internationalmonetarysystem(跨國公司財(cái)務(wù)管理-j-在線瀏覽
2025-02-11 12:10本頁面
【正文】 6 ALTERNATIVE EXCHANGE RATE SYSTEMS C. TargetZone Arrangement 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. 7 ALTERNATIVE EXCHANGE RATE SYSTEMS D. Fixed Rate System 1. Rate determination a. Government maintains target rates. b. If rates threatened, central banks buy/sell currency. c. Moary policies coordinated. 8 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. 9 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. 10 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. 11 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 12 A BRIEF HISTORY a. Pricespecieflow mechan
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