumer likesdiversity in his or her consumption bundle.Answer: DQuestion Status: P revious Edition19) T he property of diminishing marginal rate of substitution follows from the property that theindifference curves areA) d ownward sloping.B) u pward sloping.C) b owed in toward the origin.D) b owed out from the origin.Answer: CQuestion Status: P revious Edition20) F or the consumer to be at an optimum, it must be the case thatA)MRS c,c' =1 (1)r +B) M RS c,c' =(1 +r)C)MRT c,c' =1 (1)r +D) M RT c,c' =(1 +r)Answer: BQuestion Status: P revious Edition21) A consumer is a borrower ifA) o ptimum current consumption is less than current disposable income.B) o ptimum current consumption is greater than current disposable income.C) f uture disposable income is greater than current disposable income.D) t he consumer's indifference curves are relatively steep.Answer: BQuestion Status: P revious Edition22) A consumer is a lender ifA) o ptimum current consumption is less than current disposable income.B) o ptimum current consumption is greater than current disposable income.C) c urrent disposable income is greater than future disposable income.D) t he consumer's indifference curves are relatively flat.Answer: AQuestion Status: P revious Edition23) F or a borrower in a (c,c') graph, the optimal consumption bundle isA) t o the left of the endowment point.B) t o the right of the endowment point.C) o n the endowment point.D) d ependent on other factors.Answer: BQuestion Status: N ew24) F or a lender in a (c,c') graph, the optimal consumption bundle isA) t o the left of the endowment point.B) t o the right of the endowment point.C) o n the endowment point.D) d ependent on other factors.Answer: AQuestion Status: N ew25) F or a household in a (c,c') graph, the optimal consumption bundle isA) t o the left of the endowment point.B) t o the right of the endowment point.C) o n the endowment point.D) d ependent on other factors.Answer: DQuestion Status: N ew26) A n increase in first-period income results inA) a n increase in first-period consumption, an increase in second-period consumption,and an increase in saving.B) a n increase in first-period consumption, a decrease in second-period consumption,and an increase in saving.C) a decrease in first-period consumption, an increase in second-period consumption,and an increase in saving.D) a n increase in first-period consumption, an increase in second-period consumption,and a decrease in saving.Answer: AQuestion Status: P revious Edition27) W ith higher future taxesA) c urrent consumption declines.B) c urrent consumption stays the same.C) c urrent consumption increases.D) c urrent consumption depends on other factors.Answer: AQuestion Status: N ew28) A temporary increase in income today leads toA) a small increase in current consumption.B) a large increase in current consumption.C) a small decrease in future consumption.D) a large decrease in future consumption.Answer: AQuestion Status: N ew29) A permanent increase in income today leads toA) a small increase in current consumption.B) a large increase in current consumption.C) a small decrease in future consumption.D) a large decrease in future consumption.Answer: BQuestion Status: N ew30) I f current income increases as much as future income decreasesA) c urrent consumption decreases.B) c urrent consumption stays the same.C) c urrent consumption increases.D) W e do not know.Answer: CQuestion Status: N ew31) A good proxy for the flow of consumption services would beA) a ggregate consumption.B) c onsumption of services and consumption of durables.C) c onsumption of durables and consumption of nondurables.D) c onsumption of nondurables and consumption of services.Answer: DQuestion Status: P revious Edition32) I n