国际金融英文版PPT CH4
The Classical Gold Standard (1876 – 1914)
The gold standard was a commitment by participating nations to fix the price of their domestic currencies in terms of a specified amount of gold. The government announces the gold par value which is the amount of its currency needed to buy one ounce of gold. Therefore, the gold was the international currency under the gold standard.
Exports rise Imports shrink
BOP surpluses Gold inflows
BOP deficits Gold outflows
Exports decline Imports increase
Money supply up Prices up
Performance of the gold standard
Gold Standard and Exchange Values
Pegging the value of each currency to gold established an exchange rate system. The gold par value determined the exchange rate between two currencies known as “mint par of exchange”
The centerpiece of the system is to select an international currency as a medium of exchange in international settlements. Commodity money such as gold or silver were widely used in history. Gold or silver were inconvenient to carry and impractical in settlement.
0.8008 and 0.792 are called gold export and import points.
Price-specie-flow mechanism
Rapid growth rate (tech innovation)
Outputs increase Prices fall
Long-term price stability (lower inflation rate) 0.1% (1880 – 1914), 4.2% (1946 – 1990) No central bank needed Vulnerable to real and monetary shocks Inflation in one country would influence prices, money supply and real income of another country.
Commodity-backed money refers to the bank notes which are backed by gold or silver. The bank notes can be freely converted into gold or silver.
Fiat money is inconvertible money that is made legal tender by government decree. The only thing gives the money value is the faith placed in it by the people that use it. An international monetary system needs to solve the following problems: An international currency; The determination of the exchange rate; A mechanism of balance-of-payments adjustment.
Higher unemployment rate 6.8% (1879 – 1913), 5.6% (1946 – 1990)
Higher cost to maintain the system, in 1990 the cost would be $137 billion. Limited supply of the gold can hamper the rapid growth of international trade and investment.
பைடு நூலகம்
The International Monetary System from 1914 to 1944
World War I interrupted trade and the free movement of gold.
Main countries suspended convertibility of gold. They also imposed embargoes on gold exports. Exchange rate were fluctuated over fairly wide ranges because of the predatory devaluation of the domestic currency.
International monetary system is based on the exchange rate system adopted by individual nations. The exchange rate system is a set of rules governing the value of a currency relative to other currencies.
The BOP disequilibrium was corrected by “Price-specie-flow mechanism”.
Example of gold export and import
If the gold par value in New Zealand was NZ$125/ounce and A$100/ounce in Australia, so mint par of exchange: 100/125 = A$0.80/NZ$ Costs of gold transportation: A$0.008/NZ$ The exchange rate would fluctuate between (0.80 + 0.008) = 0.8008 and (0.80 – 0.008) = 0.792
Bretton Woods System (1944 – 1971)
Bretton Woods Agreement was to design a new international monetary system. International monetary fund (IMF) to lend to member countries experiencing a shortage of foreign exchange reserves The International Bank for Reconstruction and Development (IBRD) (World bank) to finance postwar reconstruction
GATT (WTO) to promote the reduction of trade barriers and settle trade disputes Pegged exchange rate system US dollar was the international currency. Each country pegged the value of their currencies to the US dollar. US dollar was pegged to the gold. ($35/ounce) Parity band was within 1% on either side. The pegged value was adjustable.
The Bretton Woods System
•The value of the dollar was pegged to gold and the dollar was convertible to gold at the mint parity rate. •A pegged exchange rate system in which a country pegs the value of its currency to the currency of another nation. •In practice a dollar-exchangerate system as nations pegged to the dollar and freely exchanged the domestic currency for the dollar at the parity rate.
Chapter 4
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国际金融英文版PPT(共46页)
The exchange rate would fluctuate between (0.80 + 0.008) = 0.8008 and (0.80 – 0.008) = 0.792
0.8008 and 0.792 are called gold export and import points.
The BOP disequilibrium was corrected by “Price-specie-flow mechanism”.
Example of gold export and import
If the gold par value in New Zealand was NZ$125/ounce and A$100/ounce in Australia, so mint par of exchange: 100/125 = A$0.80/NZ$ Costs of gold transportation: A$0.008/NZ$
The Classical Gold Standard (1876 – 1914)
The gold standard was a commitment by participating nations to fix the price of their domestic currencies in terms of a specified amount of gold.
