克鲁格曼《国际经济学》第八版课后答案英文Ch18.docx
- 文档编号:25115436
- 上传时间:2023-06-05
- 格式:DOCX
- 页数:8
- 大小:38.50KB
克鲁格曼《国际经济学》第八版课后答案英文Ch18.docx
《克鲁格曼《国际经济学》第八版课后答案英文Ch18.docx》由会员分享,可在线阅读,更多相关《克鲁格曼《国际经济学》第八版课后答案英文Ch18.docx(8页珍藏版)》请在冰豆网上搜索。
克鲁格曼《国际经济学》第八版课后答案英文Ch18
Chapter18TheInternationalMonetarySystem,1870–1973
1 ChapterOrganization
MacroeconomicPolicyGoalsinanOpenEconomy
InternalBalance:
FullEmploymentandPrice-LevelStability
ExternalBalance:
TheOptimalLeveloftheCurrentAccount
InternationalMacroeconomicPolicyundertheGoldStandard,1870–1914
OriginsoftheGoldStandard
ExternalBalanceundertheGoldStandard
ThePrice-Specie-FlowMechanism
TheGoldStandard“RulesoftheGame”:
MythandReality
Box:
Humev.theMercantilists
InternalBalanceundertheGoldStandard
CaseStudy:
ThePoliticalEconomyofExchangeRateRegimes:
ConflictoverAmerica’sMonetaryStandardDuringthe1890s
TheInterwarYears,1918–1939
TheFleetingReturntoGold
InternationalEconomicDisintegration
CaseStudy:
TheInternationalGoldStandardandtheGreatDepression
TheBrettonWoodsSystemandtheInternationalMonetaryFund
GoalsandStructureoftheIMF
ConvertibilityandtheExpansionofPrivateCapitalFlows
SpeculativeCapitalFlowsandCrises
AnalyzingPolicyOptionsundertheBrettonWoodsSystem
MaintainingInternalBalance
MaintainingExternalBalance
Expenditure-ChangingandExpenditure-SwitchingPolicies
TheExternal-BalanceProblemoftheUnitedStates
CaseStudy:
TheDeclineandFalloftheBrettonWoodsSystem
WorldwideInflationandtheTransitiontoFloatingRates
Summary
2
ChapterOverview
Thisisthefirstoffiveinternationalmonetarypolicychapters.Thesechapterscomplementtheprecedingtheorychaptersinseveralways.Theyprovidethehistoricalandinstitutionalbackgroundstudentsrequiretoplacetheirtheoreticalknowledgeinausefulcontext.Thechaptersalsoallowstudents,throughstudyofhistoricalandcurrentevents,tosharpentheirgraspofthetheoreticalmodelsandtodeveloptheintuitionthosemodelscanprovide.(Applicationofthetheorytoeventsofcurrentinterestwillhopefullymotivatestudentstoreturntoearlierchaptersandmasterpointsthatmayhavebeenmissedonthefirstpass.)
Chapter18chroniclestheevolutionoftheinternationalmonetarysystemfromthegoldstandardof1870–1914,throughtheinterwaryears,anduptoandincludingthepost-WorldWarIIBrettonWoodsregimethatendedinMarch1973.Thecentralfocusofthechapteristhemannerinwhicheachsystemaddressed,orfailedtoaddress,therequirementsofinternalandexternalbalanceforitsparticipants.Acountryisininternalbalancewhenitsresourcesarefullyemployedandthereispricelevelstability.Externalbalanceimpliesanoptimaltimepathofthecurrentaccountsubjecttoitsbeingbalancedoverthelongrun.Otherfactorshavebeenimportantinthedefinitionofexternalbalanceatvarioustimes,andthesearediscussedinthetext.Thebasicdefinitionofexternalbalanceasanappropriatecurrent-accountlevel,however,seemstocaptureagoalthatmostpolicy-makersshareregardlessoftheparticularcircumstances.
Theprice-specie-flowmechanismdescribedbyDavidHumeshowshowthegoldstandardcouldensureconvergencetoexternalbalance.Youmaywanttopresentthefollowingmodeloftheprice-specie-flowmechanism.Thismodelisbaseduponthreeequations:
1.Thebalancesheetofthecentralbank.Atthemostsimplelevel,thisisjustgoldholdingsequalsthemoneysupply:
GM.
2.Thequantitytheory.Withvelocityandoutputassumedconstantandbothnormalizedto1,thisyieldsthesimpleequationMP.
3.Abalanceofpaymentsequationwherethecurrentaccountisafunctionoftherealexchangerateandtherearenoprivatecapitalflows:
CAf(EP*/P)
Theseequationscanbecombinedinafigureliketheonebelow.The45linerepresentsthequantitytheory,andtheverticallineisthepricelevelwheretherealexchangerateresultsinabalancedcurrentaccount.Theeconomymovesalongthe45linebacktowardstheequilibriumPoint0wheneveritisoutofequilibrium.Forexample,thelossoffour-fifthsofacountry’sgoldwouldputthatcountryatPointawithlowerpricesandalowermoneysupply.Theresultingrealexchangeratedepreciationcausesacurrentaccountsurpluswhichrestoresmoneybalancesasthecountryproceedsupthe45linefromato0.
Figure
Theautomaticadjustmentprocessdescribedbytheprice-specie-flowmechanismisexpeditedbyfollowing“rulesofthegame”underwhichgovernmentscontractthedomesticsourcecomponentsoftheirmonetarybaseswhengoldreservesarefalling(correspondingtoacurrent-accountdeficit)andexpandwhengoldreservesarerising(thesurpluscase).
