Tải bản đầy đủ - 0 (trang)
PART I. ALTERNATIVE EXCHANGE RATE SYSTEMS

PART I. ALTERNATIVE EXCHANGE RATE SYSTEMS

Tải bản đầy đủ - 0trang

ALTERNATIVE EXCHANGE RATE

SYSTEMS

2. Forces influenced by

a.



price levels



b.

c.



interest rates

economic growth



3. Rates fluctuate randomly

over time.

5



ALTERNATIVE EXCHANGE RATE

SYSTEMS

B.



Managed Float (“Dirty Float”)

1. Market forces set rates

unless excess volatility

occurs.



2. Then, central bank

determines

rate.

6



ALTERNATIVE EXCHANGE RATE

SYSTEMS

C.



Target-Zone Arrangement



1. Rate Determination

a. Market forces constrained

to

upper and lower range of rates.

b. Members to the arrangement

adjust their national economic

policies

to maintain target.



7



ALTERNATIVE EXCHANGE RATE

SYSTEMS

D. Fixed Rate System

1. Rate determination

a. Government maintains target rates.

b. If rates threatened, central

banks

buy/sell currency.

c. Monetary policies coordinated.

8



ALTERNATIVE EXCHANGE RATE

SYSTEMS

E.



Current System

1.



freelyand

rate



A hybrid system

a.

Major currencies:

use

floating method

b.



Other currencies move in

out of various fixedsystems.

9



PART II. A BRIEF HISTORY OF THE

INTERNATIONAL MONETARY SYSTEM

I. THE USE OF GOLD

A. Desirable properties

B. In short run: High production costs

limit

changes.

C. In long run: Commodity money

insures stability.



10



A BRIEF HISTORY

II.



The Classical Gold Standard

(1821-1914)

A.



Major global currencies on gold

standard.

1.

Nations fix the exchange

rate

in terms of a specific

amount

of gold.

11



Tài liệu bạn tìm kiếm đã sẵn sàng tải về

PART I. ALTERNATIVE EXCHANGE RATE SYSTEMS

Tải bản đầy đủ ngay(0 tr)

×