国际政治经济学中的货币与金融体系

第五讲国际政治经济学中的货币与金融体系

MoneyandFinance

Ⅰ.国际领域内的货币与金融

MoneyandFinanceintheInternationalArenaⅡ.文选讲读

SelectedReadingExplanationTheTriadandtheUnholyTrinity:ProblemsofInternationalMonetaryCooperation

Ⅰ.MoneyandFinance

intheInternationalArenaTheinternationaleconomy,likedomesticeconomies,requiresacommonmonetarystandardtofunctionsmoothly.Iftheinternationalmonetarysystemprovidesthemeasures

(度量)

neededtoconductworldtradeandpayments,theinternationalfinancialsystemprovidesthe

means（手段）mainlybybanks(financialinstitutions)Ⅰ.MoneyandFinance

intheInternationalArenaFourwellfunctioninginternationalmonetaryandfinancialsystems:Ininternationalfinance,theperiodsince1965hasbeenextraordinarilyeventful.TheEuromarkethasgrowntoseveraltrilliondollars,andinternationalbankinghasbecomeoneofthegreatgrowthindustriesintheworldeconomy.ImpactofPostwarmonetaryandfinancialaffairs:MONEY:aunitofaccountagainstwhichothergoodscanbemeasuredamediumofexchangewithwhichtransactionscanbecarriedoutastoreofvalueinwhichwealthcanbeheld*Tradedcommodity(goldorporkbellies)–classicalgoldstandard**Fictitiousunit(papergold)–issuedbyIMF(precursorofinternationalmoney国际货币的先驱)–dollaroreuroasthebasisforinternationalpaymentsanacceptableandpredictableunitwhichindividualsandfirmsneedforthepurposetobuyandsellandtosaveandinvest.TheinternationalmonetarysystemTheinternationalmonetarysystemisthe“GreatWheel”thatenablesgoodstomoveininternationaltrade,theinternationalfinancialsystemisthegreasethatallowsthewheelitselftoturn.Fourwellfunctioninginternationalmonetaryandfinancialsystems:

1820—1914:classicalgoldstandardsystem(manymajornationalcurrenciesweretiedtogoldatalegallyfixedrate.)actuallyagold-sterlingstandardsystem.TheworldfinancialsystemwasdominatedbyBritishbanks,whichfinancedmuchofworldtradeandchanneledinternationalinvestmenttoUSA,AUS,SouthAfrica,etc.1914—1945:goldexchangestandardsystem(mostcountrieswentbacktotyingtheircurrenciestogoldbutnosinglenationalcurrencycametodominatetheothers)tothesystemcrasheddownintheGreatDepression(大萧条).Fourwellfunctioninginternationalmonetaryandfinancialsystems:

1945—1975：gold-dollarstandardsystem(BrettonWoodsmonetarysystem)1Americandollartiedtogoldattherateof35dollarsanounce,otherWesterncurrenciestiedtothedollar.InAugust1971,PresidentNixon“closedthegoldwindow”,dollarwasdevalued,by1975----1975—Floating–ratesystem(thevalueofmostcurrenciesissetbyprivatetradersinworldcurrencymarkets.)thevaluesofthedollar,theyen,thepound,andsoonfluctuateoninternationalcurrencymarketswhichcausesthemonetaryuncertainty.Threesolutionstomonetaryuncertainty*developmentofanewinternationalmoney;**returntothegoldstandardsystem;***seekstabilitythroughcooperativeregionalagreements(EMU:eurogivingupnationalmoneysinfavorofacommoncurrency)internationalfinancesince1965FOREIGNINVESTMENT(CapitalFlow):2/3Portfolio(internationalbondsandbanklanding);1/3fdi.CROSS—Bordertransactionsinstocksandbonds:200%ofGDPinUSandGermanyand300%inFranceandCanada.1980s10%inmajorindustrialcountries.Short–financial“Derivatives”(金融衍伸产品)morethan$40trillionperyear.Foreignexchangetradingmorethan$2trillionaday,$2billionaminute!

