PowerPoint Presentation - Single CurrencyPowerPoint演示文稿的单一货币.pptVIP

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2018-06-22 发布于江西
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PowerPoint Presentation - Single CurrencyPowerPoint演示文稿的单一货币.ppt

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PowerPoint Presentation - Single CurrencyPowerPoint演示文稿的单一货币.ppt

Single Currency Topics What is “international money”? European Monetary System (EMS) The Economics of Currency in the 1980’s and 1990’s EMU Treaty of Maastricht The Process What is International Money? The idea of exchange rates on either side of Bretton Woods Bretton Woods (up to 1973): fixed but adjustable exchange rates – a high degree of stability of currency values After Bretton Woods (post-1973): freely fluctuating exchange rates – instability of currency values The factors affecting exchange rates What is International Money? (cont’d) The effects of changing exchange rates The relative value of your currency rises (appreciation) The relative value of your currency falls (depreciation) “Correct” policy measures affecting exchange rates Rate of interest Level of prices “Incorrect” policy measures affecting ex. Rates Exchange controls European Monetary System (EMS) The “Debate” since the late 1960s The ‘economists’: Germany, Netherlands The ‘monetarists’: France, Belgium, Luxembourg The Werner Report 1970 The “snake in the tunnel” of 1972 on The “tunnel” is the US dollar 2.25 per cent bands of fluctuation of intra-EEC exchange rates, in terms of parity against $ An effective DM zone after 1974 European Monetary System (cont’d-1) Establishment of EMS and ERM (1979) “a system of fixed and periodically adjustable exchange rates between EC currencies, operating within relatively narrow margins of fluctuation.” (Tsoukalis, The New European Economy Revisited p. 143) The ECU “Central rate” and bilateral exchange rates Allowable margins of fluctuation of 2.25 per cent around bilateral rates, except 6 per cent for Italian lira. Spanish peseta and Portuguese escudo European Monetary System (cont’d-2) Divergence indicator Britain within EMS, but not ERM Implications of EMS Instrument for fight against inflation German policy sets the standard (strong currency, anti-inflationary) Zone of monetary stability The Economics of Currency In the1980s Policy convergence Control o