國(guó)際金融英文版ch4-展示頁
2025-02-23 06:50本頁面
【正文】 mages a nation’s sense of pride. Arguments for Fixed vs. Floating Exchange Rates ? The case for floating exchange rates (1)Moary policy autonomy Removal of the obligation to maintain exchange rate parity would restore moary control to a government. (2)Trade balance adjustments Floating rates respond quickly to changing supply and demand conditions, clearing the market of shortages or surpluses of a given currency. (3)Economic stability Floating exchange rate are more conducive to economic stability. ? The case for fixed exchange rates (1)Moary discipline Fixed rates ensures that governments do not expand their money supplies at inflationary rates. (2)Speculation Speculation accentuates the fluctuations in exchange rates’ long term value. It can damage a country’s economy by distorting export and import prices. (3)Uncertainty Floating rates have made business planning difficult, and add risk to exporting, importing, and foreign investments. (4)Competitiveness in foreign trade By keeping exchange rate low helps to support the petitiveness of a country’s exports. 謝謝觀看 /歡迎下載 BY FAITH I MEAN A VISION OF GOOD ONE CHERISHES AND THE ENTHUSIASM THAT PUSHES ONE TO SEEK ITS FULFILLMENT REGARDLESS OF OBSTACLES. BY FAITH I BY FAITH 。 A mechanism of balanceofpayments adjustment. The Classical Gold Standard (1876 – 1914) ? The gold standard was a mitment by participating nations to fix the price of their domestic currencies in terms of a specified amount of gold. ? The government announces the gold par value which is the amount of its currency needed to buy one ounce of gold. Therefore, the gold was the international currency under the gold standard. Gold Standard and Exchange Values ? Pegging the value of each currency to gold established an exchange rate system. ? The gold par value determined the exchange rate between two currencies known as “mint par of exchange” ? Since each country has the gold par value, the exchange rate was then determined by the gold par value of each currency. ? The exchange rate was pretty stable because of the gold import and export point. The gold standard was regarded as “fixed exchange rate” system. ? The BOP disequilibrium was corrected by “Pricespecieflow mechanism”. Example of gold export and import ? If the gold par value in New Zealand was NZ$125/ounce and A$100/ounce in Australia, so mint par of exchange: 100/125 = A$$ Costs of gold transportation: A$$ The exchange rate would fluctuate between ( + ) = and ( – ) = ? and are called gold e
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