圖表3.7價格－金幣－流動機制.ppt

The International Monetary System (國際貨幣制度) Chapter 3 The Content of this Chapter 3.1 各種匯率制度 3.2 國際貨幣制度簡史 3.3 歐洲貨幣體系與貨幣聯盟 3.4 新興市場貨幣危機 PART I. ALTERNATIVE EXCHANGE RATE SYSTEMS I. FIVE MARKET MECHANISMS A. Freely Floating (Clean Float) 自由浮動/乾淨浮動 1. Market forces of supply and demand determine rates. 2. Forces influenced by a. price levels b. interest rates c. economic growth 3. Rates fluctuate over time randomly. ALTERNATIVE EXCHANGE RATE SYSTEMS B. Managed Float (Dirty Float) 管理浮動/骯髒浮動 1. Market forces set rates unless excess volatility occurs. 2. Then, central bank determines rate. ALTERNATIVE EXCHANGE RATE SYSTEMS C. Target-Zone Arrangement目標區安排 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. 各國調整其國內經濟政策，以維持其匯率在某個大家一致同意的固定中心匯率上下的特定範圍內。 存在於參加歐洲貨幣制度的主要會員國 ALTERNATIVE EXCHANGE RATE SYSTEMS D. Fixed Rate System固定匯率制度 1. Rate determination a. Government maintains target rates. b. If rates are threatened, central banks buy/sell currency. c. Monetary policies coordinated. 為了要讓固定匯率制能夠運作，每個會員國都必須接受團體的共同通貨膨脹率當作本身的通貨膨脹率 政府的控制取代了外匯市場的分配功能 ALTERNATIVE EXCHANGE RATE SYSTEMS外幣控制手段 2. Some Government Controls: a. On global portfolio investments. b. Ceilings on direct foreign direct insurance. c. Import restrictions. ALTERNATIVE EXCHANGE RATE SYSTEMS E. Current System現行制度 1. A hybrid system a. Major currencies: use freely-floating method b. Others move in and out of various fixed-rate systems. 主要貨幣以管理浮動為基礎。 其他貨幣則視情況採各種形式的釘住匯率政策 PART II. A BRIEF HISTORY OF THE INTERNATIONAL MONETARY SYSTEM I. THE USE OF GOLD A. Desirable properties B. In short run: High production costs limit short-run changes. C. In long run: Commodity money insures stability. A BRIEF HISTORY OF THE INTERNATIONAL MONETARY SYSTEM II. The Cla