国际金融双语PPT课件-总复习

The Classical Gold Standard (1876 – 1914)

The gold standard was a commitment by participating nations to fix the price of their domestic currencies in terms of a specified amount of gold. The government announces the gold par value which is the amount of its currency needed to buy one ounce of gold. Therefore, the gold was the international currency under the gold standard.
Exports rise Imports shrink
BOP surpluses Gold inflows
BOP deficits Gold outflows
Exports decline Imports increase
Money supply up Prices up
Performance of the gold standard

Gold Standard and Exchange Values


Pegging the value of each currency to gold established an exchange rate system. The gold par value determined the exchange rate between two currencies known as “mint par of exchange”

The exchange rate would fluctuate between (0.80 + 0.008) = 0.8008 and (0.80 – 0.008) = 0.792
0.8008 and 0.792 are called gold export and import points.
The BOP disequilibrium was corrected by “Price-specie-flow mechanism”.
Example of gold export and import
If the gold par value in New Zealand was NZ$125/ounce and A$100/ounce in Australia, so mint par of exchange: 100/125 = A$0.80/NZ$ Costs of gold transportation: A$0.008/NZ$
The Classical Gold Standard (1876 – 1914)
The gold standard was a commitment by participating nations to fix the price of their domestic currencies in terms of a specified amount of gold.
International monetary system is based on the exchange rate system adopted by individual nations. The exchange rate system is a set of rules governing the value of a currency relative to other currencies.

Application of PPP
• Choosing the right initial exchange rate for a newly independent country;
• Forecasting medium- and long-term real exchange rates;
✓ 也可以理解为：汇率水平（E）和相对价格水平（ P*/ P ） 的乘积。
✓ 注意，这里的E是现实世界已知的名义汇率，区别于上面 的根据购买力计算出来的名义汇率e。
✓ 测试购买力平价偏离的程度； a. 如果绝对形式的PPP成立的话，真实汇率应该为1，
但大多时候都不等于1。 b. 如果相对形式的PPP成立的话，真实汇率应该为一
e0
P0 P0*
• 一般化为：
e1
P1 P1 *
P1P0
* *
• 也可以表示为：e *
• One country’s inflation rate can only be higher (lower) than another’s to the extent that its exchange rate depreciates (appreciates).
• There is little empirical support for absolute purchasing power parity.
– The prices of identical commodity baskets, when converted to a single currency, differ substantially across countries.
• Speculation: the activity of holding a good or security in the hope of profiting from a future rise in its price.

The elasticity of export (or import) supply is the responsiveness of the quantity supplied to a change in price. If EX > 1, demand is elastic; the percent rise in quantity of exports is greater than the percent fall in price. If EX < 1, demand is inelastic; the percent rise in quantity of exports is smaller than the percen of demand for exports and imports of 15 industrial countries
The elasticity of demand for exports and imports for 9 developing countries (Con’t)
Chapter 8
The Balance-of-Payments Adjustment (I)
Elasticity Approach (Relative Price Effects)

Elasticity is the ratio between proportional change in one variable and proportional change in another. The elasticity of export (or import) demand is the responsiveness of the quantity demanded to a change in price. EX = △QX /△PX EM = △QM /△PM