课件TheInternationalMonetarySystem国际货币制度.ppt
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1、1,The International Monetary System (國際貨幣制度),Chapter 3,2,The Content of this Chapter,3.1 各種匯率制度 3.2 國際貨幣制度簡史 3.3 歐洲貨幣體系與貨幣聯盟 3.4 新興市場貨幣危機,3,PART I. ALTERNATIVE EXCHANGE RATE SYSTEMS,I. FIVE MARKET MECHANISMS A. Freely Floating (Clean Float) 自由浮動/乾淨浮動 1. Market forces of supply and demand determine r
2、ates. 2. Forces influenced by a. price levels b. interest rates c. economic growth 3. Rates fluctuate over time randomly.,4,ALTERNATIVE EXCHANGE RATE SYSTEMS,B. Managed Float (Dirty Float) 管理浮動/骯髒浮動 1. Market forces set rates unless excess volatility occurs. 2. Then, central bank determines rate.,5,
3、ALTERNATIVE EXCHANGE RATE SYSTEMS,C. Target-Zone Arrangement目標區安排 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. 各國調整其國內經濟政策,以維持其匯率在某個大家一致同意的固定中心匯率上下的特定範 圍內。 存在於參加歐洲貨幣制度的主
4、要會員國,6,ALTERNATIVE EXCHANGE RATE SYSTEMS,D. Fixed Rate System固定匯率制度 1. Rate determination a. Government maintains target rates. b. If rates are threatened, central banks buy/sell currency. c. Monetary policies coordinated. 為了要讓固定匯率制能夠運作,每個會員國都必須接受團體的共同通貨膨脹率當作本身的通貨膨脹率 政府的控制取代了外匯市場的分配功能,7,ALTERNATIVE
5、EXCHANGE RATE SYSTEMS外幣控制手段,2. Some Government Controls: a. On global portfolio investments. b. Ceilings on direct foreign direct insurance. c. Import restrictions.,8,9,ALTERNATIVE EXCHANGE RATE SYSTEMS,E. Current System現行制度 1. A hybrid system a. Major currencies: use freely-floating method b. Other
6、s move in and out of various fixed-rate systems. 主要貨幣以管理浮動為基礎。 其他貨幣則視情況採各種形式的釘住匯率政策,10,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 short-run changes. C. In long run: Commodity money insures stab
7、ility.,11,A BRIEF HISTORY OF THE INTERNATIONAL MONETARY SYSTEM,II. The Classical Gold Standard古典金本位制度 (1821-1914) A. Major currencies on gold standard. 1. Involved commitment by nations to fix the price of domestic currency in terms of a specific amount of gold.,12,古典金本位制度,盛行於1880-1914年。 對於金本位制度的需求,
8、恰好反映了我們對於政府維持法定貨幣的誠意,根本就不信任。 政府必須在發行更多新貨幣前擁有更多的黃金,而獲得額外黃金的成本就等於所欲發行的新貨幣的價值。 貨幣供給的擴張就被所能獲取的黃金數量所限制住。 一國物價水準的騷動,將完全或部分的被國際收支的調節機制所自動抵銷。,13,A BRIEF HISTORY OF THE INTERNATIONAL MONETARY SYSTEM,2. Maintenance involved the buying and selling of gold at that price. 3. Disturbances in Price Levels: Would b
9、e offset by the price- specie*-flow mechanism. * specie refers to gold coins,14,價格金幣流動機制,圖表 3.7 價格金幣流動機制,15,A BRIEF HISTORY OF THE INTERNATIONAL MONETARY SYSTEM,a. Price-specie-flow mechanism had automatic adjustments : 1.) When a balance of payments surplus led to a gold inflow; 2.) Gold inflow led
10、 to higher prices which reduced surplus; 3.) Gold outflow led to lower prices and increased surplus.,16,A BRIEF HISTORY OF THE INTERNATIONAL MONETARY SYSTEM,III. The Gold Exchange Standard金匯本位 (1925-1931) A. Only U.S. and Britain allowed to hold gold reserves. B. Other countries could hold both gold
11、, dollars or pound reserves.,17,A BRIEF HISTORY OF THE INTERNATIONAL MONETARY SYSTEM,C. Currencies devalued in 1931 - led to trade wars. 1931年英鎊貶值,產生以鄰為壑的貶值(beggar-thy-neighbor devaluations) D. Bretton Woods Conference (1944年布列敦森林會議) - called in order to avoid future protectionist and destructive ec
12、onomic policies,18,A BRIEF HISTORY OF THE INTERNATIONAL MONETARY SYSTEM,V. The Bretton Woods System (1946-1971) 布列敦森林制度 1. U.S.$ was key currency; valued at $1 - 1/35 oz. of gold. 2. All currencies linked to that price in a fixed rate system.,19,A BRIEF HISTORY OF THE INTERNATIONAL MONETARY SYSTEM,3
13、. Exchange rates allowed to fluctuate by 1% above or below initially set rates. B. Collapse, 1971 1. Causes: a. U.S. high inflation rate b. U.S.$ depreciated sharply.,20,布列敦森林制度,19461971年。 各國政府保證維持一固定匯率,或將其貨幣釘住美元或黃金價格。 一盎司的黃金被設定在35美元。 匯率可在其面額上下1%的範圍內自由變動。 優點: 匯率的穩定去除了國際貿易及投資的不確 定感。 促進了所有成員的獲利成長。,21,
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