【学习笔记】International Finance 国际金融论研究学习笔记-7

Part I

Basics ofInternational Finance --7

Ch2 --4

InternationalMonetary System

Evolution of theInternational Monetary System --6

(5) The Flexible Exchange Rate Regime: 1973-Present

（①）      Flexibleexchange rates were declared acceptable to the IMF members.

               –Central banks were allowed tointervene in the exchange rate markets to iron out unwarranted volatilities.

（②）      Goldwas abandoned as an international reserve asset.

（③）      Non-oil-exportingcountries and less-developed countries were given greater access to IMF funds.

Current Exchange Rate Arrangements

（①）      FreeFloat

               –The largest number of countries,about 33, allow market forces to determine their currency’s value.

（②）      ManagedFloat

              –About 46 countries combinegovernment intervention with market forces to set exchange rates.

（③）      Peggedto another currency

               –Such as the U.S. dollar or euro.

（④）      Nonational currency

               –Some countries do not botherprinting their own currency. For example, Ecuador, Panama, and El Salvador havedollarized. Montenegro and San Marino use the euro.