代表作-cyrillic
L17
国际货币体系与汇率
最早的国际货币体系称作金本位制
,
在这个体制下各国承诺在受到要求时将其货币由
纸币兑换为黄
金。
The
earliest
international
monetary
system
was
known
as
the
gold
standard
under which
countries pledged to change their paper currencies
into gold when requested to do so.
在金本位制
下,
各国都将其货币价值与黄金挂钩以确立货币金平价,
由此,
便形成了固定汇
率制。
19
世纪大部分时间直到第一次世界大战结束主要贸易国家均采用金本位制。
T
he gold
standard created a fixed
exchange rate system as each country pegged the
value of its currency to
gold to
establish its par value, for most of the
19
th
century till the end of
the First World War.
由于
英国当时在经
济、
政治和军事上的强大,
英镑成为国际贸易往来中最重要的货
币。
因此便产
生了“基于英镑的金本位制”这一说法。
Major trading countries followed this
system and the
British
Pound
was
the
most
important
currency
in
international
business
as
a
result
of
the
economic, political and military power
of the United Kingdom, hence the term sterling-
based gold
standard.
由于第一次世界大战对世界经济产生了很大的压力,以及随之
而来的经济大萧条,固
定汇率制走到了尽头。
The
pressure caused by the First World War on economy
coupled with the
impact of the Great
Depression put an end to the fixed exchange rate s
ystem.
英格兰银行无力再
将其纸币以平价兑换成黄金,而
任由供求状况来决定其纸币价值。
The Bank of England was
no
longer
able
to
redeem
its
paper
currency
for
gold
at
par
value
and
allowed
its
value
to
be
determined
by supply and demand.
随着英国抛弃金本位制,
世界形成了不同的区域:
一些国家
把其货币与英镑挂钩
,而一些国家钉住美元,另一些国家则钉住法郎,形成了“英镑区”
、
< br>“美元区”
、和“法郎区”
。
W
ith Britain abandoning the gold standard, there
appeared different
areas in the world.
Some countries pegged their currencies to the
sterling, some countries to the
US
dollar
and
some
to
the
French
France,
forming
the
“
sterling
area
”
,
“
dollar
area
”
and
“
franc
area
”
.
这一个时期,
世界货币体系不断恶化,各主要贸易国竞相将其货币贬值以提高他们出
口物品的竞争力。
This period witnessed the degeneration
of the international monetary system as
some
major
countries
vied
to
devaluate
their
currencies
to
make
their
export
goods
more
compet
itive.
不用说,这些国家从货币贬值中得到的好处都被其竞争对手的行动抵消了。
The
benefits brought about
by their devaluation were needless to say, offset
by what their competitors
did.
世界贸易额不断缩小,
经济贸易摩擦不断,
最终导致第二次
世界大战的爆发。
International
trade
contracted and economic conflict finally led to
the Second World War.
在二战即将
结束之际,
44
个国家的代表在布雷顿森林开会,试图在重大修
改的基础上
更新本金位制。
Towards
the
end
of
the
Second
World
War
representatives
of
44
countries
gathered at Bretton Woods to renew the
gold standard on a greatly modified basis.
< br>此次会议的一
个重大成果是建立了国际复兴银行和国际货币基金组织。
One important fruit of the conference
is the creation of the International
Bank for Reconstruction and Development and the
International
Monetary Fund.
鉴于美国在国际经济、政治中的主导作用,布雷顿森林会议建
立了一个美元为基础的
金本位制作为国际结算的工具,以代替原先的英镑金本位制。
p>
The Bretton Woods Conference
established
a
US
dollar
based
gold
standard. Because of
the
dominating
economic and
political
influence
of
the
United
Stated,
the
dollar
replaced
the
sterling
as
the
major
vehicle
for
international settlement
.
虽然与会的所有国家都同意将其货币钉住黄金,但是只有美国保证在
< br>令一国中央银行的要求之下把美元换成黄金。
Though all the
Bretton Woods participants agreed
to
peg their currencies to gold, only the United
States pledged to redeem the dollar for gold at
the
request of the central bank of a
foreign country.