the data, which of the following is most volatile?A) r eal GDPB) c onsumption of durablesC) c onsumption of nondurablesD) c onsumption of servicesAnswer: BQuestion Status: P revious Edition33) I n the absence of a financial system, the two-period model without taxes predicts thatA) c onsumption is more volatile that output.B) c onsumption is as volatile as output.C) c onsumption is less volatile than output.D) W e do not know.Answer: BQuestion Status: N ew34) T he two primary explanations for the excess volatility of consumption areA) c onsumers' limited life spans and credit market imperfections.B) c redit market imperfections and changes in market prices.C) c hanges in market prices and distorting taxes.D) d istorting taxes and consumers' limited life spans.Answer: BQuestion Status: P revious Edition35) A n increase in second-period income results inA) a n increase in first-period consumption, an increase in second-period consumption,and an increase in saving.B) a n increase in first-period consumption, a decrease in second-period consumption,and an increase in saving.C) a decrease in first-period consumption, an increase in second-period consumption,and an increase in saving.D) a n increase in first-period consumption, an increase in second-period consumption,and a decrease in saving.Answer: DQuestion Status: P revious Edition36) T he idea that a permanent increase in income causes a larger increase in consumption than atemporary change in income is called theA) F riedman-Lucas theory.B) p ermanent income hypothesis.C) R icardian equivalence theorem.D) i ntertemporal substitution effect.Answer: BQuestion Status: P revious Edition37) P ermanent income isA) t he minimum income obtained throughout lifetime.B) i ncome that cannot be taxed.C) i ncome that cannot be lent.D) t he constant income corresponding to lifelong wealth.Answer: DQuestion Status: N ew38) P ermanent income is notA) p roportional to life-long wealth.B) p roportional to current consumption.C) p roportional to the present value of life-long consumption.D) p roportional to the present value of life-long income before taxes.Answer: DQuestion Status: N ew39) W hat raises permanent income?A) l ower future taxesB) h igher current taxesC) h igher interest ratesD) h igher current consumptionAnswer: AQuestion Status: N ew40) A martingale has the property thatA) i t is inherently unpredictable.B) t he best prediction of its value tomorrow is its value today.C) t he best prediction of its future growth rate is its current growth rate.D) t he best prediction of its value tomorrow can be computed by looking at its pastbehavior.Answer: BQuestion Status: P revious Edition41) A change in the stock market is a good indicator of a change inA) c urrent income.B) f uture income.C) w ealth.D) t he future growth rate of real GDP.Answer: CQuestion Status: P revious Edition42) A n increase in the real interest rate is an example of aA) p ure substitution effect.B) s ubstitution effect and a positive income effect.C) s ubstitution effect and a negative income effect.D) s ubstitution effect and an income effect whose sign depends on whether the consumeris initially a borrower or a lender.Answer: DQuestion Status: P revious Edition43) A n increase in the real interestA) i ncreases savings for both borrowers and lenders.B) i ncreases savings for borrowers, but has an uncertain effect on the savings of lenders.C) i ncreases savings for lenders, but has an uncertain effect on the savings of borrowers.D) h as an uncertain effect on the savings of both borrowers and lenders.Answer: BQuestion Status: P revious Edition44) F or a lender, an increase in the real interest rateA) d efinitely reduces current consumption and increases future