國際貨幣體系(國際財(cái)務(wù)管理,josephfgreco)-展示頁
2025-01-19 14:47本頁面
【正文】 c. Moary policies coordinated. 10 ALTERNATIVE EXCHANGE RATE SYSTEMS E. Current System 1. A hybrid system a. Major currencies: use freely floating method b. Other currencies move in and out of various fixedrate systems. 11 PART II. A BRIEF HISTORY OF THE INTERNATIONAL MONETARY SYSTEM I. THE USE OF GOLD A. Desirable properties B. In short run: High production costs limit changes. C. In long run: Commodity money insures stability. 12 A BRIEF HISTORY II. The Classical Gold Standard (18211914) A. Major global currencies on gold standard. 1. Nations fix the exchange rate in terms of a specific amount of gold. 13 法定貨幣 (Fiat Money)是指不代表實(shí)質(zhì)商品或貨物，發(fā)行者亦沒有將貨幣兌現(xiàn)為實(shí)物義務(wù)； 只依靠政府的法令使其成為合法通貨的貨幣。 14 A BRIEF HISTORY 2. Maintenance involved the buying and selling of gold at that price. 3. Disturbances in Price Levels: Would be offset by the price specie*flow mechanism. * specie = gold coins 15 A BRIEF HISTORY a. Pricespecieflow mechanism adjustments were automatic: 1.) When a balance of payments surplus led to a gold inflow。 3.) Gold outflow led to lower prices and increased surplus. 16 A BRIEF HISTORY III. The Gold Exchange Standard (19251931) A. Only . and Britain allowed to hold gold reserves. B. Others could hold both gold, dollars or pound reserves. 17 A BRIEF HISTORY C. Currencies devalued in 1931 led t
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