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1、第五讲 国际政治经济学中的货币与金融体系 Money and Finance . 国际领域内的货币与金融 Money and Finance in the International Arena . 文选讲读 Selected Reading Explanation The Triad and the Unholy Trinity: Problems of International Monetary Cooperation . Money and Finance in the International Arena The international economy, like domest
2、ic economies, requires a common monetary standard to function smoothly. If the international monetary system provides the measures (度量) needed to conduct world trade and payments, the international financial system provides the means（手段）mainly by banks (financial institutions) . Money and Finance in
3、 the International Arena Four well functioning international monetary and financial systems: In international finance, the period since 1965 has been extraordinarily eventful. The Euro market has grown to several trillion dollars, and international banking has become one of the great growth industri
4、es in the world economy. Impact of Postwar monetary and financial affairs: MONEY: a unit of account against which other goods can be measured a medium of exchange with which transactions can be carried out a store of value in which wealth can be held *Traded commodity (gold or pork bellies) classica
5、l gold standard *Fictitious unit (paper gold) issued by IMF (precursor of international money国际货币的先驱) dollar or euro as the basis for international payments an acceptable and predictable unit which individuals and firms need for the purpose to buy and sell and to save and invest. The international m
6、onetary system The international monetary system is the “Great Wheel” that enables goods to move in international trade, the international financial system is the grease that allows the wheel itself to turn. Four well functioning international monetary and financial systems: 18201914: classical gold
7、 standard system (many major national currencies were tied to gold at a legally fixed rate.) actually a gold-sterling standard system. The world financial system was dominated by British banks, which financed much of world trade and channeled international investment to USA, AUS, South Africa, etc.
8、19141945: gold exchange standard system (most countries went back to tying their currencies to gold but no single national currency came to dominate the others) to the system crashed down in the Great Depression(大萧条). Four well functioning international monetary and financial systems: 19451975：gold-
9、dollar standard system (Bretton Woods monetary system) 1 American dollar tied to gold at the rate of 35 dollars an ounce, other Western currencies tied to the dollar. In August 1971, President Nixon “closed the gold window”, dollar was devalued, by 1975- 1975 Floating rate system (the value of most
10、currencies is set by private traders in world currency markets.) the values of the dollar, the yen, the pound, and so on fluctuate on international currency markets which causes the monetary uncertainty. Three solutions to monetary uncertainty * development of a new international money; * return to
11、the gold standard system; * seek stability through cooperative regional agreements (EMU: euro giving up national moneys in favor of a common currency) international finance since 1965 FOREIGN INVESTMENT (Capital Flow): 2/3 Portfolio (international bonds and bank landing); 1/3 fdi. CROSSBorder transa
12、ctions in stocks and bonds: 200% of GDP in US and Germany and 300% in France and Canada. 1980s 10% in major industrial countries. Short financial “Derivatives”(金融衍伸产品) more than $40trillion per year. Foreign exchange trading more than $2trillion a day, $2billion a minute! Impact of Postwar monetary
13、and financial affairs: * Political polemics (政治方面的争论) between Developing and Developed Countries: * Academic polemics (学术界的争论) Political polemics between Developing and Developed Countries: The existing systems of international monetary relations and international banking work to developing countrie
14、s detriment and need to be reformed (危害发展中国家并需要 改革) The current arrangements in international monetary and finance, imperfect as they may be, are best available and neednt be reformed (虽然不完善但却是最可行的不必改 革) Academic polemics National capital controls obsolete and the rise of supranational financial act
15、ors has erode the power of national states. International monetary relations essentially serve increasingly to enrich global international investors and their allies(IMF). National governments are still the primary determinants of international monetary and financial trends. The specific monetary an
16、d financial policies are instruments of national policy, and not the other way around. . Selected Reading Explanation The Triad and the Unholy Trinity: The Triad and the Unholy Trinity: Problems of International Monetary CooperationProblems of International Monetary Cooperation Benjamin J. Cohen Summary Benjamin J. Cohen Present Position: Education:
