06国贸1国际金融复习资料
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学习提纲：
开放经济下的宏观经济学+ 国际金融市场 + 跨国公司财务管理
国际货币体系 外汇市场 国际直接投资
国际收支平衡 货币市场 外汇风险管理
金融危机 资本市场 跨国公司资产负债管理
金融衍生工具市场
国际银行业
考试题型：名词解释5×4=20
简答题 6×10=60
论述题 1×20=20（二选一）
Lecture 2 The International Monetary System （国际货币体系）
Readings P25-33 P39-45 P53-54
考点：国际货币体系的演变过程 格雷欣法则 金本位制的优缺点 布雷顿森林体系内容 3种汇率制度 特里芬难题 牙买加协议 广场协议 罗浮宫协议 三元悖论
International Monetary System
International monetary system can be defined as the institutional framework
in which international payments are made, movements of capital are
accommodated , and exchange rates among currencies are determined.
It is a complex whole of arrangements, rules, institutions, mechanisms, and
policies regarding exchange rates, international payments, and the flow of
capital.
Evolution of the International Monetary System（演变过程）
Bimetallism （复本位）: Before 1875
Classical Gold Standard（金本位）: 1875-1914
Interwar Period: 1915-1944 （两次世界大战期间，没有固定货币体系）
Bretton Woods System（布雷顿森林体系）: 1945-1972
The Flexible Exchange Rate Regime（浮动汇率制度）: 1973-Present
Bimetallism: Before 1875
Grasham’law phenomenon(格雷欣法则) has only made the less valuable metal to
circulate.
Classical Gold Standard: 1875-1914
During this period in most major countries:
Gold alone was assured of unrestricted coinage
There was two-way convertibility between gold and national currencies at a
stable ratio.
Gold could be freely exported or imported.
The exchange rate between two country’s currencies would be determined by their
relative gold contents.
Classic Gold Standard
For Example:
If 1 ounce gold=12Francs
1 ounce gold=6pounds 06国贸1国际金融复习资料
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Then 1pound=2Francs
Advantages of the Gold Standard:（优点）
Highly stable exchange rates under the classical gold standard provided an
environment that was conducive to international trade and investment.（没有外汇风险，有利于国际投资和国际贸易）
Misalignment of exchange rates and international imbalances of payment were
automatically corrected by the price-specie-flow mechanism.
There are shortcomings:（缺点）
The supply 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.货币价值与黄金挂钩，而世界的黄金储存量是有限的，黄金的供给不足，严重阻碍了国际投资和贸易，最终导致了金本位的崩溃。）
金本位制通行了约100年，其崩溃的主要原因有：
第一，黄金生产量的增长幅度远远低于商品生产增长的幅度，黄金不能满足日益扩大的商品流通需要，这就极大地削弱了金铸币流通的基础。
第二，黄金存量在各国的分配不平衡。1913年末，美、英、德、法、俄五国占有世界黄金存量的三分之二。黄金存量大部分为少数强国所掌握，必然导致金币的自由铸造和自由流通受到破坏，削弱其他国家金币流通的基础。
第三，第一次世界大战爆发，黄金被参战国集中用于购买军火，并停止自由输出和银行券兑现，从而最终导致金本位制的崩溃。
Bretton Woods System: 1945-1972（以美元为基础的金本位制）
Under the Bretton Woods system, the U.S. dollar was pegged to gold at $35 per ounce
and other currencies were pegged to the U.S. dollar.
Each country was responsible for maintaining its exchange rate within ±1% to ±
2.25% of the adopted par value by buying or selling foreign reserves as necessary.
The Bretton Woods system was a dollar-based gold exchange standard.
Collapse of the System
Triffin Paradox（特里芬难题）
The rapid development of Germany, France and Japan
The Flexible Exchange Rate Regime: 1973-Present.各国自主决定本国的汇率制度（协议要关注）
The flexible exchange rate regime was ratified after the settlement of the Jamaica
Agreement （牙买加协议）in 1976.
Flexible exchange rate were declared to IMF members, and central banks were
allowed to intervene in the exchange market.
Gold was officially abandoned as an international reserve.
Non-oil-exporting countries and less developed countries were given great
access to IMF funds
Jamaica Agreement 牙买加协议
内容：
（1）浮动汇率合法化
（2）黄金非货币化
（3）提高特别提款权的国际储备地位 06国贸1国际金融复习资料
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（4）扩大对发展中国家的资金融通
（5）增加会员国的基金份额
Plaza Accord（广场协议） : In Sept.1985, the so-called G5 countries reached Plaza
Accord. They agreed that it would be desirable for the dollar to depreciate against
most major currencies to solve the US trade deficit.
Louvre Accord:（卢浮宫协议） To address the problem of exchange rate volatility , the
G-7 countries signed the Louvre Accord.This marked the inception of the managed-float
system .
该协议的主要约定是：
1、日本和西德等实施刺激内需计划，美国进一步削减财政赤字。
2、G7国家加强外汇市场“干预协调”，秘密保持美元对日元和马克汇率的非正式浮动区，如果汇率波动超出预期目标5％，各国要加强合作干预。
该协议的主要精神是：
1、七大工业国应共同合作来稳定汇率。
2、七大工业国建立共同磋商机制，协调各国的宏观经济政策。
该协议的结果：
卢浮宫协议后，国际主要货币汇率在近两年多的时间里保持基本稳定，没有发生太大动荡。
Current Exchange Rate Arrangements （汇率制度包括：固定汇率制度，浮动汇率制度，钉住汇率制度）
The Fixed （固定汇率）
The floating（浮动汇率）
Free floating（完全自由浮动汇率）
Managed floating（有管理的浮动汇率）
The Pegged System（钉住汇率制度）
Currency Board
Pegged within crawling bands（爬行钉住汇率）
Pegged within horizontal bands（钉住幅度汇率制）
…..
The Trilemma by Mundell:（蒙代尔三角形，三元悖论）
When money can move freely across borders, policy markers must choose
between exchange-rate stability and an independent monetary policy. They
can’t have both.
根据蒙代尔的三元悖论，一国的经济目标有三种：：①各国货币政策的独立性；②汇率的稳定性；③资本的完全流动性。 这三者，一国只能三选其二，而不可能三者兼得。例如，在1944年至1973年的“布雷顿森林体系”中，各国“货币政策的独立性”和“汇率的稳定性”得到实现，但“资本流动”受到严格限制。而1973年以后，“货币政策独立性”和“资本自由流动”得以实现，但“汇率稳定”不复存在。“永恒的三角形”的妙处，在于它提供了一个一目了然地划分国际经济体系各形态的方法。
【三者之间的选择关系】
