EconomicPolicy(宏观经济学-加州大学-詹姆斯·布拉.pptx
- 文档编号:30797662
- 上传时间:2023-10-09
- 格式:PPTX
- 页数:58
- 大小:689.46KB
EconomicPolicy(宏观经济学-加州大学-詹姆斯·布拉.pptx
《EconomicPolicy(宏观经济学-加州大学-詹姆斯·布拉.pptx》由会员分享,可在线阅读,更多相关《EconomicPolicy(宏观经济学-加州大学-詹姆斯·布拉.pptx(58页珍藏版)》请在冰豆网上搜索。
,CHAPTER15,InternationalEconomicPolicy,1,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,Questions,Howhastheworldorganizeditsinternationalmonetarysystem?
Whatisafixedexchangeratesystem?
Whatisafloatingexchangeratesystem?
Whatarethecostsandbenefitsoffixedexchangeratesvis-visfloatingexchangerates?
2,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,Questions,Whydomostcountriestodayhavefloatingexchangerates?
WhyhaswesternEuroperecentlycreateda“monetaryunion”-anirrevocablecommitmenttofixedexchangerateswithinwesternEurope?
Whatwerethecausesofthethreemajorcurrencycrisesofthe1990s?
3,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,TheGoldStandard,BeforeWorldWarI,nearlyalloftheworldeconomywasonthegoldstandardagovernmentwoulddefineaunitofitscurrencyasworthaparticularamountofgoldthecurrencywasconvertiblecouldbeconvertedintogoldfreelythecurrencyspriceintermsofgoldwasitsparity,4,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,Figure15.2-GrowthoftheGoldStandard,5,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,TheGoldStandard,Whentwocountrieswereonthegoldstandard,theirnominalexchangeratewasfixedattheratiooftheirgoldparitiesatWorldWarIIparitiestheU.S.dollarwasequalto1/35ofanounceofgoldtheBritishpoundsterlingwassettoequal1/15.58333ouncesofgoldtheexchangerateofthedollarforthepoundwas1.00=$2.40,6,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,TheGoldStandard,ExampleofcurrencyarbitragetheU.S.governmentiswillingtobuygoldat$35perouncetheBritishgovernmentiswillingtobuygoldat15.58333perouncethepoundtradesfor$2.64(10%higherthantheratioofthegoldparities-$2.40),7,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,TheGoldStandard,SomeonewithanounceofgoldcouldtradeittotheBritishTreasuryfor15.58333tradethosepoundsfordollarsintheforeignexchangemarketandget$38.50tradethe$38.50totheU.S.Treasuryfor1.1ouncesofgoldrepeattheprocessasquicklyaspossible,makinga10%profiteachtimethecircleiscompleted,8,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,Figure15.1-HowtoProfitintheForeign-ExchangeMarket,9,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,WeaknessesoftheGoldStandard,Thegoldstandardtendedtobedeflationaryundersomecircumstances,itpushedcountriestoraisetheirinterestrateswhichreducedoutputandincreasedunemploymentitneverprovidedacountervailingpushtoothercountriestolowertheirinterestrates,10,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,WeaknessesoftheGoldStandard,Iftheexchangerateisfloating,foreignersdomesticcurrencyearningsmustbeusedtobuyexportsortoinvestinthehomecountry,Theexchangeratemovesupordowninresponsetothesupplyanddemandforforeignexchangeinordertomakeitso,11,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,WeaknessesoftheGoldStandard,Underagoldstandard,foreign-currencyearningscanalsobeusedtopurchasegoldfromtheforeigncountrysTreasury,Ifacountrysnetexportsplusnetforeigninvestmentarelessthanzero,itsTreasurywillfinditselflosinggoldthecountrysgoldreservesshrink,12,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,WeaknessesoftheGoldStandard,Ifacountrysgoldreservesareshrinking,ithasachoiceabandonthefixedexchangeratesystemmakeitmoreattractiveforforeignerstoinvestbyraisingdomesticinterestratesputscontractionarypressureontheeconomyCountriesgaininggoldfacenoincentivetolowerinterestratesinordertostayonthegoldstandard,13,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,CollapseoftheGoldStandard,ThegoldstandardwassuspendedduringWorldWarIAfterthewarended,politiciansandcentralbankerssoughttorestoreittheybelieveditwasanimportantstepinrestoringprosperityAftertheGreatDepressionbegan,thegoldstandardbrokeapart,14,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,CollapseoftheGoldStandard,Fourfactorsmadethegoldstandardalesssecuremonetarysystemeveryoneknewthatgovernmentscouldabandontheirgoldparitiesinanemergencyeveryoneknewthatgovernmentsweretryingtokeepinterestrateslowenoughtoproducefullemployment,15,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,CollapseoftheGoldStandard,Fourfactorsmadethegoldstandardalesssecuremonetarysystem,afterWorldWarI,countriesheldtheirreservesinforeigncurrenciesratherthangoldthepost-warsurpluseconomiesdidnotlowerinterestratesasgoldflowedin,16,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,CollapseoftheGoldStandard,Assoonasarecessionhit,governmentsfoundthemselvesunderpressuretoraiseinterestratesandloweroutputcouldeitherstayonthegoldstandardandfaceadeepdepressionorabandonthegoldstandardthefurthercountriesmovedawayfromtheirgold-standardrates,thefastertheyrecoveredfromtheGreatDepression,17,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,Figure15.3-EconomicPerformanceandDegreeofExchangeRateDepreciationDuringtheGreatDepression,18,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,TheBrettonWoodsSystem,TheBrettonWoodsSystemwastheresultofaninternationalmonetaryconferencethattookplacein1944Threeprinciplesguidedthissysteminordinarytimes,exchangeratesshouldbefixedinextraordinarytimes,exchangeratesshouldbechangedaninstitutionwasneededtowatchovertheinternationalfinancialsystemtheInternationalMonetaryFund(IMF),19,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,TheBrettonWoodsSystem,TheBrettonWoodsSystembrokedownintheearly1970stheU.S.founditselfwithalargetradedeficitandsoughttodevalueitscurrencySincethen,theexchangeratesofthemajorindustrialpowershavebeenfloatingexchangeratesfluctuateaccordingtosupplyanddemand,20,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,HowaFixedExchangeRateSystemWorks,Afixedexchangerateisacommitmentbyacountrytobuyandsellitscurrencyatfixed,unchangingprices(intermsofothercurrencies)thecentralbankorTreasurymustmaintainforeignexchangereservesthesereservesarelimited,21,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,HowaFixedExchangeRateSystemWorks,Ifthereisahighdegreeofcapitalmobility,therealexchangerateissetby,Thehighertheinterestratedifferentialinfavorofthehomecountry,theloweristheexchangerate,22,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,Figure15.4-TheRealExchangeRate,Long-RunExpectations,andInterestRateDifferentials,23,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,HowaFixedExchangeRateSystemWorks,Ifcapitalishighlymobileandthefixedexchangerate(*)islowerthanforeignexchangespeculatorswillwanttosellthehomecurrencyforforeigncurrencythegovernmentspendsdownitsreservestokeeptheexchangerateat*,thecentralbankmustlowerinterestratesmonetarypolicynolongercanplayaroleindomesticstabilization,24,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,Figure15.5-DomesticInterestRatesAreSetbyForeign-ExchangeSpeculatorsandtheExchangeRateTarget,25,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,HowaFixedExchangeRateSystemWorks,Thecentralbankmustsetthedomesticrealinterestrateequalto,anincreaseinforeigninterestrates(rf)requiresapoint-for-pointincreaseindomesticinterestratesanincreaseinforeignexchangespeculatorsviewsofthelong-runvalueoftheexchangerate(0)requiresanincreaseindomesticinterestrates,26,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,Figure15.6-EffectofForeignShocksunderFixedExchangeRates,27,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,HowaFixedExchangeRateSystemWorks,Ifcapitalmobilityislowtheexchangerateisalsoaffectedbythespeedatwhichthegovernmentisaccumulatingorspendingitsforeignexchangereserves(R),whenthegovernmentisaccumulatingreserves,thevalueofforeigncurrencyishigherthanitwouldotherwisebeitisincreasingforeigncurrencydemand,28,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,Figure15.7-WithLimitedCapitalMobilityaCentralBankCanShifttheExchangeRatebySpendingReserves,29,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,HowaFixedExchangeRateSystemWorks,Ifcapitalmobilityislowthecentralbankcanusemonetarypolicyfordomesticdisturbancesthisislimitedbythesensitivityofexchangeratestothemagnitudeofforeign-exchangemarketinterventionsperformedbythecentralbankandbytheamountofreservesthedomesticrealinterestratewillbe,30,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,BenefitsofFixedExchangeRates,FloatingexchangeratesystemsaddriskdiscouragesinternationaltrademakestheinternationaldivisionoflaborlesssophisticatedThisisanimportantreasonbehindthedecisionofmostofwesternEuropetoformamonetaryunionfixtheirexchangeratesagainsteachotherirrevocably,31,Copyright2002byTheMcGraw-HillCompanies,Inc.Allrightsreserved.,CostsofFixedExchangeRates,Underfixedexchangerates,monetarypolicyistightlyconstrainedbytherequirementofmaintainingtheexchangerateatitsfixedparityFixedexcha
- 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:
- EconomicPolicy 宏观经济学 加州大学 詹姆斯