国际财务管理第二章.pptxVIP

INTERNATIONAL

FINANCIAL

MANAGEMENT

FourthEdition

EUN/RESNICK

2-0Copyright2007byTheMcGraw-HillCompanies,Inc.Allrightsreserved.

ChapterObjective:

Thischapterservestointroducethestudenttothe

institutionalframeworkwithinwhich:

Internationalpaymentsaremade.

Themovementofcapitalisaccommodated.

Exchangeratesaredetermined.

2-1Copyright2007byTheMcGraw-HillCompanies,Inc.Allrightsreserved.

TheInternational

MonetarySystem

2

ChapterTwo

ChapterTwoOutline

●EvolutionoftheInternationalMonetarySystem·CurrentExchangeRateArrangements

●EuropeanMonetarySystem

·EuroandtheEuropeanMonetaryUnion

●TheMexicanPesoCrisis

·TheAsianCurrencyCrisis

·TheArgentinePesoCrisis

·FixedversusFlexibleExchangeRateRegimes

2-2Copyright◎2007byTheMcGraw-HillCompanies,Inc.Allrightsreserved.

●Bimetallism:Before1875

●ClassicalGoldStandard:1875-1914·InterwarPeriod:1915-1944

·BrettonWoodsSystem:1945-1972

·TheFlexibleExchangeRateRegime:1973-

Present

2-3Copyright◎2007byTheMcGraw-HillCompanies,Inc.Allrightsreserved.

Bimetallism:Before1875

·A“doublestandard”inthesensethatbothgoldandsilverwereusedasmoney.

·Somecountrieswereonthegoldstandard,someonthesilverstandard,someonboth.

·Bothgoldandsilverwereusedasinternational

meansofpaymentandtheexchangeratesamong

currenciesweredeterminedbyeithertheirgoldorsilvercontents.

·GreshamsLawimpliedthatitwouldbetheleast

valuablemetalthatwouldtendtocirculate.

2-4Copyright◎2007byTheMcGraw-HillCompanies,Inc.Allrightsreserved.

·Duringthisperiodinmostmajorcountries:

Goldalonewasassuredofunrestrictedcoinage

Therewastwo-wayconvertibilitybetweengoldand

nationalcurrenciesatastableratio.

Goldcouldbefre