International monetary system is based on the exchange rate system adopted by individual nations. The exchange rate system is a set of rules governing the value of a currency relative to other currencies.
0.8008 and 0.792 are called gold export and import points.
The BOP disequilibrium was corrected by “Price-specie-flow mechanism”.
Example of gold export and import
If the gold par value in New Zealand was NZ$125/ounce and A$100/ounce in Australia, so mint par of exchange: 100/125 = A$0.80/NZ$ Costs of gold transportation: A$0.008/NZ$
The Classical Gold Standard (1876 – 1914)
The gold standard was a commitment by participating nations to fix the price of their domestic currencies in terms of a specified amount of gold.
International monetary system is based on the exchange rate system adopted by individual nations. The exchange rate system is a set of rules governing the value of a currency relative to other currencies.
《国际金融学》PPT课件全
输入 各国标政题策性
银行
如中国国家开发银行、中国进出口银行等，它们在国 内提供政策性金融服务的同时，也积极拓展海外业务， 支持中国企业“走出去”。
各国中央银 行
各国商业银 行
如挪威政府全球养老基金、新加坡政府投资公司等， 它们管理着庞大的外汇储备和财政盈余资金，在全球
范围内进行资产配置和投资。
各国主权财 富基金
成立于1964年，总部设在科特迪瓦经 济首都阿比让。成立目的是为非洲鼓劲 发展的动力，帮助非洲各国进行经济重 建和发展，协助成员国发展经济和减少 贫困，为成员国的经济和社会发展活动 提供资金支持。
各国的国际金融机构
如美联储、欧洲央行等，它们不仅在国内执行货币政 策和金融监管职能，同时也参与国际金融合作与协调。
国际资本流动定义
指资本在国际间转移，包括直接投资、间接投资、国际信贷等方 式。
国际资本流动类型
长期资本流动与短期资本流动。
国际资本流动规模与趋势
近年来，随着全球化进程加速，国际资本流动规模不断扩大，流动 速度也在加快。
国际资本流动的原因与影响
利润驱动
企业为追求更高利润，在全球范围内配置资源。
汇率与利率变动
成立于1966年11月，是面向亚洲和太 平洋地区的区域性政府间金融开发机构。 它不是联合国下属机构，但它是联合国 亚洲及太平洋经济社会委员会（联合国 亚太经社会）赞助建立的机构，同联合 国及其区域和专门机构有密切的联系。
是欧洲经济共同体成员国合资经营的金 融机构，根据1957年《建立欧洲投资 银行协定》的规定，于1958年1月1日 成立。该银行宗旨是利用国际资本市场 和共同体内部资金，促进共同体的平衡 和稳定发展。
《国际金融学》PPT课件 全
罗伯特J凯伯《国际金融》(第十三版英文版)课件
Instruments
• Direct controls
• Government restrictions on the market economy • To control particular items in the current account • To restrain capital outflows • To stimulate capital inflows
9
FIGURE 16.1 Macroeconomic equilibrium: the aggregate demand-aggregate supply model
The economy is in equilibrium where the aggregate demand curve intersects the aggregate supply curve. This intersection determines the equilibrium price level and output for the economy. Increases (decreases) in aggregate demand or aggregate supply result in rightward (leftward) shifts in these curves.
3
Policy Instruments
• Expenditure-changing policies
• Alter the level of total spending (aggregate demand) for goods and services
• Produced domestically and imported
6
• Direct controls
• Government restrictions on the market economy • To control particular items in the current account • To restrain capital outflows • To stimulate capital inflows
9
FIGURE 16.1 Macroeconomic equilibrium: the aggregate demand-aggregate supply model
The economy is in equilibrium where the aggregate demand curve intersects the aggregate supply curve. This intersection determines the equilibrium price level and output for the economy. Increases (decreases) in aggregate demand or aggregate supply result in rightward (leftward) shifts in these curves.