consumption.B) r educes current consumption and has an uncertain effect on future consumption.C) h as an uncertain effect on current consumption and increases future consumption.D) h as an uncertain effect on both current and future consumption.Answer: CQuestion Status: P revious Edition45) F or a borrower, an increase in the real interest rateA) d efinitely reduces current consumption and increases future consumption.B) r educes current consumption and has an uncertain effect on future consumption.C) h as an uncertain effect on current consumption and increases future consumption.D) h as an uncertain effect on both current and future consumption.Answer: BQuestion Status: P revious Edition46) T he substitution effect of a change in the real interest rate is an example ofA) a n intratemporal substitution effect.B) a n intertemporal substitution effect.C) a n atemporal substitution effect.D) a temporary substitution effect.Answer: BQuestion Status: P revious Edition47) I n a two-period model, government spending is financed throughA) t axes and transfer payments.B) t axes and issuing debt.C) t axes and redeeming debt.D) t axes only.Answer: BQuestion Status: P revious Edition48) T he government's present value budget constraint states thatA) t axes must equal government spending in each period.B) t he present value of government spending must be equal to the present value ofconsumers' disposable incomes.C) t he present value of government spending must be equal to the present value of taxes.D) t he government may run deficits each and every year, as long as the deficits aresufficiently small.Answer: CQuestion Status: P revious Edition49) F or a competitive equilibrium in a two-period model, all of the following must be trueexceptA) e ach consumer picks first- and second-period consumption given the real interest rate.B) t here must be an equal number of borrowers and lenders.C) t he government's present-value budget constraint holds.D) t he credit market clears.Answer: BQuestion Status: P revious Edition50) T he Ricardian equivalence theorem implies thatA) g overnment debt policy must be handled correctly for the economy to prosper.B) t he amounts of government spending are neutral.C) a n increase in government spending has no effect on the economy, as long as there isan equal change in taxes.D) t he timing of taxes collected by the government is neutral.Answer: DQuestion Status: P revious Edition51) I f government spending is held constant and Ricardian equivalence holds,A) a n increase in the government budget deficit is always matched by a reduction inprivate savings.B) a n increase in government savings is always matched by an increase in thegovernment budget deficit.C) a n increase in government savings is always matched by an equal increase in privatesavings.D) a n increase in government savings is always matched by an equal reduction in privatesavings.Answer: DQuestion Status: P revious Edition52) T he Ricardian Equivalence saysA) w hatever the level of government expenses, consumption is the same.B) w hatever the timing of taxes, consumption is the same.C) h igher government expenses reduce consumption.D) a n increase in current consumption has to lead to a decrease in future consumption.Answer: BQuestion Status: N ew53) A ccording to the Ricardian EquivalenceA) t rade deficits do not matter.B) f iscal deficits do not matter.C) c urrent account deficits do not matter.D) h ousehold deficits do not matter.Answer: BQuestion Status: N ew54) T he Ricardian equivalence implies thatA) t he level of government spending has no impact.B) t he level of taxes has no impact.C) t he distribution of government expenses though time has no impact.D) t he distribution of taxes through time has no