Chap10 The International Monetary System

Shandong Economic University

International Business 国际商务

山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University

Shandong Economic University

Chapter 10

The International Monetary System

山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University

IntroductionThe institutional arrangements that countries adopt to govern exchange rates are known as the international monetary system国际

货币体系指各国所采取的汇率的体制安排When a country allows the foreign exchange market to determine the relative value of a currency, a floating exchange rate system exists当

一个国家允许外汇市场来决定其货币的相对价值，那么就需 要建立浮动汇率制度加以调节When a country fixes the value of its currency relative to a reference currency, a pegged exchange rate system exists当一个国家修正其

货币的价值使其成为了一种参考货币，那么就形成了联系汇 率制度山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University 1-3

IntroductionWhen a country tried to hold the value of its currency within some range of a reference currency, dirty float exists当一个国家在某些参

考货币的范围内保持其货币的价值，那么就会形成肮脏浮动 汇率Countries that adopt a fixed exchange rate system fix their currencies against each other国家采取的固定汇率制度来保护本国货币对

抗外来的威胁Prior to the introduction of the euro, some European Union countries operated with fixed exchange rates within the context of the European Monetary System (EMS)在推出欧元之前一些欧盟国家在欧洲货

币体系范围内经营固定汇率山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University 1-4

Classroom Performance SystemA ________ exchange rate system exists when the foreign exchange market determines the relative value of a currency. a) Fixed b) Floating c) Pegged d) Market

山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University 1-5

The Gold StandardThe gold standard dates back to ancient times when gold coins were a medium of exchange, unit of account, and store of value金本位制的历史可以追溯到远古时期，

当时金币是一个交换的媒介，记账单位和价值储藏 是用黄金或白银Payment for imports was made in gold or silver进口付款

Later, as trade grew, payment was made in paper currency which was linked to gold at a fixed rate后来，随

着贸易的增长，支付便用和黄金固定利率挂钩的纸 币山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University 1-6

Mechanics Of The Gold StandardPegging currencies to gold and guaranteeing convertibility is known as the gold standard让货币随黄金

一起浮动以保证兑换被

称作为金本位制In the 1880s, most of the world’s trading nations followed the gold standard Under the gold standard one U.S. dollar was defined as equivalent to 23.22 grains of "fine (pure) gold在金本位制

下是1美元等同于23.22谷的黄金

The amount of a currency needed to purchase one ounce of gold was called the gold par value山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University 1-7

Strength Of The Gold StandardThe great strength of the gold standard was that it contained a powerful mechanism for achieving balance-oftrade equilibrium (when the income a country’s residents earn from its exports is equal to the money its residents pay for imports) by all countries

金本位制的强大力量在于其对任何国家都拥有实 现平衡的贸易平衡强大的机制 ( 一个国家国民通过 出口所获得的收入与进口所的支出相等时)

山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University 1-8

Classroom Performance SystemWhat type of exchange rates system was the gold standard? a) Fixed b) Floating c) Pegged d) Market

山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University 1-9

The Period Between The Wars: 1918-1939The gold standard worked fairly well from the 1870s until the start of World War I in 1914 从19世纪70年代直到1914年开始在第一次

世界大战以来金本位制度一直表现得不错

During the war, many governments financed their war expenditures by printing money, and in doing so, created inflation 战争期间，许多

国家的政府通过印钞票的方式来应对他们的战争开支，这样 做的结果导致了通货膨胀People lost confidence in the system and started to demand gold for their currency putting pressure on countries' gold reserves, and forcing them to suspend gold convertibility 人们对金本位失去了信心并，

为了货币而需要黄金，并开始对国家的黄金储备施加压力, 迫使他们停止兑换黄金By 1939, the gold standard was dead山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University 1-10

The Bretton Woods SystemIn 1944, representatives from 44 countries met at Bretton Woods, New Hampshire, to design a new international monetary system that would facilitate postwar economic growth

1944年，在新罕布什尔州的布雷顿森林，与会的44个国家 的代表制订新的国际货币体系来促进战后的经济增长Under the new agreement: a fixed exchange rate system was established all currencies were fixed to gold, but only the U.S. dollar was directly convertible to gold devaluations could not to be used for competitive purposes a country could not devalue its currency by more than 10% without IMF approval山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University 1-11

The Bretton Woods

SystemThe Bretton Woods agreement also established two multinational institutions: the International Monetary Fund (IMF) to maintain order in the international monetary system国际货币基金组

织——保持际货币体系的秩序the World Bank to promote general economic development世界银行促进整体经济的发展

山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University 1-12

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