3
Policy Instruments
• Expenditure-changing policies
• Alter the level of total spending (aggregate demand) for goods and services
• Produced domestically and imported
6
国际金融英语International Finance 课件
If, revenues > expenditures If, revenues < expenditures
fiscal surpluses fiscal deficits
Hence, governments usually use two methods to cover fiscal deficits. One is raise tax rate (it may cause dissatisfaction from the public directly), another is to issue treasury bonds to cover deficits (it means the government will borrow money from the public and guarantee to repay principal with interests to the public in the future).
D. Finance (from personal perspective) is money management, in Chinese means “个人金融（理财)”.
It’s about how to allocate your personal incomes for consumption and investments, such as savings, buying financial products (T/B, housing, stocks, insurance, futures, mutual funds, foreign exchanges, and so on) from financial institutions to earn more money, but there is a risk for any investment.
Introduction 国际金融英文课件
• National Income Accounting and the Balance of Payments
• Exchange Rates and the Foreign Exchange Market
• Monetary, Interest Rates, and Exchange rates
Introduction
本课程将介绍国际金融的基本理论 与工具，进而对国际金融问题和政 策进行分析。
Copyright © 2009 Pearson Addison-Wesley. All rights reserved.
12-1
1. EXCHANGE RATES AND OPENECONOMY MACROECONOMICS
12-6
Chapter 12
National Income Accounting and the Balance of Payments
Slides prepared by Thomas Bishop
Copyright © 2009 Pearson Addison-Wesley. All rights reserved.
National income is often defined to be the income earned by a nation’s factors of production.
Producers earn income from buyers who spend money on goods and services.
The amount of expenditure by buyers = the amount of income for sellers = the value of production.
• Exchange Rates and the Foreign Exchange Market
• Monetary, Interest Rates, and Exchange rates
Introduction
本课程将介绍国际金融的基本理论 与工具，进而对国际金融问题和政 策进行分析。
Copyright © 2009 Pearson Addison-Wesley. All rights reserved.
12-1
1. EXCHANGE RATES AND OPENECONOMY MACROECONOMICS
12-6
Chapter 12
National Income Accounting and the Balance of Payments
Slides prepared by Thomas Bishop
Copyright © 2009 Pearson Addison-Wesley. All rights reserved.
National income is often defined to be the income earned by a nation’s factors of production.
Producers earn income from buyers who spend money on goods and services.
The amount of expenditure by buyers = the amount of income for sellers = the value of production.
国际金融英语International Finance 课件
Bank (lender) Public investors
capital
a company (borrower)
principal with interests
A company may borrow long-term funds by issuing long-term corporate bonds to the public. It is a temporary transfer of ownership of funds from the bond buyers (investors) to the company. And the company promises to pay back the principal with interests to the bond buyers in the future. Here, commercial or investment banks play the role of financial intermediation and collect fees for this services, instead of interests.
机械工业出版社。 6、《经济学原理》，Gregory Mankiw, 机械工业出版社。 7、《中央银行英语教程》、《商业银行英语教程》、
《证券市场与投资银行英语教程》，李若谷、张燕铃、 和广北等，新华出版社。 8、《金融市场与机构》，Jeff Madura, 北京大学出版社。
Recommended Media for Learning
II. Functions of Money
A. Medium of Exchange (流通手段）— basic function B. Standard of Value (价值尺度）— basic function C. Store of Value (价值储藏） D. Standard of Deferred Payment (延期支付标准） F. World Currency (世界货币）
《国际金融学》PPT课件
《国际金融学》PPT课件contents •国际金融学概述•国际货币体系与汇率制度•国际金融市场与金融机构•国际资本流动与金融危机•国际金融合作与协调•中国国际金融发展与实践目录01国际金融学概述国际金融学的定义与研究对象国际金融学的定义研究国际货币、国际资本流动和国际金融市场运行规律的科学。