impact.Answer: DQuestion Status: N ew55) A n important reason why Ricardian equivalence may fail is ifA) b orrowing and lending are done through intermediaries.B) g overnment debt incurred today may not be paid off until after some currentconsumers are deceased.C) s tate and local governments also engage in debt finance.D) s ome consumers are borrowers, while other consumers are lenders.Answer: BQuestion Status: P revious Edition56) T he Ricardian Equivalence holds only ifA) t he government is altruistic.B) t here are no credit constraints.C) t he government runs deficits.D) t he government runs surpluses.Answer: BQuestion Status: N ew57) W hich condition would generate a violation of the Ricardian Equivalence?A) d ownward sloping labor supply curveB) u nderdeveloped credit marketsC) i nflationary monetary policyD) d eflationary monetary policyAnswer: BQuestion Status: N ew58) W hen different consumers pay different amounts of taxes, Ricardian equivalence may failbecauseA) a lternative ways of collecting the same tax revenue can affect the distribution ofincome.B) c onsumers can become jealous of one another.C) s uch differences in taxes create credit market imperfections.D) h igher taxes on more talented people may be politically popular.Answer: AQuestion Status: P revious Edition59) D istorting taxes can invalidate Ricardian equivalence becauseA) t hey confuse consumers about the need for government to repay its debt.B) a lternative ways of collecting the same tax revenue produce different amounts of lostwelfare.C) t hey are inferior to lump-sum taxes.D) t hey are more popular, politically, than lump-sum taxes.Answer: BQuestion Status: P revious Edition60) T he phenomenon that some consumers pay a higher interest rate when they borrow than theinterest rate they receive when they lend is best described as an example ofA) i rrational behavior.B) a credit market imperfection.C) a vast banking conspiracy.D) t he burden of public debt.Answer: BQuestion Status: P revious Edition61) W hen there are credit-market imperfections, an increase in government debt may beadvantageous because itA) d iscourages credit-constrained consumers from borrowing too much.B) a llows credit-constrained consumers to borrow more.C) e liminates the problems that cause credit-market imperfections.D) e ncourages more private saving.Answer: BQuestion Status: P revious Edition62) C onsumer choice theory predicts that, with identical consumers, fully-funded socialsecurityA) a lways makes all generations worse off.B) m akes some generations better off, and cannot make any generation worse off.C) m ay make some generations worse off and cannot make any generation better off.D) m ay be Pareto improving.Answer: CQuestion Status: P revious Edition63) I n a fully-funded social security programA) t he young pay for the benefits of the old.B) t he young are forced to save for their own retirement.C) t he young have to buy bonds for the old.D) t he young are forced to save for the retirement of the old.Answer: BQuestion Status: N ew64) W hy do consumers benefit from pay-as-you-go social security?A) I t keeps inflation in check as money is redistributed.B) I t is a better way than taxes to finance the government.C) I t forces people to save more than they would otherwise.D) W ith sufficiently high population growth, many young contribute to the benefits of theold.Answer: DQuestion Status: N ew65) C onsumer choice theory predicts that, with identical consumers, pay-as-you-go socialsecurityA) a lways makes all generations worse off.B) m akes some generations better off, and cannot make any generation worse off.C) m ay make some generations worse off and cannot make any generation better off.D) m ay be Pareto improving.Answer: DQuestion Status: P revious Edition66) S ocial security is most likely to present political problems whenA) m oving from pay-as-you-go to fully-funded and when population growth is low.B) m oving from pay-as-you-go to fully-funded and when population growth is high.C) m oving from fully-funded to pay-as-you-go and when population growth is low.D) m oving from fully-funded to pay-as-you-go and when population growth is high.Answer: AQuestion Status: P revious Edition。
