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【学习笔记】International Finance 国际金融论研究 学习笔记-4
Part I
Basics ofInternational Finance --4
Ch2 --1
InternationalMonetary System
Chapter TwoOutline
Evolution of theInternational Monetary System
Current ExchangeRate Arrangements
Fixed versusFlexible Exchange Rate Regimes
Evolution of theInternational Monetary System --1
(1)Bimetallism:Before 1875
(2)Classical GoldStandard: 1875-1914
(3)InterwarPeriod: 1915-1944
(4)Bretton WoodsSystem: 1945-1972
(5)The FlexibleExchange Rate Regime: 1973-Present
Evolution of theInternational Monetary System --2
(1) Bimetallism:Before 1875
（①）Bimetallismwas a “double standard” in the sense that both gold and silver were used asmoney.
（②）Somecountries were on the gold standard, some on the silver standard, and some onboth.
（③）Bothgold and silver were used as an international means of payment, and theexchange rates among currencies were determined by either their gold or silvercontents.
Gresham’s Law
（①）Gresham’sLawimplies that the least valuable metal is the one that tends to circulate.
（②）Supposethat you were a citizen of Germany during the period when there was a 20 Germanmark coin made of gold and a 5 German mark coin made of silver.
–If gold suddenly and unexpectedly becamemuch more valuable than silver, which coins would you spend if you wanted tobuy a 20-mark item and which would you keep?
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