國際貨幣體系(國際財(cái)務(wù)管理,josephfgreco)(專業(yè)版)
【正文】 Sons Power Points by Joseph F. Greco, . California State University, Fullerton 2 CHAPTER 3 國際貨幣體系 3 CHAPTER OVERVIEW I. ALTERNATIVE EXCHANGE RATE SYSTEMS (各種匯率制度 ) II. A BRIEF HISTORY OF THE INTERNATIONAL MONETARY SYTEM (國際貨幣體系 ) III. THE EUROPEAN MONETARY SYSTEM AND MONETARY UNION(歐洲貨幣聯(lián)盟 ) IV. EMERGING MARKET CURRENCY CRISES 4 PART I. ALTERNATIVE EXCHANGE RATE SYSTEMS I. FIVE MARKET MECHANISMS A. Freely Floating (自由浮動 ) (“Clean Float”) 1. Market forces of supply and demand determine rates. 5 ALTERNATIVE EXCHANGE RATE SYSTEMS 2. Forces influenced by a. price levels(價格水平 ) b. interest rates(利率 ) c. economic growth(經(jīng)濟(jì)增長 ) 3. Rates fluctuate randomly over time.(隨機(jī)波動 ) 6 ALTERNATIVE EXCHANGE RATE SYSTEMS B. Managed Float (“Dirty Float”)管理浮動 1. Market forces set rates unless excess volatility occurs. 2. Then, central bank determines rate. 7 ALTERNATIVE EXCHANGE RATE SYSTEMS 管理浮動把中央銀行的干預(yù)分成三類 消除每日波動 順勢而行的干預(yù) 非官方盯住 8 ALTERNATIVE EXCHANGE RATE SYSTEMS C. TargetZone Arrangement目標(biāo)區(qū)安排 1. Rate Determination a. Market forces constrained to upper and lower range of rates. b. Members to the arrangement adjust their national economic policies to maintain target. 9 ALTERNATIVE EXCHANGE RATE SYSTEMS D. Fixed Rate System固定匯率制定 1. Rate determination a. Government maintains target rates. b. If rates threatened, central banks buy/se
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