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【学习笔记】International Finance 国际金融论研究学习笔记-5
Part I
Basics ofInternational Finance --5
Ch2 --2
InternationalMonetary System
Evolution of theInternational Monetary System --3
(2)Classical GoldStandard: 1875-1914
（①）Duringthis period in most major countries:
–Gold alone was assured of unrestrictedcoinage.
–There was two-way convertibility betweengold and national currencies at a stable ratio.
–Gold could be freely exported or imported.
（②）Theexchange rate between two country’s currencies would be determined by theirrelative gold contents.
For example, if the dollar is pegged togold at U.S. $30 = 1 ounce of gold, and the British pound is pegged to gold at￡6 = 1 ounce of gold, it must be the case that the exchange rate is determinedby the relative gold contents:
$30=1 ounce of gold =￡6
$30=￡6
$5 =￡1
（③）Highlystable exchange rates under the classical gold standard provided an environmentthat was conducive to international trade and investment.
（④）Misalignmentof exchange rates and international imbalances of payment were automaticallycorrected by the price-specie-flowmechanism.
Price-Specie-FlowMechanism
1，Suppose Great Britain exports more toFrance than France imports from Great Britain.
2，This cannot persist under a gold standard.
–Net export of goods from Great Britain toFrance will be accompanied by a net flow of gold from France to Great Britain.
–This flow of gold will lead to a lowerprice level in France and, at the same time, a higher price level in Britain.
3，The resultant change in relative pricelevels will slow exports from Great Britain and encourage exports from France.
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