《国际货币体系》PPT课件 (2)
第二，固定汇率体系的解体是因为一些国家（主要是前 联邦德国、日本和瑞士）拒绝接受为了保持与美元的固定汇 率而强加给它们的通货膨胀，于是美元相对这三个国家的货 币大幅度贬值。
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二、国际货币体系简史
V. 布雷顿森林体系之后(1971至今)
1971年12月，根据《史密森协议》， 美元贬值到1盎司黄金38美元，其他货币 对美元的比价按协定数量重新估值。尽管 人们用数月时间做最后的努力建立新的固 定汇率，整个世界还是在1973年正式进入 浮动汇率时代。
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二、国际货币体系简史
II. 古典金本位制(1821-1914)
法定货币是不可兑换的纸币，唯一支 持它的是人们对货币当局的信任，相信 它不会有欺骗行为(发行更多的货币)。
这种信任已被严酷的事实所粉碎。发 行新币可获得100％的利润，这对于大多 数政府来说是一个难以抗拒的诱惑。
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二、国际货币体系简史
V. 布雷顿森林体系之后(1971至今)
A. OPEC与1973-1974年的石油危机
1973年10月石油输出国组织(OPEC)提高原 油价格。到1974年，油价上涨3倍。资源大规模 向石油输出国转移，对此，各国反应不一。有 些国家，如美国，为抵消能源价格上涨影响， 采取的对策是扩大支出、奉行扩张的货币政策 并控制石油价格。结果导致高通货膨胀率、经 济混乱和资源的无效配置，却没有出现人们期 待的经济增长。而另一些国家，如日本，则允 许石油价格涨到市场价格水平并遵循更审慎的 货币政策。
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二、国际货币体系简史
IV. 布雷顿森林体系(1946-1971)
国际货币体系简述PPT课件(23张)
国际货币体系
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第七章 国际货币体系第一节 概述来自一、国际货币体系的含义：
是指国际货币制度、国际金融机构以及由习惯和
历史沿革形成的约定俗成的国际货币秩序的总和。
二、国际货币体系的作用：三大任务
（1）确定国际清算和支付手段来源、形式和数量，并 确定国际货币及其同各国货币的相互关系准则；
瑞士等六国黄金集团瓦解。
最后的努力: 1936年9月英，美，法达成≪三 国货币协定≫ ：维持汇率；不进行竞争性货币 贬值。1936年10月又签定≪三国黄金协定≫ 。
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第一节 概述
由于法国的黄金受投机冲击而外流， 1937年6月法国放弃金本位制。
第二次世界大战已经燃起，西方国家购 买军事物资，引起黄金流失；并进一步 加强了对黄金流动的管制，金本位制最 终崩溃。
差额。根据各国缴纳份额 和现款，只是开设往来帐
的多少决定各国的投票权。 户。顺差时将盈余存入帐
5. 发行Unita的国际货币。 户；逆差时可以申请透资。 作为计算单位，含金量为 透资总额为300亿美元。
137 1/7格令。相当于10 5.发行Bancor作为清算
美元。
单位， Bancor等于黄金。
6. 稳定汇率。各国规定本 6. 顺差国和逆差国共同负
金汇兑本位制的三特点削弱了黄金的自动调节
作用。
3、国际金本位制的崩溃
1929~1933年世界经济危机中各国纷纷放
弃货币与黄金的联系。
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第一节 概述
1933年，美国爆发货币信用危机，停止美元兑
换黄金；提高了黄金的官价。
1935年5月，德国放弃了金汇兑本位制。 1935年9月，英国停止黄金的兑换。 1936年，法国，比利时，荷兰，意大利，波兰，
第八章 国际货币体系
有利于贸易管制的放松 促进国际资本流动和国际金融一体 化
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其根本缺陷和崩溃过程
根本缺陷：
– 特里芬难题(Triffin Delimma)
崩溃过程
– 第一次美元危机及拯救 – 第二次美元危机及挽救 – 第三次美元危机及挽救
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国际货币基金组织的宗旨
促进成员国在国际货币问题上的磋商与协作。 促进汇率的稳定和有序安排，避免竞争性的汇率 贬值。 为经常项目收支建立一个多边支付和汇兑制度， 努力消除不利世界贸易发展的外汇管制。 在临时性的基础上和有保障的条件下，向成员国 提供资金融通，使它们在无需采取有损于本国和 国际经济繁荣的措施的情况下，纠正国际收支的 不平衡。 实现缩短国际收支不平衡的持续时间和程度，促 进国际贸易的均衡发展，实现就业和实际收入水 平的提高即生产能力的扩大。
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第四节
国际货币基金组织
战后经济三大全球性组织 国际货币基金组织的宗旨 国际货币基金组织的职能
国际货币基金组织的份额（Quota）
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战后经济三大全球性组织
国际货币基金组织（International Monetary Fund）：负责货币金融事务。 世界银行集团（World Bank）：包括国际 复兴开发银行、国际开发协会和国际金融公 司，负责财政援助和经济开发事务。 关税与贸易总协定（General Agreement on Tariff and Trade,简称GATT，1999年起 正式改称为世界贸易组织，World Trade Organization简称WTO）：负责国际贸易 事务。
Varian_Chapter08_Slutsky_Equation
x1
Pure Substitution Effect
Slutsky
isolated the change in demand due only to the change in relative prices by asking “What is the change in demand when the consumer‟s income is adjusted so that, at the new prices, she can only just buy the original bundle?”
Slutsky
discovered that changes to demand from a price change are always the sum of a pure substitution effect and an income effect.
Real Income Changes
Effects of a Price Change
x2 Consumer‟s budget is $y. Original choice
y p2
x1
Effects of a Price Change
x2
y p2
Consumer‟s budget is $y. Lower price for commodity 1 pivots the constraint outwards.
