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1、INTERNATIONAL FINANCIAL MANAGEMENT,EUN / RESNICK,Fourth Edition,INTERNATIONAL FINANCIAL MANAGEMENT,EUN / RESNICK,Fourth Edition,Key terms,bimetallism 金银复本位制 Bretton Woods system 布雷顿森林体系 Euro 欧元 gold-exchange standard 金汇兑本位制 gold standard 金本位制 Greshams law 格雷欣法则 incompatible trinity矛盾的三位一体 Jamaica Ag
2、reement 牙买加协议,managed-float system 有管理的浮动汇率制 optimum currency area 最优货币区 par value 铸币平价 Price-specie-flow mechanism 价格铸币流动机制 Snake 蛇形浮动 Special drawing rights 特别提款权 sterilization of gold 黄金封存 Triffin paradox 特里芬难题,Evolution of the International Monetary System Current Exchange Rate Arrangements Euro
3、pean Monetary System Euro and the European Monetary Union The Asian Currency Crisis Fixed .VS. flexible exchange rate regimes,Outline,1.Evolution of the International Monetary System,Bimetallism Before 1875,Classical Gold Standard 1875-1914,Interwar Period 1915-1944,Bretton Woods System 1945-1972,Th
4、e Flexible Exchange Rate Regime 1973-Present,(1) Bimetallism: Before 1875,Bimetallism :A “double standard” in the sense that both gold and silver were used as money. Some countries were on the gold standard, some on the silver standard, some on both.,Characteristics,Both gold and silver are material
5、s for currencies, which have infinite liquidation capabilities. Both of gold coins and silver coins can be melted and minted freely. Both of gold coins and silver coins can be exchanged freely. Gold and silver can be imported and exported freely.,International payment and exchange rate determination
6、,Both gold and silver were used as international means of payment and the exchange rates among currencies were determined by either their gold or silver contents.,Greshams Law,Greshams Law implied that it would be the least valuable metal that would tend to circulate. bad money drives out good money
7、,Thomas Gresham (1519-1579),(2)Classical Gold Standard: 1875-1914,Gold standard,Gold currency standard,Gold bullion standard,Gold exchange standard,narrow sense,金币本位制,金块本位制,金汇兑本位制,During this period in most major countries: Gold alone was assured of unrestricted coinage There was two-way convertibil
8、ity between gold and national currencies at a stable ratio. Gold could be freely exported or imported.,Characteristics,The exchange rate between two countrys currencies would be determined by their relative gold contents.Mint par or specie par Misalignment of exchange rate will be automatically corr
9、ected by cross-border flows of gold. International imbalances of payment will be automatically corrected by the price-specie-flow mechanism.,For example, if the dollar is pegged to gold at U.S.$30 = 1 ounce of gold, and the British pound is pegged to gold at 6 = 1 ounce of gold, it must be the case
10、that the exchange rate is determined by the relative gold contents:,Example: exchange rate determination,$30 = 6 $5 = 1,Automatic correction of exchange rate misalignment Gold points,Gold export point=mint par+ transporting cost of 1 unit gold Gold import point=mint par- transporting cost of 1 unit
11、gold,Automatic correction of International payment imbalance Price-Specie-Flow Mechanism,The Price-specie-Flow Mechanism dispeled the Mercantilist notion that a nation can have a continuously favorable balance of trade. Under the rules of the Gold standard, each nations currency consisted either of
12、gold, or of paper currency fully backed (convertible) by gold. Consequently, in the absence of any sterilization, money supply would fall in the deficit nation and rise in the surplus nation as external balances were settled by payment in gold.,David Hume(1711-1776 ),Price-Specie-Flow Mechanism,Supp
13、ose Great Britain exported more to France than it imported from France. This cannot persist under a gold standard. Net export of goods from Great Britain to France will be accompanied by a net flow of gold from France to Great Britain. This flow of gold will lead to a lower price level in France and
14、, at the same time, a higher price level in Britain. The resultant change in relative price levels will slow exports from Great Britain and encourage exports from France.,Price-Specie-Flow Mechanism,Deficit,Gold outflows,Money supply decreases,Price level goes down,Surplus,Gold inflows,Money supply
15、increases,Price level goes up,Advantages of classical gold standard,Highly stable exchange rate,Avoidance of inflation,Equilibrium in balance-of- international payments,Good domestic and international environment for international trade and investment,Shortcomings of Classical Gold Standard,The supp
16、ly of newly minted gold is so restricted that the growth of world trade and investment can be hampered for the lack of sufficient monetary reserves. Even if the world returned to a gold standard, any national government could abandon the standard.,(3)Interwar Period: 1915-1944,Exchange rates fluctua
17、ted as countries widely used “predatory” depreciations of their currencies as a means of gaining advantage in the world export market. In 1920s, gold standard was resumed in major countries, such as United States, Great Britain, France, Swiss and so on. But its not a purely gold standard, under which, gold is sterilized. Attempts were made to restore the gold standard, but participants lacked the political will to “follow the rules of the game”. The result for international trade and investment was profoundly detrimental.,