ImpactofPostwarmonetaryandfinancialaffairs:

*Politicalpolemics(政治方面的争论)

betweenDevelopingandDevelopedCountries:**Academicpolemics(学术界的争论)

PoliticalpolemicsbetweenDevelopingandDevelopedCountries:Theexistingsystemsofinternationalmonetaryrelationsandinternationalbankingworktodevelopingcountries’’detrimentandneedtobereformed(危危害害发发展展中中国国家家并并需需要要改改革革)Thecurrentarrangementsininternationalmonetaryandfinance,imperfectastheymaybe,arebestavailableandneedn’’tbereformed(虽虽然然不不完完善善但但却却是是最最可可行行的的不不必必改改革革)AcademicpolemicsNationalcapitalcontrolsobsoleteandtheriseofsupranationalfinancialactorshaserodethepowerofnationalstates.Internationalmonetaryrelationsessentiallyserveincreasinglytoenrichglobalinternationalinvestorsandtheirallies(IMF).Nationalgovernmentsarestilltheprimarydeterminantsofinternationalmonetaryandfinancialtrends.Thespecificmonetaryandfinancialpoliciesareinstrumentsofnationalpolicy,andnottheotherwayaround.Ⅱ.SelectedReadingExplanationTheTriadandtheUnholyTrinity:ProblemsofInternationalMonetaryCooperationBenjaminJ.CohenSummaryBenjaminJ.CohenPresentPosition:Education:PreviousAppointments(full-time):Honors:PUBLICATIONPresentPosition:LouisG.LancasterProfessorofInternationalPoliticalEconomy,UniversityofCalifornia,SantaBarbara.Education:B.A.,ColumbiaUniversity,l959.

Ph.D.Economics,ColumbiaUniversity,l963.PreviousAppointments1962-1964:Economist,ResearchDepartment,FederalReserveBankofNewYork(33LibertyStreet,NewYork,NewYorkl0045).1964-1971:AssistantProfessor,DepartmentofEconomics,PrincetonUniversity(Princeton,NewJersey08540).1971-1978:AssociateProfessorofInternationalEconomicAffairs,TheFletcherSchoolofLawandDiplomacy,TuftsUniversity(Medford,MA02155).1978-1991:WilliamL.ClaytonProfessorofInternationalEconomicAffairs,TheFletcherSchoolofLawandDiplomacy,TuftsUniversity(Medford,MA02155).Honors:NewYorkStateRegentsScholarship,l955-l959.PhiBetaKappa,l959.A.B.MagnaCumLaude,l959.NewYorkStateRegentsCollegeTeachingFellowship,l959-l96l.ColumbiaUniversityScholarships,l959-l960,l960-l96l.FelsFundDoctoralDissertationFellowship,l96l-l962.Honors:ColumbiaUniversityInternationalEconomicsWorkshop,SummerResearchGrant,l962.CouncilonForeignRelations,InternationalAffairsFellowship,l968-l969.RockefellerFoundationFellowship,ConflictinInternationalRelationsProgram,l975-l976.FordFoundationResearchGrant,l978-l980.FordFoundationResearchGrant,l983-l984.Honors:CouncilonForeignRelations,WhitneyH.ShepardsonFellowship,l984-l985.FulbrightFellowship,December1991.DistinguishedVisitingProfessor,StateUniversityofNewYorkatPlattsburgh,November1993.DistinguishedScholar,InternationalStudiesAssociation,2000PUBLICATIONTheInternationalPoliticalEconomyofMonetaryRelations(London:EdwardElgarPublishing,1993).[editorandcontributor]InternationalTradeandFinance:NewFrontiersforResearch,EssaysinHonorofPeterB.Kenen(NewYork,CambridgeUniversityPress,1997).[editorandcontributor]TheFinancialSupportFundoftheOECD:AFailedInitiative,PrincetonEssaysinInternationalFinance,No.204(Princeton:InternationalFinanceSection,1997).PUBLICATIONTheGeographyofMoney(IthacaandLondon:CornellUniversityPress,1998).IssuesandAgentsinInternationalPoliticalEconomy:AnINTERNATIONALORGANIZATIONReader,editedwithCharlesLipson(MITPress,1999).TheoryandStructureinInternationalPoliticalEconomy:AnINTERNATIONALORGANIZATIONReader,editedwithCharlesLipson(MITPress,1999).PUBLICATIONLifeattheTop:InternationalCurrenciesintheTwenty-FirstCentury,PrincetonEssaysinInternationalEconomics,No.221(Princeton:InternationalEconomicsSection,2000).TheFutureofMoney(PrincetonUniversityPress,2004).InternationalMonetaryRe