x2‟ x2‟‟
x 1‟
x1‟‟
x1
Slutsky’s Effects for Income-Inferior Goods
x2
The pure substitution effect is as for a normal good. But, the income effect is in the opposite direction. (x1‟‟‟,x2‟‟‟)
8 国际货币体系
◆ 货币体系的基础即本位币是什么
◆ 参与国际流通、支付和交换媒介的主要货 币是什么？
◆ 主要流通、支付和交换媒介的货币与本位 币的关系是什么？
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国际货币体系的主要类型
◆ 国际金本位制 ◆ 国际金汇兑本位制 ◆ 布雷顿森林体系 ◆ 牙买加协定
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二、牙买加体系的作用
◆ 多种汇率制度能够适应多变的世界经济形 势和各国经济发展的差异，但同时增大了汇率风 险和国际金融市场的波动性。
◆ 多元化的储备体系在一定程度上解决了 “特里芬难题”，但也使国际支付手段在总量和 结构上的调控更加困难。
◆ 多种形式的国际收支调节机制促进了国际 收支平衡，但也带来了国际债务危机等问题。
2019年8月18日星期日
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三、国际货币体系的改革主张
(一）在现行的牙买加体系上进行调整与改革
改进现有的国际金融机构 建立新的国际金融秩序 加强金融监管与援助的力度
（二）建立新的国际货币体系 1.成立新的更有约束力的国际金融协调机构 2.恢复国际金本位制 3. 实行全面的浮动汇率制
2019年8月18日星期日
◆ 间接挂钩货币的国家须在直接挂钩国家存 入一定数量的外汇和黄金作为维持汇率的平准 基金；
◆ 黄金只有在最后关头才充当支付手段，以 维持汇率的稳定。
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优点： 节约黄金 局限性： 依然依赖黄金
2019年8月18日星期日
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第三节 布雷顿森林体系
24
第五节 国际货币基金组织
一、国际货币基金组织的职能
确立成员国在汇率政策、货币兑换等方
国际货币体系理论
• 货币制度的发展：复本位制－金本位制－信用本位制
自从国家干预货币流通之后就开始形成货币制度。 较为完善的货币制度是随着资本主义经济制度的建立而逐步形成的。
国际货币制度的演变
牙买加体 系 布雷顿森 林体系
国际金本 位制 1880年～ 1933年 1944年～ 1973年
– 金本位：金铸币本位（一国货币有一含金量、纸币可自由按票面 额兑换黄金、金币可由持有人申请自由铸造、黄金可在国际间自 由输出入）金块本位（发纸币，不铸金币亦不流通）、金汇兑本 位（货币不直接与黄金挂钩，而通过确定与外币的汇兑率，间接 与黄金挂钩）（布雷顿森林体制，美元在国内不流通金币，也不 允许兑换为黄金，只允许持有美元债权的外国政府按美元含金量 兑换黄金，类似于金汇兑本位制，1948－1971）； – 银本位制：类似金本位，缺点是价格不稳，因为产量变动太大 – 铜本位制：中国的货币本位 – 复本位制：一国同时规定两种金属同为本位币金属
对国际金本位制度的评价
•在当今，国际收支不平衡能否自
动调节？
金本位的崩溃
1、1914一战爆发 •黄金禁运，纸币停止兑换黄金 •严重的通胀，货币黄金可兑换性被禁止 •1915～1922，世界黄金生产下降了1/3 2、战后初期 •1922年，经济与金融会议 •金块本位制与金汇兑本位制 3、1929年世界经济危机；1931年国际金融 危机 •抵御危机袭击 •1931年，英国放弃金本位制 •英镑集团、美元集团、法郎集团
