Merits of international Gold standard 国际金本位制的作: 由于各国汇率由含金量确定,汇率波动受黄金输 送点限制,各国间汇率稳定。 2./国际收支失衡的调节通过“物价和现金凉动机 自动调节,遊免政府政策的人为失。 3由于没有外汇管制,有利于商品和资本在国际间 自由流动,使生产要素在国所间达到最住组合和 配置。 对偏好依赖“通货膨胀”的政府蘆加了外部约柬。 因为受到(1)该国货币用黄金存量的限制;(2)物 价和现金流动机制会使货币供应和物价水平恢复 平衡
Merits of International Gold Standard 国际金本位制的作用： 1. 由于各国汇率由含金量确定，汇率波动受黄金输 送点限制，各国间汇率稳定。 2. 国际收支失衡的调节通过“物价和现金流动机 制”自动调节，避免政府政策的人为失误。 3. 由于没有外汇管制，有利于商品和资本在国际间 自由流动，使生产要素在国际间达到最佳组合和 配置。 4. 对偏好依赖“通货膨胀”的政府施加了外部约束。 因为受到(1)该国货币用黄金存量的限制；(2)物 价和现金流动机制会使货币供应和物价水平恢复 平衡
The Price-specie-Flow Mechanism (1) The theory was recognized by the david Hume, the Scottish philosopher, in 1752 e Suppose that Britain's current account surplus is greater than its non-reserve capital account deficit. The balance must be matched by flows of gold into Britain These gold flows automatically reduce foreign money supplies and swell Britains money supply, pushing foreign prices downward and British price upward
The Price-Specie-Flow Mechanism (1) The theory was recognized by the David Hume, the Scottish philosopher, in 1752. Suppose that Britain’s current account surplus is greater than its non-reserve capital account deficit. The balance must be matched by flows of gold into Britain. These gold flows automatically reduce foreign money supplies and swell Britain’s money supply, pushing foreign prices downward and British price upward
c The price-Specie-Flow Mechanism(2) e The simultaneous rise in British prices and fall in foreign prices-a real appreciation of the pound given the fixed exchange rate reduces foreign demand for British goods and services and at the same time increases british demand for foreign goods and services. These demand shifts work in the direction of reducing britain's current account surplus and reducing the foreign account deficit Eventually, reserve movements stop and both countries reach balance of payments equilibrium
The Price-Specie-Flow Mechanism (2) The simultaneous rise in British prices and fall in foreign prices—a real appreciation of the pound, given the fixed exchange rate—reduces foreign demand for British goods and services and at the same time increases British demand for foreign goods and services. These demand shifts work in the direction of reducing Britain’s current account surplus and reducing the foreign account deficit. Eventually, reserve movements stop and both countries reach balance of payments equilibrium
Drawbacks of gold standard 金本位制的缺赂: 1世界黄金存量的增长跟不上工业用金,货 币用金和贮藏用金雳求。(发行纸币的黄 金准备) 2,没有国际监督机构,各国政府不遵守“遊 戏规刎A”,顺差国不愿减少顺差,而调 国所收支的负担全部落在逆差国身上 3.黄金作为货币发行准备的成本太大。挖掘 窖癜,运输,和看守的机会成本太高
Drawbacks of Gold Standard 金本位制的缺陷： 1. 世界黄金存量的增长跟不上工业用金，货 币用金和贮藏用金需求。（发行纸币的黄 金准备） 2. 没有国际监督机构，各国政府不遵守“游 戏规则”，顺差国不愿减少顺差，而调 节国际收支的负担全部落在逆差国身上。 3. 黄金作为货币发行准备的成本太大。挖掘， 窖藏，运输，和看守的机会成本太高
A Rules of the Game(1) o The reactions of central banks to gold flows across their borders furnished another mechanism to help restore balance of payment equilibrium Central banks that were persistently losing gold were motivated to contract their domestic asset holding, pushing domestic interest rates upward and attracting inflows of capital from abroad Central banks gaining gold had much weaker incentives to eliminate their own imports of the metals. The main incentive was the greater profitability of interest-bearing domestic assets compared withbarfen gold
Rules of the Game (1) The reactions of central banks to gold flows across their borders furnished another mechanism to help restore balance of payment equilibrium. Central banks that were persistently losing gold were motivated to contract their domestic asset holding, pushing domestic interest rates upward and attracting inflows of capital from abroad. Central banks gaining gold had much weaker incentives to eliminate their own imports of the metals. The main incentive was the greater profitability of interest-bearing domestic assets compared with “barren” gold