文档介绍：Multinational Financial Management Alan Shapiro 7th Edition & Sons
Power Points by
Joseph F. Greco, .
California State University, Fullerton
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CHAPTER 3
国际货币体系
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CHAPTER OVERVIEW
ALTERNATIVE EXCHANGE RATE SYSTEMS
(各种汇率制度)
A BRIEF HISTORY OF THE INTERNATIONAL ARY SYTEM
(国际货币体系)
III. THE EUROPEAN ARY SYSTEM AND ARY UNION(欧洲货币联盟)
IV. EMERGING MARKET CURRENCY CRISES
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PART I. ALTERNATIVE EXCHANGE RATE SYSTEMS
I. FIVE MARKET MECHANISMS
A. Freely Floating (自由浮动) (“Clean Float”)
1. Market forces of supply and demand determine rates.
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ALTERNATIVE EXCHANGE RATE SYSTEMS
2. Forces influenced by
a. price levels(价格水平)
b. interest rates(利率)
c. economic growth(经济增长)
3. Rates fluctuate randomly over time.(随机波动)
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ALTERNATIVE EXCHANGE RATE SYSTEMS
B. Managed Float (“Dirty Float”)管理浮动
1. Market forces set rates unless excess volatility occurs.
2. Then, central bank determines rate.
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ALTERNATIVE EXCHANGE RATE SYSTEMS
管理浮动把中央银行的干预分成三类
消除每日波动
顺势而行的干预
非官方盯住
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ALTERNATIVE EXCHANGE RATE SYSTEMS
C. Target-Zone Arrangement目标区安排
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.
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ALTERNATIVE EXCHANGE RATE SYSTEMS
D. Fixed Rate System固定汇率制定
1. Rate determination
a. Government maintains target rates.
b. If rates threatened, central banks buy/sell currency.
c. ary policies coordinated.
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ALTERNATIVE EXCHANGE RATE SYSTEMS
E. Current System
1. A hybrid system
a. Major currencies: use freely- floating method
b. Other currencies move in and out of various fixed-rate systems.
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