• 国际货币制度 – 汇率制度 国际货币，是指一国 – 储备资产 政府持有的包括现金在 – 各国货币可兑换性与国际结算的原则 内的可用于国际支付的 – 国际收支的调节方式 一切金融工具。 • 国际金融机构 储备货币或本位货币是国际货币制度的基础 • 国际货币秩序 汇率制度是国际货币制度的核心 国际货币体系是国际货币关系的集中反映，是国际金融活动的总框 架，是各国开展对外金融活动的重要依据。
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上海海事大学2012年春
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第八章 国际货币体系
Ch8 International Monetary system
国际货币体系
☐国际货币体系 ☐金本位体系
☐布雷顿森林体系及其崩溃 ☐
牙买加体系
上海海事大学2012年春
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国际货币体系的概念及主要内容
☐国际货币体系又称国际货币制度
⏹指有关国际货币金融关系的惯例、法规以及对惯例、法规的协调和监督。
⏹本质是一个制度、一个机构
☐主要内容
⏹（1）确定各国货币的比价及汇率制度 ⏹（2）确定国际储备资产
⏹（3）确定各国货币的兑换性与国际结算原则 ⏹
（4）确定国际收支不平衡的调节机制。
上海海事大学2012年春
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国际货币体系的四个作用
☐国际货币体系的作用
⏹确定国际清算和支付手段的供应和管理原则 ⏹确定国际收支的调节机制包括：
☐汇率机制
☐国际收支逆差国的资金融通机制
☐对储备货币发行国的国际收支纪律约束机制
⏹确立有关国际货币金融事务的协商机制或建立有关的协调监督机构
⏹通过多边支付制度，加速世界经济一体化
上海海事大学2012年春
4
多边清算
☐实行多边清算必须具备以下几个条件：
⏹所使用的货币必须具有可对换性。
⏹本国商业银行在有关国家的商业银行中开立各种清算货币的账户
⏹账户之间可自由调拨资金。
上海海事大学2012年春
5
国际货币体系的演变及类型
☐国际货币体系的三个阶段
⏹第一阶段：国际金本位时期。
☐1816－1913年：典型金本位时期。
☐1914年－20世纪30年代初期：畸型金本位时期
⏹第二阶段：布雷顿森林体系。
☐1945年底—20世纪70年代初。
⏹第三阶段：牙买加体系
☐1976年1月至今
上海海事大学2012年春
6
国际金本位制
☐国际金本位制的三个特征
⏹黄金为最终结算手段
⏹实行固定汇率制
⏹该体系是一个松散的、无组织的体系
上海海事大学2012年春7 国际金本位制的类型
☐金币本位制
⏹含义：是以黄金金币为本位货币的货币制度。
⏹历史：1816年英国颁布了《铸币条例》，首先在国
内实行了金本位制度，使用黄金作为本位货币，并
铸造金币流通。
其后，其他西方国家纷纷实行金本
位制度，至1880年西方主要国家均实行了金本位。
⏹特点：
☐法定货币含金量即用法律的形式规定金币的重量、成色。
☐自由铸造
☐自由兑换：辅币、银行券可自由兑换金币或黄金。
☐黄金可以自由输出入
上海海事大学2012年春8
国际金本位制的类型
☐金币本位制
⏹缺点:
☐从根本上讲，其缺点是过于刚性，表现在，清算、支付完全依赖于黄金的输出入，清算、支付手段单一。
☐货币数量的增长依赖于黄金产量的增长。
上海海事大学2012年春9 国际金本位制的类型
☐金块本位制
⏹含义：是以黄金作为准备，以有法定含金量的
价值符号（银行券）作为流通手段的一种货币
制度。
⏹特点：
☐发行、流通银行券（以金块为发行准备），法定其含金量。
☐不能自由铸造金币，也不流通金币。
☐黄金不能自由输出入。
☐可有条件兑换金块。
上海海事大学2012年春10
国际金本位制的类型
☐金汇兑本位制
⏹含义：又称虚金本位制。
它将本国货币间接地与黄
金联接。
⏹特点：
☐发行、流通银行券法定其含金量。
☐禁止金币的铸造和流通。
