国际政治经济学中的货币与金融体系(共25).ppt

1、第五讲第五讲 国际政治经济学中的货币与金融体系国际政治经济学中的货币与金融体系 Money and Finance . 国际领域内的货币与金融国际领域内的货币与金融 Money and Finance in the International Arena . 文选讲读文选讲读 Selected Reading Explanation The Triad and the Unholy Trinity: Problems of International Monetary Cooperation . . Money and Finance in the International ArenaThe

2、 international economy, like domestic economies, requires a common monetary standard to function smoothly.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 (fi

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

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

5、commodity (gold or pork bellies) classical gold standard *Fictitious unit (paper gold) issued by IMF (precursor of international money国际货币的先驱) dollar or euro as the basis for international payments an acceptable and predictable unit which individuals and firms need for the purpose to buy and sell an

6、d 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 monetary and fina

7、ncial systems: 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 international inve

8、stment to USA, AUS, South Africa, etc. 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(大萧条大萧条).Four well functioning international monet

9、ary and financial systems: 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 devalued, by 1975- 1975

10、 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 uncertainty* development of

11、 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 (international bonds and ban

12、k 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”(金融衍伸产品金融衍伸产品) more than $40trillion per year.Foreign exchange trading more than $2trillion a day, $2b

13、illion a minute! Impact of Postwar monetary and financial affairs: * Political polemics (政治方面的争论政治方面的争论) between Developing and Developed Countries: * Academic polemics (学术界的争论学术界的争论) Political polemics between Developing and Developed Countries: The existing systems of international monetary relati

14、ons and international banking work to developing countries detriment and need to be reformed (危害发展中国家并需要危害发展中国家并需要改革改革) The current arrangements in international monetary and finance, imperfect as they may be, are best available and neednt be reformed (虽然不完善但却是最可行的不必改革虽然不完善但却是最可行的不必改革) Academic pole

15、mics 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). National governments are still the primary de

16、terminants 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: Previous Appointments (full

17、-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: Economist, Research Department

18、, 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 School of Law and Diplomacy, T

19、ufts 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. Magna Cum Laude, l959. New Yo

20、rk 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 Foreign Relations, International

21、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 Fellowship, l984-l985. Fulbright F

22、ellowship, 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 Publishing, 1993). editor a

23、nd 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 Finance, No. 204 (Princeton

24、: 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 and Structure in Internationa

25、l 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 Mo