文档介绍：Chapter 18
The International ary System, 1870-1973
International Economics: Theory and Policy, Sixth Edition
by Paul R. Krugman and Maurice Obstfeld
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anization
Fixed Exchange Rate Regimes
The Gold Standard (1870-1914)
The Interwar Period (1918-1939)
Bretton Woods System (1945-1973)
How does the system work to achieve macroeconomic policy goals in an open economy?
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Introduction
The interdependence of open national economies has made it more difficult for governments to achieve full employment and price stability.
The channels of interdependence depend on the ary and exchange rate arrangements.
This chapter examines the evolution of the international ary system and how it influenced macroeconomic policy.
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What is an international ary system?
Narrowly speaking, it refers to international exchange rate system.
There are three international exchange rate systems in history: the gold standard, the Bretton Woods, and the floating exchange rate system.
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国际货币体系就是各国政府为适应国际贸易与国际支付的需要,对货币在国际范围内发挥世界货币职能所确定的原则、采取的措施和建立的组织形式的总称。
它包括以下几方面内容:
各国货币比价即汇率的确定
各国货币的兑换性和对国际支付所采取的措施,包括对经常项目、资本金融项目管制与否的规定,国际结算原则的规定
国际收支的调节
国际储备资产的确定
黄金外汇的流动与转移是否自由等
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Features of a good international ary system
Adjustment : a good system must be able to adjust imbalances in balance of payments quickly and at a relatively lower cost;
Stability and Confidence: the system must be able to keep exchange rates relatively fixed and people must have confidence in the stability of the system;
Liquidity: the system must be able to provide enough reserve assets for a nation to correct its balance of payments deficits without making the nation run into deflation or inflation.
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Macroeconomic Policy Goals in an Open Economy
In open economies, policymakers are motivated by two goals:
Internal balance
External balance
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It requires the full employment of a country’s resources and domestic price level stability.
Under-and over-employment lead to price level movements that reduce the economy’s effic