☐银行券不能兑换黄金，只能兑换外汇，然后用外汇在国外兑换黄金。
☐与一实行金币本位或金块本位的国家的货币保持固定汇价。
上海海事大学2012年春11 注意
☐注意
⏹金块本位、金汇兑本位是残缺不全的（畸型
的）金本位，因黄金不能自由输出入，价格
—铸币流动机制被破坏。
上海海事大学2012年春12
国际金本位制的作用
☐对国际收支有自动调节作用（指金币本位）。
⏹价格—铸币流动机制对国际收支有自动调节作用。
☐汇率稳定（以铸币平价为基准，以黄金输送点为界限）
⏹有利于成本、收益核算，在当时为发展国际贸易、
国际投资起过积极作用。
☐国际金本位制的运行为后来建立国际货币制度奠定了基础。
上海海事大学2012年春13 国际金本位制的崩溃
☐1929—1933年间，金本位制彻底瓦解了。
维持金本位的三个必要条件不存在了
⏹金币自由铸造、自由流通。
⏹自由兑换黄金。
⏹黄金自由输出入。
上海海事大学2012年春14
布雷顿森林体系
☐布雷顿森林体系的内容
⏹建立一个永久性的国际金融权威机构，即IMF。
⏹确立双挂钩的货币体系，即美元与黄金挂钩，各会
员国货币与美元挂钩。
⏹实行可调节的盯住汇率。
各会员国货币盯住美元，
汇率波动幅度在±1%以内，以外则必须干预。
☐布雷顿森林体系的作用
⏹弥补了国际清偿能力的不足。
把美元作为各国的储
备货币。
⏹稳定国际货币关系。
双挂钩、固定汇率是布雷顿森
林体系的两大支柱
上海海事大学2012年春15 布雷顿森林体系
☐布雷顿森林体系的不合理之处
⏹国际货币地位不合理，美国通过美元印刷支付贸易
逆差
⏹美元供应量决定了世界各国的经济繁荣或衰退
☐布雷顿森林体系的缺陷
⏹美元作为储备货币，它既是一国的货币，又是世界的货币，作
为一国货币，美元发行受制于美国的货币政策和黄金储备；作
为世界货币，美元必须为世界提供清偿力，美元供应应当不断
增长以满足世界经贸的要求，而这两个目标之间存在冲突
上海海事大学2012年春16
布雷顿森林体系
☐布雷顿森林体系的缺陷
⏹特里芬两难：美元与黄金固定比例自由兑换，黄金
产量和美国黄金储备的增长跟不上世界经济发展的
步伐，因此美元出现一个两难，为了满足世界经济
发展要求，美元供应必须不断增长，但是，这让美
元与黄金的兑换难以维持。
⏹随着各国持有美元的增加，美国黄金被兑换的现象
越来越多，黄金不断外流，人们对美元按固定比例
兑换为黄金的承诺越发怀疑。
60-71年的三次美元
危机导致美元急剧贬值，尼克松在1973年宣布取消
美元的可兑换性。
双挂钩制度因而崩溃。
世界经济
进入浮动汇率时期或成为牙买加体系。
上海海事大学2012年春17 牙买加体系
☐牙买加体系的形成
☐牙买加体系的主要内容
⏹承认浮动汇率合法化。
可实行固定汇率，
也可实行浮动汇率。
⏹黄金非货币化
☐废除黄金条款，黄金与货币彻底脱钩，不再规定货币的含金量，即黄金成为一种单纯的
商品。
⏹规定SDRS为主要的国际储备资产。
后来
并没有做到。
上海海事大学2012年春
牙买加体系
☐牙买加体系的主要内容
⏹扩大对发展中国家的资金融通。
☐出售IMF黄金总额的1/6，按市场价出售，超过官价部分成立“信托基金”，对最不发达的国家提供最优惠
的贷款，帮助其改善国际收支状况。
☐扩大信用贷款的限额，由占成员国份额的100%增至145%。
出口波动补偿贷款的份额由50%增至75%。
⏹增加成员国在IMF中的基金份额。
☐由292亿SDRS增至390亿SDRS。
各自的份额有所改变，石油输出国组织的份额由5%提高到10%，
主要西方国家除原西德、日本外，其他西方国家的
份额均有所下降。
增加基金份额的目的：提高清偿
能力。
上海海事大学2012年春世界银行和国际货币基金组织
☐IMF的职能，主要解决成员国国际收支问题。
⏹确立成员国在汇率政策、与经常项目有关的支付以
及货币兑换方面需要遵守的行为准则，并实施监督
⏹向国际收支发生困难的国家提供必要的临时性贷款
⏹提供国际货币合作与协商的场所
☐世界银行的职能
⏹提供发展中国家的援助计划和长期贷款
⏹对特定部门和特定项目提供，并监督贷款的执行效
率
上海海事大学2012年春20。