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1、Chapter 7Macroeconomics of International CurrenciesThe teaching purpose of this chapterBy the end of the chapter, students should be able to know about:how international currencies originatedwhy there lacks currency substitutionthe Bretton Woods systeminternational monetary systemCopyright 2010 Pear
2、son Education, Inc. Publishing as Prentice Hall2Different stages of International Monetary System1）Gold Standard (Mid 1870s Early 1930s)Concept: monetary system in which the standard economic unit of account is a fixed weight of gold.CharacteristicsNational currency defined in terms of gold;Central
3、bank ready to buy and sell gold;Gold freely coined and formed;Gold can be exported and imported;Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall3Gold Standard EraGreat Britain; Germany; USABenefitsFree flows of labor, capital and goods;Rapid economic growth;Stable prices and exchan
4、ge rates.Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall42）Gold Exchange Standard (19441973)July,1944-delegates from 44 Allied Powers attended UNMFCConcept: US dollar pegged （钉住）to gold and other currencies pegged to US dollar Gold fixed at US $35 per ounce Exchange rate fluctuati
5、on（波动，起伏）:1%Collapse due to : Worldwide inflation Oil crisisCopyright 2010 Pearson Education, Inc. Publishing as Prentice Hall5In the early 1970s, the demise of the Bretton Woods system resulted in fundamental changes in the way international monetary system worked. Most important among these change
6、s was that the supply and the composition of international liquidity became endogenously determined and the international monetary system departed from a commodity System.fundamental= primary / essentialthe demise （死亡，终结，结束）of the Bretton Woods agreement = the termination/ break down of the Bretton
7、Woods agreementCopyright 2010 Pearson Education, Inc. Publishing as Prentice Hall63）Free-Floating Exchange Rate System(19731985)Free-Floating Exchange RateSignificant Events1979: European Monetary System, created to promote exchange rate stability in EEC.1982: Mexico defaulted （拖欠，未履行）on US $1000 bi
8、llion of foreign debtsUS pursued expansive monetary policyresults: High value of US dollar against other currenciesPlaza AgreementSeptember 1985, Plaza Agreement signed by G5.Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall74）Managed Float System(1985present)Also called “dirty floa
9、t”Concept: governments primarily allow market forces to determine exchange rates but regularly intervene in foreign exchange marketsCopyright 2010 Pearson Education, Inc. Publishing as Prentice Hall8The international monetary system is the framework within which countries borrow, lend, buy, sell and
10、 make payments across political borders. So far the world has gone through the following types of monetary system:a) The gold standardb) The gold exchange standardc) The flexible exchange rate systemd) The managed floatCopyright 2010 Pearson Education, Inc. Publishing as Prentice Hall9The foreign ex
11、change market is a place where currencies are bought and sold. The interbank market is an informal, over-the-counter, around the clock market including major commercial banks and some specialized brokers. The market is linked by telephone, fax, and the Internet, and the settlement of transactions is
12、 done via SWIFT.Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall10Interpretation of the conceptFiat system 法币法币/不兑换纸币不兑换纸币a monetary system in which the value of money (usually paper money) is determined by a governments fiat or decree.Copyright 2010 Pearson Education, Inc. Publish
13、ing as Prentice Hall11Commodity standard 商品本位制商品本位制a monetary system in which the value of money is based on a physical commodity such as gold or silver.gold standard 金本位制金本位制A monetary system that currency with a reserve of gold, and allows currency holders to convert their currency into gold. The
14、U.S. went off the gold standard in 1971.Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall12Deregulated financial market 取消管制取消管制/自由化自由化的金融市场的金融市场financial markets where legal restrictions imposed by the government are lifted（撤销，解除）Copyright 2010 Pearson Education, Inc. Publishing as
15、 Prentice Hall13Capital flow 资本流动资本流动capital control 资本管制资本管制Par value 平价平价/面值面值also called nominal value or face value; the stated value of a currency representing how much the holder is to be paid.Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall14Freely floating exchange rate自由浮动
16、汇率自由浮动汇率the rate which is allowed to adjust freely to the supply and demand of one currency for another.Portfolio 投资组合投资组合combined holdings of assets by an individual or institution, e.g.: bonds, preferred stocks, common stocks or other asset, with the purpose of reducing risk by diversification.Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall15Balance of payments 国际收支国际收支 The difference between a nations total payments to, and receipts from, foreign nations during a specific p
