国际财务管理第二章

INTERNATIONALFINANCIALMANAGEMENTEUN/RESNICKFourthEditionINTERNATIONALFINANCIALMANAGEMENTEUN/RESNICKFourthEditionChapterObjective:Thischapterservestointroducethestudenttotheinstitutionalframeworkwithinwhich:Internationalpaymentsaremade.Themovementofcapitalisaccommodated.Exchangeratesaredetermined.2ChapterTwoTheInternationalMonetarySystemEvolutionoftheInternationalMonetarySystemCurrentExchangeRateArrangementsEuropeanMonetarySystemEuroandtheEuropeanMonetaryUnionTheMexicanPesoCrisisTheAsianCurrencyCrisisTheArgentinePesoCrisisFixedversusFlexibleExchangeRateRegimesChapterTwoOutlineEvolutionoftheInternationalMonetarySystemBimetallism:Before1875ClassicalGoldStandard:1875-1914InterwarPeriod:1915-1944BrettonWoodsSystem:1945-1972TheFlexibleExchangeRateRegime:1973-PresentBimetallism:Before1875A“doublestandard”inthesensethatbothgoldandsilverwereusedasmoney.Somecountrieswereonthegoldstandard,someonthesilverstandard,someonboth.Bothgoldandsilverwereusedasinternationalmeansofpaymentandtheexchangeratesamongcurrenciesweredeterminedbyeithertheirgoldorsilvercontents.Gresham’sLawimpliedthatitwouldbetheleastvaluablemetalthatwouldtendtocirculate.ClassicalGoldStandard:1875-1914Duringthisperiodinmostmajorcountries:GoldalonewasassuredofunrestrictedcoinageTherewastwo-wayconvertibilitybetweengoldandnationalcurrenciesatastableratio.Goldcouldbefreelyexportedorimported.Theexchangeratebetweentwocountry’scurrencieswouldbedeterminedbytheirrelativegoldcontents.Forexample,ifthedollarispeggedtogoldatU.S.$30=1ounceofgold,andtheBritishpoundispeggedtogoldat£6=1ounceofgold,itmustbethecasethattheexchangerateisdeterminedbytherelativegoldcontents:ClassicalGoldStandard:1875-1914$30=£6$5=£1ClassicalGoldStandard:1875-1914Highlystableexchangeratesundertheclassicalgoldstandardprovidedanenvironmentthatwasconducivetointernationaltradeandinvestment.Misalignmentofexchangeratesandinternationalimbalancesofpaymentwereautomaticallycorrectedbytheprice-specie-flowmechanism.Price-Specie-FlowMechanismSupposeGreatBritainexportedmoretoFrancethanFranceimportedfromGreatBritain.Thiscannotpersistunderagoldstandard.NetexportofgoodsfromGreatBritaintoFrancewillbeaccompaniedbyanetflowofgoldfromFrancetoGreatBritain.ThisflowofgoldwillleadtoalowerpricelevelinFranceand,atthesametime,ahigherpricelevelinBritain.TheresultantchangeinrelativepricelevelswillslowexportsfromGreatBritainandencourageexportsfromFrance.ClassicalGoldStandard:1875-1914Thereareshortcomings:Thesupplyofnewlymintedgoldissorestrictedthatthegrowthofworldtradeandinvestmentcanbehamperedforthelackofsufficientmonetaryreserves.Eveniftheworldreturnedtoagoldstandard,anynationalgovernmentcouldabandonthestandard.InterwarPeriod:1915-1944Exchangeratesfluctuatedascountrieswidelyused“predatory”depreciationsoftheircurrenciesasameansofgainingadvantageintheworldexportmarket.Attemptsweremadetorestorethegoldstandard,butparticipantslackedthepoliticalwillto“followtherulesofthegame”.Theresultforinternationaltradeandinvestmentwasprofoundlydetrimental.BrettonWoodsSystem:1945-1972Namedfora1944meetingof44nationsatBrettonWoods,NewHampshire.Thepurposewastodesignapostwarinternationalmonetarysystem.Thegoalwasexchangeratestabilitywithoutthegoldstandard.TheresultwasthecreationoftheIMFandtheWorldBank.BrettonWoodsSystem:1945-1972UndertheBrettonWoodssystem,theU.S.dollarwaspeggedtogoldat$35perounceandothercurrencieswerepeggedtotheU.S.dollar.Eachcountrywasresponsibleformaintainingitsexchangeratewithin±1%oftheadoptedparvaluebybuyingorsellingforeignreservesasnecessary.TheBrettonWoodssystemwasadollar-basedgoldexchangestandard.BrettonWoodsSystem:1945-1972GermanmarkBritishpoundFrenchfrancU.S.dollarGoldPeggedat$35/oz.ParValueTheFlexibleExchangeRateRegime:1973-Present.FlexibleexchangeratesweredeclaredacceptabletotheIMFmembers.Centralbankswereallowedtointerveneintheexchangeratemarketstoironoutunwarrantedvolatilities.Goldwasabandonedasaninternationalreserveasset.Non-oil-exportingcountriesandless-developedcountriesweregivengreateraccesstoIMFfunds.CurrentExchangeRateArrangementsFreeFloatThelargestnumberofcountries,about48,allowmarketforcestodeterminetheircurrency’svalue.ManagedFloatAbout25countriescombinegovernmentinterventionwithmarketforcestosetexchangerates.PeggedtoanothercurrencySuchastheU.S.dollaroreuro(throughfrancormark).NonationalcurrencySomecountriesdonotbotherprintingtheirown,theyjustusetheU.S.dollar.Forexample,Ecuador,Panama,andElSalvadorhavedollarized.EuropeanMonetarySystemElevenEuropeancountriesmaintainexchangeratesamongtheircurrencieswithinnarrowbands,andjointlyfloatagainstoutsidecurrencies.Objectives:ToestablishazoneofmonetarystabilityinEurope.Tocoordinateexchangeratepoliciesvis-à-visnon-Europeancurrencies.TopavethewayfortheEuropeanMonetaryUnion.WhatIstheEuro?TheeuroisthesinglecurrencyoftheEuropeanMonetaryUnionwhichwasadoptedby11MemberStateson1January1999.Theseoriginalmemberstateswere:Belgium,Germany,Spain,France,Ireland,Italy,Luxemburg,Finland,Austria,PortugalandtheNetherlands.Whatarethed