【PPT精品课件】货币金融学7版英文课件--20-大学课件2.pptx

该【【PPT精品课件】货币金融学7版英文课件--20-大学课件2 】是由【小屁孩】上传分享，文档一共【13】页，该文档可以免费在线阅读，需要了解更多关于【【PPT精品课件】货币金融学7版英文课件--20-大学课件2 】的内容，可以使用淘豆网的站内搜索功能，选择自己适合的文档，以下文字是截取该文章内的部分文字，如需要获得完整电子版，请下载此文档到您的设备，方便您编辑和打印。Chapter20TheInternationalFinancialSystem?:Banksells$1billionof$,buys$1billionofforeignassetsBankofCanadaAssets LiabilitiesForeignassets +$1b Currencyorreserves +$1b(internationalreserves) (arybase)Results:,+$,+$,Et?2?:ToreduceMBbacktooldlevel,BankofCanadasells$1billionofgovernmentbondsBankofCanadaAssets LiabilitiesForeignassets +$1b Currencyorreserves $0b(internationalreserves) (arybase)Governmentbonds –$,+$:noshiftinRDandRF3?,Sell$1. Sell$,buyF:MB?,Ms?2. Ms?,P?,Eet+1?,expectedappreciationofF?,. Ms?,iD?,RDshiftsleft,gotopoint2andEt?4. Inlongrun,iDreturnstooldlevel,RDshiftsback,gotopoint3:Exchangerateovershooting4?: Canada:$20convertedinto1ounce .:￡4convertedinto1ounce Parvalueof￡1=$￡?to$,importerof￡100oftweedhastwoalternatives: $525 $500gold(500/20=25ounces),.,convertinto￡100(=25??￡4)andbuytweed5?,doalternative2 1. . 2. MB?,MB?inCanada 3. Pricelevel?.,?Canada 4. ￡depreciatesbacktoparTwoProblems:1. CountryongoldstandardlosescontrolofMs2. Worldinflationdeterminedbygoldproduction6?. Fixedexchangerates2. Othercentralbankskeepexchangeratesfixedto$:$isreservecurrency3. $convertibleintogoldforcentralbanksonly($35perounce)4. aryFund(IMF)setsrulesandprovidesloanstodeficitcountries5. WorldBankmakesloanstodevelopingcountriesarySystem1. Valueofcurrencynotallowedoutside“snake”2. Newcurrencyunit:ECU3. ExchangeRateMechanism(ERM)Keyweaknessoffixedratesystem Asymmetry:pressureondeficitcountrieslosinginternationalreservesto?M,butnopressureonsurpluscountriesto?M7??:InterventioninaFixedExchangeRateSystemSinceEet+1=Eparwithfixedexchangerate,RFdoesn’tshiftOvervaluedexchangerate(panela)1. Centralbanksellsinternationalreservestobuydomestic currency2. MB?,Ms?,iD?,RDtorighttogettopoint23. Ifdon’tdothis,havetodevalueUndervaluedexchangerate(panelb)1. urrencyandbuysinternationalreserves2. MB?,Ms?,iD?,RDtolefttogettopoint23. Ifdon’tdothis,havetorevalue9?. AtEpar,R2FrightofRDbecauseBundesbanktightmoneykeepsGermaninterestrateshigh2. BankofEnglandcouldbuy￡,iD?,RDshiftsright3. Whenspeculatorsexpectdevaluation,Eet+1?,RFshiftsright4. RequiresmuchbiggerinterventionbyUK5. WhenUKpullsoutofERM,￡?10%,biglossestocentralbank10?2005PearsonEducationCanadaInc.