文档介绍：Chapter 4 International Exchange System
第五章 国际汇率制度
第一节 固定汇率制Fixed Rate System
The world economy operated under a system of fixed 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 levels.
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Two kinds of the fixed exchange rates
金本位制度下的固定汇率制
纸币流通制度下的固定汇率制
Gold Standard:规定货币单位的含金量。
含金量的的对比决定汇率。
金币可以自由铸造；自由兑换；自由输出入。
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The Gold Standard
An international gold standard avoids the asymmetry inherent in a reserve currency standard by avoiding the “Nth currency” problem. Under a gold standard, each country fixes the price of its currency in terms of gold by standing ready to trade domestic currency for gold whenever necessary to defend the official price.
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Advantage of the Gold Standard
Because there are N currency and N prices of gold in terms of those currencies, no single country occupies a privileged position within the system: each is responsible for pegging its currency’s price in terms of the official international reserve asset, gold. Gold standard rules also require each country to allow unhindered imports and exports of gold across its borders.
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Benefits and drawbacks of the Gold Standard
Benefits:
Symmetry
Price level and value of national money are more stable and predictable
Enhance international transactions
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Drawbacks:
Constraints on the use of monetary policy to fight unemployment.
Tying currency values to gold ensures a stable overall price level only if the relative price of gold is stable.→gold discovery in South America
An international payments system based on gold is problematic because central banks cannot increase their holdings of international reserves as their economies grow unless there are continual new gold discoveries.
The gold standard gives gold-producing countries power to influence the world economy
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The Gold Exchange Standard
Halfway between the gold standard and a pure reserve