金融英语课件7.ppt
《金融英语课件7.ppt》由会员分享,可在线阅读,更多相关《金融英语课件7.ppt(39页珍藏版)》请在课桌文档上搜索。
1、Chapter 7,Macroeconomics of International Currencies,The teaching purpose of this chapter,By the end of the chapter,students should be able to know about:how international currencies originatedwhy there lacks currency substitutionthe Bretton Woods systeminternational monetary system,Copyright 2010 P
2、earson Education,Inc.Publishing as Prentice Hall,2,Different stages of International Monetary System,1)Gold Standard(Mid 1870s Early 1930s)Concept:monetary system in which the standard economic unit of account is a fixed weight of gold.CharacteristicsNational currency defined in terms of gold;Centra
3、l bank ready to buy and sell gold;Gold freely coined and formed;Gold can be exported and imported;,Copyright 2010 Pearson Education,Inc.Publishing as Prentice Hall,3,Gold Standard EraGreat Britain;Germany;USABenefitsFree flows of labor,capital and goods;Rapid economic growth;Stable prices and exchan
4、ge rates.,Copyright 2010 Pearson Education,Inc.Publishing as Prentice Hall,4,2)Gold Exchange Standard(19441973)July,1944-delegates from 44 Allied Powers attended UNMFCConcept:US dollar pegged(钉住)to gold and other currencies pegged to US dollarGold fixed at US$35 per ounceExchange rate fluctuation(波动
5、,起伏):1%Collapse due to:Worldwide inflationOil crisis,Copyright 2010 Pearson Education,Inc.Publishing as Prentice Hall,5,In the early 1970s,the demise of the Bretton Woods system resulted in fundamental changes in the way international monetary system worked.Most important among these changes was tha
6、t the supply and the composition of international liquidity became endogenously determined and the international monetary system departed from a commodity System.fundamental=primary/essentialthe demise(死亡,终结,结束)of the Bretton Woods agreement=the termination/break down of the Bretton Woods agreement,
7、Copyright 2010 Pearson Education,Inc.Publishing as Prentice Hall,6,3)Free-Floating Exchange Rate System(19731985)Free-Floating Exchange RateSignificant Events1979:European Monetary System,created to promote exchange rate stability in EEC.1982:Mexico defaulted(拖欠,未履行)on US$1000 billion of foreign deb
8、tsUS pursued expansive monetary policyresults:High value of US dollar against other currenciesPlaza AgreementSeptember 1985,Plaza Agreement signed by G5.,Copyright 2010 Pearson Education,Inc.Publishing as Prentice Hall,7,4)Managed Float System(1985present)Also called“dirty float”Concept:governments
9、primarily allow market forces to determine exchange rates but regularly intervene in foreign exchange markets,Copyright 2010 Pearson Education,Inc.Publishing as Prentice Hall,8,The international monetary system is the framework within which countries borrow,lend,buy,sell and make payments across pol
10、itical borders.So far the world has gone through the following types of monetary system:a)The gold standardb)The gold exchange standardc)The flexible exchange rate systemd)The managed float,Copyright 2010 Pearson Education,Inc.Publishing as Prentice Hall,9,The foreign exchange market is a place wher
11、e currencies are bought and sold.The interbank market is an informal,over-the-counter,around the clock market including major commercial banks and some specialized brokers.The market is linked by telephone,fax,and the Internet,and the settlement of transactions is done via SWIFT.,Copyright 2010 Pear
12、son Education,Inc.Publishing as Prentice Hall,10,Interpretation of the concept,Fiat system法币/不兑换纸币a monetary system in which the value of money(usually paper money)is determined by a governments fiat or decree.,Copyright 2010 Pearson Education,Inc.Publishing as Prentice Hall,11,Commodity standard 商品
13、本位制a monetary system in which the value of money is based on a physical commodity such as gold or silver.gold standard 金本位制A monetary system that currency with a reserve of gold,and allows currency holders to convert their currency into gold.The U.S.went off the gold standard in 1971.,Copyright 2010
14、 Pearson Education,Inc.Publishing as Prentice Hall,12,Deregulated financial market 取消管制/自由化的金融市场financial markets where legal restrictions imposed by the government are lifted(撤销,解除),Copyright 2010 Pearson Education,Inc.Publishing as Prentice Hall,13,Capital flow资本流动capital control 资本管制Par value平价/面
15、值also called nominal value or face value;the stated value of a currency representing how much the holder is to be paid.,Copyright 2010 Pearson Education,Inc.Publishing as Prentice Hall,14,Freely floating exchange rate自由浮动汇率the rate which is allowed to adjust freely to the supply and demand of one cu
16、rrency for another.Portfolio 投资组合combined holdings of assets by an individual or institution,e.g.:bonds,preferred stocks,common stocks or other asset,with the purpose of reducing risk by diversification.,Copyright 2010 Pearson Education,Inc.Publishing as Prentice Hall,15,Balance of payments 国际收支The
17、difference between a nations total payments to,and receipts from,foreign nations during a specific periodtrade surplus 贸易顺差A positive balance of trade,i.e.exports exceed imports,Copyright 2010 Pearson Education,Inc.Publishing as Prentice Hall,16,Triffin Dilemma 特里芬难题the conflict between the necessit
18、y for the US to provide liquidity for conversion(变换,转化)of gold into US dollars by running balance of payments current account deficit and the need to maintain confidence in US dollar by running a balance of payments current account surplus.,Copyright 2010 Pearson Education,Inc.Publishing as Prentice
19、 Hall,17,Louvre Accord 卢浮宫协议a meeting of G7 nations in February at Louvre in France to announce that the dollar had fallen to a level consistent(协调,一致)with“economic fundamentals”and that central banks would intervene in FX markets only to ensure stability of exchange rate.,Copyright 2010 Pearson Edu
20、cation,Inc.Publishing as Prentice Hall,18,The Basics of Foreign Exchange Market,The trading of currencies takes place in foreign exchange markets whose major function is to facilitate international trade and investment.,Copyright 2010 Pearson Education,Inc.Publishing as Prentice Hall,19,Spot,forward
21、,bid,ask prices,There is an almost bewildering variety of foreign exchange markets abound in a number of currencies.In addition,there are diverse prices for these currencies.Virtually every major newspaper,such as THE WALL STREET JOURNAL or THE LONDON FINANCIAL TIMES,prints a daily list of exchange
22、rates.These are expressed either as the number of units of a particular currency that exchange for one U.S.dollar or as the number of U.S.dollars that exchange for one unit of a particular currency.Sometimes both are listed side by side.,Copyright 2010 Pearson Education,Inc.Publishing as Prentice Ha
23、ll,20,For major currencies,up to four different prices typically will be quoted.One is the spot price.The others may be 30 days forward,90 days forward,and 180 days forward.These may be expressed either in European terms(such as the number of U.S.dollar per British Pound sterling)or in American term
24、s(such as number of British Pound sterling per U.S.dollar).Spot price:即期价格,Copyright 2010 Pearson Education,Inc.Publishing as Prentice Hall,21,The spot price is what you must pay to buy currencies for immediate delivery(two working days in the interbank market;over the counter,if you buy bank notes
25、or travelers checks).The forward prices for each currency are what you will have to pay if you sign a contract today to buy that currency on a specific future date(30 days from now,and so on).In this market,you pay for the currency when the contract matures.forward prices:远期价格,Copyright 2010 Pearson
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 金融 英语 课件

链接地址:https://www.desk33.com/p-263503.html