在新的固定汇率制下,
各成
员国保证保持各自货
币的平价,仅允许有百分之一的上下波动。
Under
the
new
fixed
exchange
rate
system,
each
participant promised to maintain the
par value of its currency, allowing a fluctuation
of only one
percent.
若一国货币的波动超过这个幅度,该国就必须干预。
The
country
concerned
had
to
intervene
if the market value of its currency goes beyond
the range.
只有在特殊的情况下,
才允许
对货币的平价进行调整。
Under special
circumstances, a country was allowed to adjust the
par
value of its currency.
因此
,布雷顿森林体系可以说是采取了一种可调整的钉住制。也有人称
其为“新金本位制”<
/p>
。
Thus the Bretton Woods
system is said to be using an adjustable peg. The
new system was also called by some
people the
“
New Gold
Standard System.
”
一直到
< br>70
年代初
期,这样一种汇率相对稳定的制度便利了国际
贸易的发展。
This relative stability in
exchange
rates facilitated
international business till the beginning of
1970s.
在布雷顿森林体制下,只有相信美元可兑换成
黄金,人们就会持有美元。贸易的增长
需要更多的美元来支付。
Under the Bretton Woods System, people would hold
dollars so long as
they trusted the
convertibility of the dollar into gold.
随着外国人持有的美元越来越多,
他们对美
国政府把美元兑换成
黄金的信息却越来越低。
With
the
increase
of
foreign
dollar
holdings
to
finance trade expansion, the faith of
dollar holders decreased in the ability of the
United States to
redeem the dollar for
gold.
特别提款权的创立就是为了减少对把美元作为储备货币的需求。
To
reduce the demand for the
dollar as a reserve currency, the special drawing
right was created.
由于
在国际货币基金组
织中用于官方结算,
特别提款权也被称为
“纸黄金”
。
Used to settle official
transaction at the IMF, SDRs are
sometimes called paper gold.
但是,
< br>尽管特别提款权位国际货币
体系注入了新的活力,
美国仍
然无法满足外国持有美元的人兑换黄金的要求。
Despite the new
liquidity
injected
by
SDRs
into
the
international
monetary
system,
the
United
States
was
till
unable
to meet the demands of foreign dollar holders for
gold.1971
年
8
月
15
日,美国政府宣布
美元与黄金脱钩,从此标志
着布雷顿森林体系的崩溃。
On
August
15,
1971
the
US
Administration announced
severing link between the dollar and gold,
signifying the collapse of the
Bretton
Woods
system.
自此,国
际贸易越来越依赖浮动汇率制。
Since
then,
international
business has
relied increasingly on the flexible exchange rate
system.
大部分主要货币在国际金
融市场开始浮动。
p>
Most major currencies began to float in
the foreign exchange market.
其他货币
则钉住美元、法国法郎等一些主要货币,与之形成固定汇率关系并随之一起浮动。
Other
currencies followed a fixed
exchange rate by pegging themselves to a major
currency such as the
dollar, or the
French France and float with it.
从
1976
年开始,各国不再为其货币规定金平价,
而
令其货币价值随着供求关系变化。
From 1976 countries
ceased to stipulate gold par value to
their
paper
currencies
leaving
the
price
of
their
respective
currency
to
be
decided
by
the
interaction of supply and demand.
影响汇率变化的有以下一些因素:
Factors
influencing
the
exchange
rate
include
the
following:
1.
国际收支平衡。
International balance
of payment.
它对外汇的供求状况有着直接的影响。
一国货币会因国际收支顺差而升值,
反之会因国际收支逆差而贬值。
It has a direct bearing on
the
supply
and
demand
of
foreign
exchange.
The
value
of
one
’
s
own
currency
will
go
up
with
favorable balance of payment and drop
with BOP deficit.
2.
通货膨胀。
Inflation .
通
货膨胀与一国货币的实际价值和商品的竞争力有着密切的关系。
通货膨胀的程度越高,本
币就会相对于外币贬值。反之亦如此。
It is closely related
to the real
value of the currency and
the competitiveness of the commodity. When
inflation intensifies, the
value of the
currency will drop relative to foreign currencies
and vice versa.
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