Chap10 The International Monetary System(2)

sity 1-15

The Collapse Of The Fixed Exchange Rate System布雷顿森林体制在20世纪60年代之前都运转的很好 当福利项目飞速增加和越南战争是通过增加货币供应量与 导致严重的通货膨胀供应时，它瓦解了 其他国家相对于美元升值货币导致美元投机会贬值 然而，因为该系统依赖于星级管理良好的美国，当美国开 始印制钞票，贸易赤字和通货膨胀率高涨时，该系统濒临崩 溃点

山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University 1-16

The Floating Exchange Rate RegimeIn 1976, following the collapse of Bretton Woods, IMF members formalized a new exchange rate system at a meeting in Jamaica The rules that were agreed on then, are still in place today

山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University 1-17

The Jamaica AgreementUnder the Jamaican agreement: floating rates were declared acceptable gold was abandoned as a reserve asset total annual IMF quotas - the amount member countries contribute to the IMF - were increased to $41 billion

山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University 1-18

Exchange Rates Since 1973Since 1973, exchange rates have become more volatile and less predictable than they were between 1945 and 1973自1973年以来，汇 率变得比他们在1945年至1973年之间更加不稳定和不可预测 Volatility has increased because of: The 1971 oil crisis The loss of confidence in the dollar that followed the rise of U.S. inflation in 1977 and 1978 The 1979 oil crisis The unexpected rise in the dollar between 1980 and 1985 The partial collapse of the European Monetary System in 1992 The 1997 Asian currency crisis山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University 1-19