6 Fixed Exchange Rates and Foreign Exchange Intervention.ppt

International Finance Fixed Exchange Rates and Foreign Exchange Intervention Chapter Organization Why Study Fixed Exchange Rates?(为什么研究固定汇率) Central Bank Intervention and the Money Supply （中央银行干预与货币供给） How the Central Bank Fixes the Exchange Rates （央行怎样固定汇率） Stabilization Policies with a Fixed Exchange Rate （固定汇率下的稳定政策） Balance of Payments Crises and Capital Flight （国际收支危机和资本抽逃） Managed Floating and Sterilized Intervention （有管理的浮动与冲消干预） Why Study Fixed Exchange Rates? Four reasons to study fixed exchange rates: Managed floating（有管理的浮动） Regional currency arrangements（区域货币协定） Developing countries and countries in transition（发展中国家和转型国家） Lessons of the past for the future（过去的教训对未来的启示） Why Study Fixed Exchange Rates? Central Bank Interventionand the Money Supply The Central Bank Balance Sheet and the Money Supply（中央银行资产负债表与货币供给） Central bank balance sheet（央行资产负债表） It records the assets held by the central bank and its liabilities.（记载了央行的资产与负债） It is organized according to the principles of double-entry bookkeeping.（复试记帐的原则来编制） Any acquisition of an asset by the central bank results in a + change on the assets side of the balance sheet.（资产收入表现为＋） Any increase in the bank’s liabilities results in a + change on the balance sheet’s liabilities side. Central Bank Interventionand the Money Supply The assets side of a balance sheet lists two types of assets（资产方有两类资产） Foreign assets（国外资产） Mainly foreign currency bonds owned by the central bank (its official international reserves)（主要指央行持有的外币债券） Domestic assets（国内资产） Central bank holdings of claims to future payments by its own citizens and domestic institutions（央行持有的要求本国居民和国内机构在未来予以偿付的债权） The liabilities side of a balance sheet lists as liabilities: Deposits of private banks（私人银行存款） Currency in circulation（流通中的货币） Total assets = total liabilities + net worth（总资产＝总负债＋资产净值） Central Bank Interventionand the Money Supply Net worth is constant.（资产净值固定） The changes in central bank assets cause equal changes in central bank liabili