Drawbacks日 1. Constraints on the use of monetary policy to fight unemployment 2. Tying currency values to gold ensures a stable overall price level only if the relative price of gold is stable, gold discovery in South America 3. An international payments system based on gold is problematic because central banks cannot increase their holdings of international reserves as their economies grow unless there are continual new gold discoveries 4. The gold standard gives gold-producing countries power to influence the world economy
Drawbacks: 1. Constraints on the use of monetary policy to fight unemployment. 2. Tying currency values to gold ensures a stable overall price level only if the relative price of gold is stable.→gold discovery in South America 3. An international payments system based on gold is problematic because central banks cannot increase their holdings of international reserves as their economies grow unless there are continual new gold discoveries. 4. The gold standard gives gold-producing countries power to influence the world economy
The Gold Exchange Standard Halfway between the gold standard and a pure reserve currency standard is the gold exchange standard. Central banks' reserves consist of gold and currencies whose prices in terms of gold are fixed, and each central bank fixes its exchange rate to a currency with a fixed gold price More flexibility in the growth of international reserves
The Gold Exchange Standard • Halfway between the gold standard and a pure reserve currency standard is the gold exchange standard. Central banks’ reserves consist of gold and currencies whose prices in terms of gold are fixed, and each central bank fixes its exchange rate to a currency with a fixed gold price. • More flexibility in the growth of international reserves
Fixed Exchange Rates under currency-circulation system 纸币流通下的布板杯体系。1944 Bretton Woods agreement 英国向美国妥协的结果“巫挂钩”体系 1%幅度波动 各国货币 1盎司=35美元 美元 dollar日元 金块 里拉
Fixed Exchange Rates under currency-circulation system • 纸币流通下的布雷顿森林体系。1944 • Bretton Woods agreement • 英国向美国妥协的结果“双挂钩”体系。 金块 美元dollar 各国货币 日元… 里拉… 1盎司=35美元 1%幅度波动
How to sustain the fixed rate 维持固定汇率制的手段: 1。动用黄金储备(储备项目) 2.利用贴现政策(资本项目) 3,施行外汇管制(或签订互换货币协定) 4,实行法定贬值( last resort)
How to sustain the Fixed Rate • 维持固定汇率制的手段： 1. 动用黄金储备（储备项目） 2. 利用贴现政策（资本项目） 3. 施行外汇管制（或签订互换货币协定） 4. 实行法定贬值（last resort）
Dilemma of us dollar 向他国提供美元 美国逆差 收支平衡 保持对美元信心
Dilemma of US dollar 美国逆差 收支平衡 向他国提供美元 保持对美元信心