研究对象包括国际货币制度、国际收支、外汇与汇率、国际储备、国际金融市场、国际资本流动、国际金融机构及国际金融监管等。
03当代国际金融学面临新的挑战，如金融科技、数字货币、气候变化对国际金融的影响等。
01早期国际金融学主要研究国际收支、外汇与汇率等问题。
02现代国际金融学随着经济全球化的发展，研究领域扩展到国际金融市场、国际资本流动、国际金融机构及国际金融监管等。
实证分析方法运用统计数据和计量经济学模型，对国际金融现象进行实证分析。
规范分析方法基于一定的价值判断，对国际金融政策和制度进行分析和评价。
案例分析方法通过对典型案例的深入剖析，揭示国际金融活动的内在规律和机理。
比较分析方法对不同国家和地区的国际金融制度、政策和实践进行比较分析，寻求共性和差异。
02国际货币体系与汇率制度以黄金作为国际储备货币或国际本位货币的国际货币制度。
金本位制布雷顿森林体系牙买加体系以美元为中心的国际货币体系，美元与黄金挂钩，其他货币与美元挂钩。
国际货币基金组织（IMF ）的协定第二次修正案在1978年4月1日正式生效，国际货币体系由此进入牙买加体系时代。
030201国际货币体系的演变汇率制度的类型与特点固定汇率制一国货币同另一国货币的兑换比率基本固定的汇率，即指一国政府为了维持经济的稳定，将本国货币与某种外国货币的比价固定在一定的范围之内，即使汇率的波动超过一定范围也采取干预措施。
浮动汇率制一国货币当局不规定本国货币与其他货币的官方汇率，也不规定汇率波动的幅度，听任汇率由外汇市场供求关系自发地决定。
联系汇率制将本币与某特定外币的汇率固定下来，并严格按照既定兑换比例，使货币发行准备随时可调回所使用的货币的制度。
国际金融英语PPT
grammar
• Para3.p13 nothing more than 只不过 ，仅 仅是
• With collective action doing nothing more than devaluing money by causing inflation.
Sentence.p13
• It was this realization that inspired the blueprint for the post war international monetary system, the_____________.
• 1.What did the UK face in the 1920s?
• 2. What is the gold exchange standard and when did it come to an end?
The End of the Gold Standard Era and its Return
The Causes of the Collapse
Lack of an adequate adjustment mechanism
The huge destabilizing capital flows The outbreak of the Great Depression
This also was a period when nations imposed very high tariffs and other serious import restrictions.
The Automatic Adjustment Mechanism
Chapter 2
• para.1-4 the background • para.5-6 goals and structure of the IMF • para.7-18 the Bretton Woods System
国际金融课件Chapter.ppt
Example 1:
• Suppose your company would like to buy some goods from United Kingdom, and the price is ￡1 million, and pay in six month later. The exchange at present is 1.6 $/￡, which means that you pay for 1.6million dollars. • However, six month later, the dollar depreciate against the British pound by 5 percent, to 1.68$/￡. So you have to pay for 1.68 million dollars. • Because of the change in the exchange rate, the dollar price of the goods would rise 5 percent, you have to pay 80000 dollar more.
1.1 Types of Foreign Exchange Risk Exposure 外汇风险暴露的类型 • Transaction exposure: the risk that the
domestic cost or proceeds of a transaction may change. •交易风险：以外币计价的交易成本或交易收益可能发 Translation exposure: (also known as 生变动的风险。 accounting exposure) the risk that the translation of value of foreign-currencydenominated assets is affected by exchange rate changes. • Economic exposure: (also known as operating) 换算风险：就是将多种外币计价的资产和负债换算 the risk that exchange rate changes may 为某种单一货币计价时发生的风险。 affect the present value of future income streams.
国际金融英语International Finance 课件
C. Finance (from corporate perspective), in Chinese means “公司财务”.
For a company, its assets are composed of equity (所 有者权益/自有资金）and liabilities (负债）.
Assets = Equity + Liabilities
b) In the past, many things have served their turn as money, such as decorative shells, beads, stone axes, bronze, gold and silver.
c) Nowadays, for our daily point of view, money refers to notes, coins, checks, traveling checks and deposits.
机械工业出版社。 6、《经济学原理》，Gregory Mankiw, 机械工业出版社。 7、《中央银行英语教程》、《商业银行英语教程》、
《证券市场与投资银行英语教程》，李若谷、张燕铃、 和广北等，新华出版社。 8、《金融市场与机构》，Jeff Madura, 北京大学出版社。
Recommended Media for Learning
Unit 1. Money
I. Money
A. Definition of money and review of money’s history.
a) Money is defined as anything that is generally acceptable in payment for goods and services, or in discharge of debts.