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关键词:International monetary systemfinancial
The international monetary system since 1870
1. Introduction to the international monetary system
The international monetary system is broadly defined as the set of conventions, rules, procedures and
institutions https://www.51lunwen.org/Ghostwrite/assignment.htmlthat govern the conduct of financial relations between nations. The need for an
international monetary system derives from the inherent interdependence of open national economies
and different systems are designed to support specific forms of trade and economic development. The
design of international monetary systems has a considerable influence upon the ability of national
economies to achieve their goals of maintaining internal and external balance.
The four principal international monetary system types since 1870 have been the following:
classical gold standard (1870-1914)
modified gold standard (1925-1931)
Bretton Woods (1944-1972)
European Monetary Union (EMU) (1999-)
Finally, it is it is important to keep in mind that, although the industrialised countries we are most
familiar with either have freely floating currencies (i.e. UK, USA, Japan) or operate within a
restricted EMS system. However, there exists a wide variation of fixed and floating regimes currently
in operation throughout the world.
1
2. The Classical Gold Standard (1870-1914)
The system of international monetary relations that had evolved by the late nineteenth century was a
commodity money standard known as the classical gold standard (1870-1914). The historical
origin of using gold as a medium of exchange derives from its use in ancient times and its more
formal adoption as a gold standard in Britain in 1819 when Parliament resumed its practice of
exchanging currency notes for gold on demand at a fixed rate. As the decade continued, Germany,
Japan and代写留学生论文other countries adopted the gold standard (rather than the alternative silver standard) as the
basis for their currency exchange, with the USA joining in 1879.
The essence of the gold standard was that each participating country was obliged to fix its currency in
terms of gold. Consequently, each country s currency was then fixed to each other. For example,
sterling was valued at 113.02 grains of fine gold and the par value of the US dollar at 23.22 grains.
Thus, sterling would exchange against the US dollar at £1 = $4.87. Since the exchange rate was fixed
to gold, the money supply was restricted by the supply of gold. Prices could still rise and fall in
relation to economic booms and slumps, but the tendency was for a return to a long-term stable level.
As long as the gold stock grew at a steady rate, prices would follow a steady path; new discoveries of gold would cause discontinuous shifts in the price level.
In order for the gold standard to operate in this way, a number of conditions had to be fulfilled:
(i) gold had to be acceptable as international money
(ii) governments had to be prepared to provide gold on demand in unlimited quantities at a fixed
price
(iii) no restrictions could be placed on the import or export of gold.
It was especially important that governments obeyed the rules and did not respond to a gold loss resulting from a BOP deficit by issuing more money, or otherwise sterilising the contractionary effects 本论文由英语论文网提供整理,提供论文代写,英语论文代写,代写论文,代写英语论文,代写留学生论文,代写英文论文,留学生论文代写相关核心关键词搜索。