文档介绍：该【国际金融英文版 】是由【小屁孩】上传分享，文档一共【46】页，该文档可以免费在线阅读，需要了解更多关于【国际金融英文版 】的内容，可以使用淘豆网的站内搜索功能，选择自己适合的文档，以下文字是截取该文章内的部分文字，如需要获得完整电子版，请下载此文档到您的设备，方便您编辑和打印。Chapter4arySystem12021/10/10arySystemarysystemisasetofconventions,rules,.-.arysystemneedstosolvethefollowingproblems:Aninternationalcurrency;Thedeterminationoftheexchangerate;Amechanismofbalance-of-(1876–1914),“mintparofexchange”62021/10/10Sinceeachcountryhasthegoldparvalue,“fixedexchangerate”“Price-specie-flowmechanism”.72021/10/10ExampleofgoldexportandimportIfthegoldparvalueinNewZealandwasNZ$125/ounceandA$100/ounceinAustralia,somintparofexchange:100/125=A$$Costsofgoldtransportation:A$$Theexchangeratewouldfluctuatebetween(+)=(–)=-specie-flowmechanismRapidgrowthrate(techinnovation)OutputsincreasePricesfallExportsriseImportsshrinkBOPsurplusesGoldinflowsMoneysupplyupPricesupExportsdeclineImportsincreaseBOPdeficitsGoldoutflows92021/10/10PerformanceofthegoldstandardLong-termpricestability(lowerinflationrate)%(1880–1914),%(1946–1990)NocentralbankneededaryshocksInflationinonecountrywouldinfluenceprices,