罗伯特J凯伯《国际金融》(第十三版英文版)课件

• Contingent on
• Speed and strength of the balance-of-payments adjustment mechanism • Overall institutional framework of the world economy
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Demand for International Reserves
• Changes in the degree of exchange-rate flexibility
• Inversely related to changes in the quantity of international reserves demanded • More rapid and flexible exchange-rate adjustments requires smaller reserves
• 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
© 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
© 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
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Demand for International Reserves
• Demand for international reserves
• Exchange-rate flexibility • Automatic adjustment mechanisms that respond to payments disequilibrium • Economic policies used to bring about payments equilibrium • International coordination of economic policies
© 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
© 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
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Demand for International Reserves
• Automatic adjustment mechanisms
• Prices, interest rates, incomes, and monetary flows • The more efficient each of these adjustment mechanisms is
• Tariffs, quotas, and subsid源自文库es
• The less will be its need for international reserves • Assuming that the policies are effective in reducing payments disequilibrium
• Quantity demanded of international reserves
• Positively related to the level of world prices and income
© 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
© 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
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FIGURE 17.1 The demand for international reserves and exchange-rate flexibility
When exchange rates are fixed (pegged) by monetary authorities, international reserves are necessary for the financing of payment imbalances and the stabilization of exchange rates. With floating exchange rates, payment imbalances tend to be corrected by market-induced fluctuations in the exchange rate; the need for exchange-rate stabilization and international reserves then disappears.
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Demand for International Reserves
• Choice & effectiveness of government policies
• Adopted to correct payments imbalances • The greater a nation’s propensity to apply commercial policies to key sectors
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Demand for International Reserves
• Demand for international reserves
• Depends on
• Monetary value of international transactions • Disequilibrium that can arise in balance-ofpayments positions
• Settled with international reserves
• Enable nations to sustain temporary balanceof-payments deficits
• Until acceptable adjustment measures can operate to correct the disequilibrium
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Demand for International Reserves
• International coordination of economic policies
• Goal of economic cooperation:
• Reduce the frequency and extent of payment imbalances • Reduce the demand for international reserves
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
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Nature of International Reserves
• International reserves
• Enable nations to finance disequilibrium in their balance-of-payments positions
• Deficit: monetary receipts fall short of monetary payments