【学习笔记】International Finance 国际金融论研究 学习笔记-4

Part I

Basics ofInternational Finance --4

Ch2 --1

InternationalMonetary System

Chapter TwoOutline

Evolution of theInternational Monetary System

Current ExchangeRate Arrangements

Fixed versusFlexible Exchange Rate Regimes

Evolution of theInternational Monetary System --1

(1)Bimetallism:Before 1875

(2)Classical GoldStandard: 1875-1914

(3)InterwarPeriod: 1915-1944

(4)Bretton WoodsSystem: 1945-1972

(5)The FlexibleExchange Rate Regime: 1973-Present

Evolution of theInternational Monetary System --2

(1) Bimetallism:Before 1875

（①）Bimetallismwas a “double standard” in the sense that both gold and silver were used asmoney.

（②）Somecountries were on the gold standard, some on the silver standard, and some onboth.

（③）Bothgold and silver were used as an international means of payment, and theexchange rates among currencies were determined by either their gold or silvercontents.

Gresham’s Law

（①）Gresham’sLawimplies that the least valuable metal is the one that tends to circulate.

（②）Supposethat you were a citizen of Germany during the period when there was a 20 Germanmark coin made of gold and a 5 German mark coin made of silver.

–If gold suddenly and unexpectedly becamemuch more valuable than silver, which coins would you spend if you wanted tobuy a 20-mark item and which would you keep?