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1、Chapter 7 International Monetary System,第一节 国际货币体系概述 国际货币体系的涵义 国际间进行各种交易支付所采用的一系列安排和惯例；以及支配各国货币关系的一套规则和机构。 The channels of interdependence depend, in turn, on the monetary and exchange rate arrangements that countries adopted-a set of institutions called the international monetary system.,Arrangemen
2、t Categories,国际收支及其调节 汇率决定及其变动 国际货币或储备资产的数量和形式 国际金融市场与资本流动 国际货币合作的形式与机构 Objects and Functions Internal balance requires the full employment of a country resources and domestic price level stability. External balance is attained when a countrys current account is neither so deeply in deficit nor so s
3、trongly in surplus.,Types of International monetary system,1. 汇率制度 exchange rate system (1) Fixed exchange rate system (2) Adjustable Peg (3) Crawling Peg (4) Managed Float (5) Floating exchange rate system 2. 货币本位 monetary standard (reserve asset) (1) Commodity Standard (Gold Standard) (2) Credit S
4、tandard (inconvertible paper money) (3) Mixed Standard (gold exchange standard),The Gold Standard (1),第二节 国际金本位制度的形成及其特点： The gold standard had its origin in the use of gold coins as a medium of exchange, unit of account, and store of value. The gold standard as a legal institution dates from 1819,
5、when the British Parliament passed the Resumption Act-exchanging currency notes for gold on demand at a fixed rate.,The Gold Standard (2),Later in the nineteenth century, Germany, Japan, and other countries also adopted the gold standard. The United States effectively joined the gold standard in 187
6、9 when it pegged to gold the paper “greenbacks” issued during the Civil War. The U. S. Gold Standard Act of 1900 institutionalized the dollar-gold link.,Merits of International Gold Standard,国际金本位制的作用： 由于各国汇率由含金量确定，汇率波动受黄金输送点限制，各国间汇率稳定。 国际收支失衡的调节通过“物价和现金流动机制”自动调节，避免政府政策的人为失误。 由于没有外汇管制，有利于商品和资本在国际间自由
7、流动，使生产要素在国际间达到最佳组合和配置。 对偏好依赖“通货膨胀”的政府施加了外部约束。因为受到(1)该国货币用黄金存量的限制；(2)物价和现金流动机制会使货币供应和物价水平恢复平衡,The Price-Specie-Flow Mechanism (1),The theory was recognized by the David Hume, the Scottish philosopher, in 1752. Suppose that Britains current account surplus is greater than its non-reserve capital accou
8、nt deficit. The balance must be matched by flows of gold into Britain. These gold flows automatically reduce foreign money supplies and swell Britains money supply, pushing foreign prices downward and British price upward.,The Price-Specie-Flow Mechanism (2),The simultaneous rise in British prices a
9、nd fall in foreign pricesa real appreciation of the pound, given the fixed exchange ratereduces foreign demand for British goods and services and at the same time increases British demand for foreign goods and services. These demand shifts work in the direction of reducing Britains current account s
10、urplus and reducing the foreign account deficit. Eventually, reserve movements stop and both countries reach balance of payments equilibrium.,Drawbacks of Gold Standard,金本位制的缺陷： 世界黄金存量的增长跟不上工业用金，货币用金和贮藏用金需求。（发行纸币的黄金准备） 没有国际监督机构，各国政府不遵守“游戏规则”，顺差国不愿减少顺差，而调节国际收支的负担全部落在逆差国身上。 黄金作为货币发行准备的成本太大。挖掘，窖藏，运输，和看
11、守的机会成本太高。,Rules of the Game (1),The reactions of central banks to gold flows across their borders furnished another mechanism to help restore balance of payment equilibrium. Central banks that were persistently losing gold were motivated to contract their domestic asset holding, pushing domestic int
12、erest rates upward and attracting inflows of capital from abroad. Central banks gaining gold had much weaker incentives to eliminate their own imports of the metals. The main incentive was the greater profitability of interest-bearing domestic assets compared with “barren” gold.,Rules of the Game (2
13、),The practices of selling domestic assets in the face of a deficit and buying domestic assets in the face of a surplus. This terminology is coined by Keynes. Because such measures speeded the movement of all countries toward their external balance goals, they increased the efficiency of the automat
14、ic adjustment processes inherent in the gold standard. The incentives to obey the rules applied with greater force to deficit than to surplus countries.,Evolution of International Gold Standard,国际金本位制的演变 1922年在意大利热那亚城的世界货币会议决定采用“节约黄金”的原则。美国金本位制；英国和法国金块本位制；其他国家（发展中国家）金汇兑本位制。形成一种不受单一货币统治的货币体系。 金块本位制：1
15、国内不流通金币；2银行券在一定数量下才能兑换黄金。 金汇兑本位制：1国内不流通金币；2国内的银行券只能购买外汇，用外汇在国外兑换黄金；3该国（殖民地）货币与另一个金（块）本位制国家（宗主国）的货币实行固定汇率，并将外汇和黄金储存在宗主国。,Collapse of Gold Standard-1,金汇兑本位制的三特点削弱了黄金的自动调节作用。 19291933世界经济危机中各国纷纷放弃货币与黄金的联系。 1933美国爆发货币信用危机，停止美元兑换黄金；提高了黄金的官价。 1935.5德国放弃了金汇兑本位制。 1935.9英国停止黄金的兑换。 1936法国，比利时，荷兰，意大利，波兰，瑞士等六国黄
16、金集团瓦解。,Collapse of Gold Standard-2,Last rescue: 1936.9英，美，法达成三国货币协定 ：维持汇率；不进行竞争性货币贬值。1936.10又签定三国黄金协定 。 Failure of further efforts:由于法国的黄金受投机冲击而外流，1937.6法国放弃金本位制。 第二次世界大战的战争准备。西方国家从美国购买军事物资，引起黄金流失。,The Bretton Woods System- I,布雷顿森林体系的建立背景,The Bretton Woods System- II,Common Grounds between White and Keynes,都强调解决经常项目不平衡。 都只看重工业国的资金需要；忽视发展中国家。 探求汇率稳定；防止竞争性货币贬值。 英国被迫放弃国际清算联盟计划而接受美国的国际稳定基金方案。 1944年发表了专家关于建立国际货币基金的联合声明，同年7月在美国新罕布什尔州的布雷顿森林召开了有44国参加的“联合和联盟国家国际货币基金会议”。,What is the
