【正文】
3. Caused OPEC nations to earn large surplus BOP. 22 A BRIEF HISTORY 4. Surpluses recycled to debtor nations which set up debt crisis of 1980’s. C. Dollar Crisis (197778) 1. . BOP difficulties 2. Result of inconsistent moary policy in . 23 A BRIEF HISTORY 3. Dollar value falls as confidence shrinks. D. The Rising Dollar (198085) 1. . inflation subsides as the Fed raises interest rates 2. Rising rates attracts global capital to . 24 A BRIEF HISTORY 3. Result: Dollar value rises. E. The Sinking Dollar:(198587) 1. Dollar revaluated slowly downward。 valued at $1 1/35 oz. of gold. 2. All currencies linked to that price in a fixed rate system. 19 A BRIEF HISTORY 3. Exchange rates allowed to fluctuate by 1% above or below initially set rates. B. Collapse, 1971 1. Causes: a. . high inflation rate b. .$ depreciated sharply. 20 A BRIEF HISTORY V. PostBretton Woods System (1971Present) A. Smithsonian Agreement, 1971: US$ devalued to 1/38 oz. of gold. By 1973: World on a freely floating exchange rate system. 21 A BRIEF HISTORY B. OPEC and the Oil Crisis (1973774) 1. OPEC raised oil prices four fold。 2.) Gold inflow led to higher prices which reduced surplus。 ... 部分發(fā)行法定貨幣的國(guó)家或銀行,會(huì)將 其法定貨幣與一種或數(shù)種外幣掛鉤,并以政府外匯儲(chǔ)備維持其匯價(jià)在一定的水平。1 Multinational Financial Management Alan Shapiro 7th Edition amp。 Sons Pow