國際政治經(jīng)濟學中的貨幣與金融體系(ppt 25)

1、第五講第五講 國際政治經(jīng)濟學中的貨幣與金融體系國際政治經(jīng)濟學中的貨幣與金融體系 Money and Finance . 國際領(lǐng)域內(nèi)的貨幣與金融國際領(lǐng)域內(nèi)的貨幣與金融 Money and Finance in the International Arena . 文選講讀文選講讀 Selected Reading Explanation The Triad and the Unholy Trinity: Problems of International Monetary Cooperation . . Money and Finance in the International ArenaA.T

2、he international economy, like domestic economies, requires a common monetary standard to function smoothly.B.If the international monetary system provides the measures ( (度量度量) ) needed to conduct world trade and payments, the international financial system provides the means（手段）（手段）mainly by banks

3、 (financial institutions). . Money and Finance in the International ArenaC.Four well functioning international monetary and financial systems: D.In international finance, the period since 1965 has been extraordinarily eventful. The Euro market has grown to several trillion dollars, and international

4、 banking has become one of the great growth industries in the world economy. E.Impact of Postwar monetary and financial affairs: MONEY:a.a unit of account against which other goods can be measuredb.a medium of exchange with which transactions can be carried outc.a store of value in which wealth can

5、be held *Traded commodity (gold or pork bellies) classical gold standard *Fictitious unit (paper gold) issued by IMF (precursor of international money國際貨幣的先驅(qū)) dollar or euro as the basis for international payments an acceptable and predictable unit which individuals and firms need for the purpose to

6、 buy and sell and to save and invest.The international monetary system The international monetary system is the “Great Wheel” that enables goods to move in international trade, the international financial system is the grease that allows the wheel itself to turn.Four well functioning international m

7、onetary and financial systems: 1.18201914: classical gold standard system (many major national currencies were tied to gold at a legally fixed rate.) actually a gold-sterling standard system. The world financial system was dominated by British banks, which financed much of world trade and channeled

8、international investment to USA, AUS, South Africa, etc. 2.19141945: gold exchange standard system (most countries went back to tying their currencies to gold but no single national currency came to dominate the others) to the system crashed down in the Great Depression(大蕭條大蕭條).Four well functioning

9、 international monetary and financial systems: 3.19451975：gold-dollar standard system (Bretton Woods monetary system) 1 American dollar tied to gold at the rate of 35 dollars an ounce, other Western currencies tied to the dollar. In August 1971, President Nixon “closed the gold window”, dollar was d

10、evalued, by 1975- 4.1975 Floating rate system (the value of most currencies is set by private traders in world currency markets.) the values of the dollar, the yen, the pound, and so on fluctuate on international currency markets which causes the monetary uncertainty. Three solutions to monetary unc

11、ertainty* development of a new international money; * return to the gold standard system; * seek stability through cooperative regional agreements (EMU: euro giving up national moneys in favor of a common currency)international finance since 1965 FOREIGN INVESTMENT (Capital Flow): 2/3 Portfolio (int

12、ernational bonds and bank landing); 1/3 fdi. CROSSBorder transactions in stocks and bonds: 200% of GDP in US and Germany and 300% in France and Canada. 1980s 10% in major industrial countries. Short financial “Derivatives”(金融衍伸產(chǎn)品金融衍伸產(chǎn)品) more than $40trillion per year.Foreign exchange trading more th

13、an $2trillion a day, $2billion a minute! Impact of Postwar monetary and financial affairs: * Political polemics (政治方面的爭論政治方面的爭論) between Developing and Developed Countries: * Academic polemics (學術(shù)界的爭論學術(shù)界的爭論) Political polemics between Developing and Developed Countries: The existing systems of inter

14、national monetary relations and international banking work to developing countries detriment and need to be reformed (危害發(fā)展中國家并需要危害發(fā)展中國家并需要改革改革) The current arrangements in international monetary and finance, imperfect as they may be, are best available and neednt be reformed (雖然不完善但卻是最可行的不必改革雖然不完善但卻

15、是最可行的不必改革) Academic polemics a)National capital controls obsolete and the rise of supranational financial actors has erode the power of national states. International monetary relations essentially serve increasingly to enrich global international investors and their allies(IMF). b)National governme

16、nts are still the primary determinants of international monetary and financial trends. The specific monetary and financial policies are instruments of national policy, and not the other way around. . Selected Reading Explanation Benjamin J. Cohen SummaryBenjamin J. Cohen Present Position: Education:

17、 Previous Appointments (full-time): Honors: PUBLICATION Present Position:Louis G. Lancaster Professor of International Political Economy, University of California, Santa Barbara. Education:B.A., Columbia University, l959. Ph.D. Economics, Columbia University, l963. Previous Appointments1962-1964: Ec

18、onomist, Research Department, Federal Reserve Bank of New York (33 Liberty Street, New York, New York l0045). 1964-1971: Assistant Professor, Department of Economics, Princeton University (Princeton, New Jersey 08540). 1971-1978: Associate Professor of International Economic Affairs, The Fletcher Sc

19、hool of Law and Diplomacy, Tufts University (Medford, MA 02155).1978-1991: William L. Clayton Professor of International Economic Affairs, The Fletcher School of Law and Diplomacy, Tufts University (Medford, MA 02155). Honors:New York State Regents Scholarship, l955-l959. Phi Beta Kappa, l959.A.B. M

20、agna Cum Laude, l959. New York State Regents College Teaching Fellowship, l959-l96l. Columbia University Scholarships, l959-l960, l960-l96l.Fels Fund Doctoral Dissertation Fellowship, l96l-l962.Honors:Columbia University International Economics Workshop, Summer Research Grant, l962. Council on Forei

21、gn Relations, International Affairs Fellowship, l968-l969. Rockefeller Foundation Fellowship, Conflict in International Relations Program, l975-l976.Ford Foundation Research Grant, l978-l980. Ford Foundation Research Grant, l983-l984. Honors:Council on Foreign Relations, Whitney H. Shepardson Fellow

22、ship, l984-l985. Fulbright Fellowship, December 1991. Distinguished Visiting Professor, State University of New York at Plattsburgh, November 1993.Distinguished Scholar, International Studies Association, 2000 PUBLICATIONThe International Political Economy of Monetary Relations (London: Edward Elgar

23、 Publishing, 1993). editor and contributorInternational Trade and Finance: New Frontiers for Research, Essays in Honor of Peter B. Kenen (New York, Cambridge University Press, 1997). editor and contributor The Financial Support Fund of the OECD: A Failed Initiative, Princeton Essays in International

24、 Finance, No. 204 (Princeton: International Finance Section, 1997). PUBLICATIONThe Geography of Money (Ithaca and London: Cornell University Press, 1998). Issues and Agents in International Political Economy: An INTERNATIONAL ORGANIZATION Reader, edited with Charles Lipson (MIT Press, 1999).Theory a

25、nd Structure in International Political Economy: An INTERNATIONAL ORGANIZATION Reader, edited with Charles Lipson (MIT Press, 1999).PUBLICATIONLife at the Top: International Currencies in the Twenty-First Century, Princeton Essays in International Economics, No. 221 (Princeton: International Economics Section, 2000).The Future of Money (Princeton University Press, 2004).International Monetary Re