国际经济学讲义PPT课件
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International Finance
Favorite quotes
❖ Imperfection is beauty, madness is genius and it's better to be absolutely ridiculous than absolutely boring. ——Marilyn Monroe
example of a target-zone arrangement. • The currencies in the EMS were tied to one another
(really they were anchored to the Deutsche Mark), but allowed to fluctuate within a specific band. • This arrangement was the predecessor for a single currency, the Euro, replacing 12 or more different European currencies.
❖ This group includes many smaller countries, and many developing countries;
❖ For instance, China, Malaysia, Ukraine, et al. (Shapiro, 2006, P.94)
Alternative exchange rate systems 3
Alternative exchange rate systems 4
❖ Current System can best be characterized as a hybrid system. • Major currencies such as the Dollar, Yen, Euro, and Pound use a largely floating method • While others move in and out of various fixed-rate or loosely-linked systems.
To discuss the possible regional monetary arrangements in 百度文库sia.
Importance of Exchange Rate
❖ exchange rate is the key relative price in international finance；
❖ Let each of us write our own history!
I wish I could be one of them!
❖ http://v.youku.com/v_show/id_XMjQ2NDg1N zQw.html
Lecture 2
Foreign Exchange and International Monetary System
❖ 1) A free float is where market forces largely set the exchange rate
❖ 2) A managed float is when a nation, from
time-to-time, attempts to reduce the impact of market forces on its exchange rates, through its central bank.
Objectives
To distinguish between different systems of exchange rate determination;
To describe the history of the international monetary system;
To explain the European Monetary System and Monetary Union;
• Managed floats are probably most common among major currencies.
Alternative exchange rate systems 2
❖ 3) A fixed exchange rate: the currency has a target rate based on another currency or a basket of other currencies.
❖ I can accept failure but I can't accept not trying. —— Michael Jordan
Question: Absolutely ridiculous or absolutely boring?
❖ Importance of the Individual!
❖ the rapid pace of internationalization in goods and asset markets has only enhanced the importance of this variable；
Alternative exchange rate systems 1
❖ 4) A target-Zone arrangement: the currency has a target rate based on another currency or a basket of other currencies.
• The old European Monetary System (EMS) was an
RMB Exchange rate regime
❖ One of the most visible hotspots in the U.S.-China relationship;
❖ Proponents of a flexible yuan:
Favorite quotes
❖ Imperfection is beauty, madness is genius and it's better to be absolutely ridiculous than absolutely boring. ——Marilyn Monroe
example of a target-zone arrangement. • The currencies in the EMS were tied to one another
(really they were anchored to the Deutsche Mark), but allowed to fluctuate within a specific band. • This arrangement was the predecessor for a single currency, the Euro, replacing 12 or more different European currencies.
❖ This group includes many smaller countries, and many developing countries;
❖ For instance, China, Malaysia, Ukraine, et al. (Shapiro, 2006, P.94)
Alternative exchange rate systems 3
Alternative exchange rate systems 4
❖ Current System can best be characterized as a hybrid system. • Major currencies such as the Dollar, Yen, Euro, and Pound use a largely floating method • While others move in and out of various fixed-rate or loosely-linked systems.
To discuss the possible regional monetary arrangements in 百度文库sia.
Importance of Exchange Rate
❖ exchange rate is the key relative price in international finance；
❖ Let each of us write our own history!
I wish I could be one of them!
❖ http://v.youku.com/v_show/id_XMjQ2NDg1N zQw.html
Lecture 2
Foreign Exchange and International Monetary System
❖ 1) A free float is where market forces largely set the exchange rate
❖ 2) A managed float is when a nation, from
time-to-time, attempts to reduce the impact of market forces on its exchange rates, through its central bank.
Objectives
To distinguish between different systems of exchange rate determination;
To describe the history of the international monetary system;
To explain the European Monetary System and Monetary Union;
• Managed floats are probably most common among major currencies.
Alternative exchange rate systems 2
❖ 3) A fixed exchange rate: the currency has a target rate based on another currency or a basket of other currencies.
❖ I can accept failure but I can't accept not trying. —— Michael Jordan
Question: Absolutely ridiculous or absolutely boring?
❖ Importance of the Individual!
❖ the rapid pace of internationalization in goods and asset markets has only enhanced the importance of this variable；
Alternative exchange rate systems 1
❖ 4) A target-Zone arrangement: the currency has a target rate based on another currency or a basket of other currencies.
• The old European Monetary System (EMS) was an
RMB Exchange rate regime
❖ One of the most visible hotspots in the U.S.-China relationship;
❖ Proponents of a flexible yuan: