文档介绍：Chapter 5 Chapter 5 International Exchange SystemInternational Exchange System??第五章第五章国际汇率制度国际汇率制度??第一节第一节固定汇率制固定汇率制Fixed Rate SystemFixed Rate System?The world economy operated under a system of fixed dollar exchange ratesfixed dollar exchange rates between the end of World War II and 1973, with central banks routinely trading foreign exchange to hold their exchange rates at internationally agreed kinds of the fixed exchange Standard:Gold Standard:规定货币单位的含金量。规定货币单位的含金量。含金量的的对比决定汇率含金量的的对比决定汇率。。金币可以金币可以自由自由铸造;铸造;自由自由兑换;兑换;自由自由输出输出入。入。The Gold StandardThe Gold Standard??An international gold standard An international gold standard avoids the avoids the asymmetry inherent in a reserve currency asymmetry inherent in a reserve currency standardstandard by avoiding the by avoiding the ““NNth currencyth currency””problem. Under a gold standard, each problem. Under a gold standard, each country country fixes the price of its currency in fixes the price of its currency in terms of goldterms of gold by standing ready to trade by standing ready to trade domestic currency for gold whenever domestic currency for gold whenever necessary to defend the official to defend the official of the Gold StandardAdvantage of the Gold Standard??Because there are Because there are NN currency and currency and NNprices of gold in terms of those currencies, prices of gold in terms of those currencies, no single country occupies a privileged no single country occupies a privileged position within the systemposition within the system: each is : each is responsible for pegging its currencyresponsible for pegging its currency’’s s price in terms of the official international price in terms of the official international reserve asset, gold. Gold standard rules reserve asset, gold. Gold standard rules also require each country to allow also require each country to allow unhindered imp