Inpractice,therewaslittleincentiveforcountrieswithexpandinggoldreservestofollowthe“rulesofthegame.”Thisincreasedthecontractionaryburdenshoulderedbycountrieswithpersistentcurrentaccountdeficits.Thegoldstandardalsosubjugatedinternalbalancetothedemandsofexternalbalance.Researchsuggestsprice-levelstabilityandhighemploymentwereattainedlessconsistentlyunderthegoldstandardthaninthepost-1945period.
Theinterwaryearsweremarkedbysevereeconomicinstability.ThemonetizationofwardebtandofreparationpaymentsledtoepisodesofhyperinflationinEurope.Anill-fatedattempttoreturntothepre-wargoldparityforthepoundledtostagnationinBritain.CompetitivedevaluationsandprotectionismwerepursuedinafutileefforttostimulatedomesticeconomicgrowthduringtheGreatDepression.Thesebeggar-thy-neighborpoliciesprovokedforeignretaliationandledtothedisintegrationoftheworldeconomy.Asoneofthecasestudiesshows,strictadherencetotheGoldStandardappearstohavehurtmanycountriesduringtheGreatDepression.
Determinedtoavoidrepeatingthemistakesoftheinterwaryears,Alliedeconomicpolicy-makersmetatBrettonWoodsin1944toforgeanewinternationalmonetarysystemforthepostwarworld.Theexchange-rateregimethatemergedfromthisconferencehadatitscenterthe.dollar.Allothercurrencieshadfixedexchangeratesagainstthedollar,whichitselfhadafixedvalueintermsofgold.AnInternationalMonetaryFundwassetuptooverseethesystemandfacilitateitsfunctioningbylendingtocountrieswithtemporarybalanceofpaymentsproblems.
Aformaldiscussionofinternalandexternalbalanceintroducestheconceptsofexpenditure-switchingandexpenditure-changingpolicies.TheBrettonWoodssystem,withitsemphasisoninfrequentadjustmentoffixedparities,restrictedtheuseofexpenditure-switchingpolicies.IncreasesinU.S.monetarygrowthtofinancefiscalexpendituresafterthemid-1960sledtoalossofconfidenceinthedollarandtheterminationofthedollar’sconvertibilityintogold.TheanalysispresentedinthetextdemonstrateshowtheBrettonWoodssystemforcedcountriesto“import”inflationfromtheUnitedStatesandshowsthatthebreakdownofthesystemoccurredwhencountrieswerenolongerwillingtoacceptthisburden.
3 AnswerstoTextbookProblems
1.a.Sinceittakesconsiderableinvestmenttodevelopuraniummines,youwouldwantalargercurrentaccountdeficittoallowyourcountrytofinancesomeoftheinvestmentwithforeignsavings.
b.Apermanentincreaseintheworldpriceofcopperwouldcauseashort-termcurrentaccountdeficitifthepriceriseleadsyoutoinvestmoreincoppermining.Iftherearenoinvestmenteffects,youwouldnotchangeyourexternalbalancetargetbecauseitwouldbeoptimalsimplytospendyouradditionalincome.
c.Atemporaryincreaseintheworldpriceofcopperwouldcauseacurrentaccountsurplus.Youwouldwanttosmoothoutyourcountry’sconsumptionbysavingsomeofitstemporarilyhigherincome.
d.Atemporaryriseintheworldpriceofoilwouldcauseacurrentaccountdeficitifyouwereanimporterofoil,butasurplusifyouwereanexporterofoil.
2.Becausethemarginalpropensitytoconsumeoutofincomeislessthan1,atransferofincomefromBtoAincreasessavingsinAanddecreasessavingsinB.Therefore,AhasacurrentaccountsurplusandBhasacorrespondingdeficit.ThiscorrespondstoabalanceofpaymentsdisequilibriuminHume’sworld,whichmustbefinancedbygoldflowsfromBtoA.ThesegoldflowsincreaseA’smoneysupplyanddecreaseB’smoneysupply,pushinguppricesinAanddepressingpricesinB.Thesepricechangesceaseoncebalanceofpaymentsequilibriumhasbeenrestored.
3.Changesinparitiesreflectedbothinitialmisalignmentsandbalanceofpaymentscrises.Attemptstoreturntotheparitiesoftheprewarperiodafterthewarignoredthechangesinunderlyingeconomicfundamentalsthatthewarcaused.Thismadesomeexchangerateslessthanfullycredibleandencouragedbalanceofpaymentscrises.Centralbankcommitmentstothegoldparitieswerealsolessthancredibleafterthewartimesuspensionofthegoldstandard,andasaresultoftheincreasingconcernofgovernmentswithinternaleconomicconditions.
4.Amonetarycontraction,underthegoldstandard,willleadtoanincreaseinthegoldholdingsofthecontractingcountry’scentralbankifothercountriesdonotpursueasimilarpolicy.Allcountriescannotsucceedindoingthissimultaneouslysincethetotalstockofgoldreservesisfixedintheshortrun.Underareservecurrencysystem,however,amonetarycontractioncausesanincipientriseinthedomesticinterestrate,whichattractsforeigncapital.Thecentralbankmustaccommodatetheinflowofforeigncapitaltopreservetheexchangerateparity.Thereisthusanincreaseinthecentralbank’sholdingsofforeignreservesequaltothefallinitsholdingsofdomesticassets.Thereisnoobstacletoasimultaneousincreaseinreservesbyallcentralbanksbecausecentralbanksacquiremoreclaimsont
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 国际经济学 克鲁 国际 经济学 第八 课后 答案 英文 Ch18