跨国公司理财第3周ppt课件
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• holding excess corporate liquidity • a source of short-term bank loans
精品课件
6
History of the International Monetary System
• Eurocurrency Interest Rates: LIBOR
• Contemporary Currency Regimes
精品课件
2
History of the International Monetary System
• The Gold Standard (1876 – 1913)
–“Rules of the game” : each country set the rate at which its currency unit could be converted to a weight of gold
–Fixed rates can be maintained at rates
that are inconsistent with economic
fundamentals
精品课件
11
Attributes of the “Ideal” Currency
–During WWII the US dollar was the only major trading currency that continued to be convertible
精品课件
4
History of the International Monetary System
• Bretton Woods and the International Monetary Fund (IMF) (1944)
–established a US dollar based international monetary system
– created two new institutions
• International Monetary Fund (IMF) • World Bank
– Special Drawing Right (SDR)
–inflation, –unemployment, –interest rate levels, –trade balances, –economic growth.
精品课件
10
Fixed Versus Flexible Exchange Rates
• Countries would prefer a fixed rate regime for the following reasons:
–Managed floating with no pre-announced path
精品课件 –Independent floating
9
ຫໍສະໝຸດ Baidu
Contemporary currency regimes
• The choice between Fixed and Flexible Rates
• A nation’s choice reflects national priorities including:
Chapter 2 The International Monetary System
Copyright © 2007 Pearson Addison-Wesley. All rights reserved.
Topics
• History of the International Monetary System
–Currency board arrangements
–Other conventional fixed peg arrangements
–Pegged exchange rates within horizontal bands
–Crawling pegs
–Exchange rates within crawling pegs
–Attract both depositors and borrowers to Eurocurrency markets.
–Loan rate are lower –Deposit rate are higher
精品课件
7
Contemporary currency regimes
• Demonetization of gold • Diversification of international
精品课件
5
History of the International Monetary System
• Eurocurrencies
–These are domestic currencies of one country on deposit in a second country
–two valuable purposes:
–Currency exchange rates were “fixed”
精品课件
3
History of the International Monetary System
• The Inter-War Years & WWII (19141944)
–Currencies were allowed to fluctuate over a fairly wide range in terms of gold.
–stability in international prices
–inherent anti-inflationary nature
• The problems of fixed rate regime:
–maintain large quantities of international reserves
reserves • Legalization of Floating regime
精品课件
8
Contemporary currency regimes
• The IMF’s Exchange Rate Regime Classifications:
–Exchange arrangements with no separate legal tender
精品课件
6
History of the International Monetary System
• Eurocurrency Interest Rates: LIBOR
• Contemporary Currency Regimes
精品课件
2
History of the International Monetary System
• The Gold Standard (1876 – 1913)
–“Rules of the game” : each country set the rate at which its currency unit could be converted to a weight of gold
–Fixed rates can be maintained at rates
that are inconsistent with economic
fundamentals
精品课件
11
Attributes of the “Ideal” Currency
–During WWII the US dollar was the only major trading currency that continued to be convertible
精品课件
4
History of the International Monetary System
• Bretton Woods and the International Monetary Fund (IMF) (1944)
–established a US dollar based international monetary system
– created two new institutions
• International Monetary Fund (IMF) • World Bank
– Special Drawing Right (SDR)
–inflation, –unemployment, –interest rate levels, –trade balances, –economic growth.
精品课件
10
Fixed Versus Flexible Exchange Rates
• Countries would prefer a fixed rate regime for the following reasons:
–Managed floating with no pre-announced path
精品课件 –Independent floating
9
ຫໍສະໝຸດ Baidu
Contemporary currency regimes
• The choice between Fixed and Flexible Rates
• A nation’s choice reflects national priorities including:
Chapter 2 The International Monetary System
Copyright © 2007 Pearson Addison-Wesley. All rights reserved.
Topics
• History of the International Monetary System
–Currency board arrangements
–Other conventional fixed peg arrangements
–Pegged exchange rates within horizontal bands
–Crawling pegs
–Exchange rates within crawling pegs
–Attract both depositors and borrowers to Eurocurrency markets.
–Loan rate are lower –Deposit rate are higher
精品课件
7
Contemporary currency regimes
• Demonetization of gold • Diversification of international
精品课件
5
History of the International Monetary System
• Eurocurrencies
–These are domestic currencies of one country on deposit in a second country
–two valuable purposes:
–Currency exchange rates were “fixed”
精品课件
3
History of the International Monetary System
• The Inter-War Years & WWII (19141944)
–Currencies were allowed to fluctuate over a fairly wide range in terms of gold.
–stability in international prices
–inherent anti-inflationary nature
• The problems of fixed rate regime:
–maintain large quantities of international reserves
reserves • Legalization of Floating regime
精品课件
8
Contemporary currency regimes
• The IMF’s Exchange Rate Regime Classifications:
–Exchange arrangements with no separate legal tender