【正文】 icy to fight unemployment. 2. Tying currency values to gold ensures a stable overall price level only if the relative price of gold is stable.→gold discovery in South America 3. An international payments system based on gold is problematic because central banks cannot increase their holdings of international reserves as their economies grow unless there are continual new gold discoveries. 4. The gold standard gives goldproducing countries power to influence the world economy The Gold Exchange Standard ? Halfway between the gold standard and a pure reserve currency standard is the gold exchange standard. Central banks’ reserves consist of gold and currencies whose prices in terms of gold are fixed, and each central bank fixes its exchange rate to a currency with a fixed gold price. ? More flexibility in the growth of international reserves. Fixed Exchange Rates under currencycirculation system ? 紙幣流通下的 布雷頓森林體系 。 3. 各國有較大的自由來推行本國政策。 1950 $1= 165。 1974 $1= 165。 () 全國外貿(mào)承包責(zé)任制 1989 $1= 165。 () 人民幣貶值 % 1991 $1= 165。 1976 $1= 165。 1951 $1= 165。 Drawbacks of floating exchange rate ? 浮動匯率的三方面弊端： 1. 增加進出口貿(mào)易結(jié)算成本和風(fēng)險，不利于國際貿(mào)易的發(fā)展。 含金量的的對比決定匯率 。 Beggarthyneighbor policy. Krugman Obstfeld (1) 1. Discipline. Central banks freed from the obligation to fix their exchange rates might embark on inflationary policies. 2. Destabilizing speculation and money market disturbances. Speculation on changes in exchange rates could lead to