江苏省的义务教育信息技术课程指导纲.ppt

Unit 18 The International Monetary System (IMS)  I. Features of Ims  II. Major Types of IMs  a. The Gold Standard. 1870-1914 b. The bretton Woods System. 1944-1973 The Jamaica System, 1973-Now d Future of ms  With international transactions expanded greatly in the 19th century, an international monetary arrangement emerged in response to the demand for a better means of payments. This system was called the gold standard. It was an arrangement that evolved naturally. A key aspect of the gold standard was that central banks hold a large part of their international reserve assets in the form of gold London was then the worlds major financial center, and the British pound was extensively accepted as the international reserve currency. Under the gold standard, national currencies were linked to gold at a fixed parity(固定平价), that is, each nation defined its currency unit as equal to the value of a specified amount of pure gold From the common gold denominator, the value of any currency in units of any other was easily determined. During this period of the gold standard, a strict fixed exchange-rate system was adopted For instance. l=l oz of gold S 1=0.5 oz of gold 2 S(That is fixed  International payments imbalances give rise to gold movements that in turn were supposed to trigger an automatic adjustment process. A continuing surplus in one country would increase that countrys gold stock, hence, money supply thus provoking a general price rise. The price rise would result in falling exports and rising imports until the surpluses disappeared. In the case of a persistent deficits, the money supply would diminish, causing the opposite direction The gold standard proved attractive because of its autocratic, self-correcting properties and its promise of long run price-level stability. However, in World War I, governments imposed currency controls and abandoned the commitment to convert their paper currencies into gold. Most currencies we