国际贸易与金融双语ch

InternationalEconomicsByRobertJ.Carbaugh9thEdition,Chapter14:Balance-of-PaymentsAdjustmentsUnderFixedExchangeRates,Carbaugh,Chap.14,2,Balanceofpaymentsadjustments,Balanceofpaymentsadjustments,Ifpartofthebalanceofpaymentsisindeficitorsurplusforaperiodoftime,mechanismsareneededtorestoreequilibriumAdjustmentmechanismscanbe:Automatic-economicprocessesDiscretionary-governmentpolicies,Carbaugh,Chap.14,3,Balanceofpaymentsadjustments,Automaticadjustmentunderfixedexchangerates,KeyvariablesPricesInterestratesIncomeMoney,Carbaugh,Chap.14,4,Balanceofpaymentsadjustments,Schoolsofthoughtonadjustment,Classicalapproach(1800s-early1900s)CenteredongoldstandardEmphasizedroleofpricesandinterestratesKeynesianapproach(1930sonward)EmphasizedincomechangesaffectingadjustmentMonetaristapproach(1960s-,Chicagoschool)Focusonroleofmoneyinchangesandadjustment,Carbaugh,Chap.14,5,Balanceofpaymentsadjustments,Priceadjustment-background,Underthegoldstandard,eachnationscurrencywasbackedbygoldandhadafixedpriceintermsofgoldImportsandexportswerepaidforingoldAnationsmoneysupply(totalamountofgoldandgold-backedcurrency)wasdirectlytiedtobalanceofpayments-whethergoldwasflowinginoroutoverall,Carbaugh,Chap.14,6,Balanceofpaymentsadjustments,Priceadjustment-background(contd),Balanceofpaymentssurpluswouldexpandmoneysupply;deficitwouldshrinkmoneysupplyBytheclassicalquantitytheoryofmoney,increasesinthemoneysupplyleddirectlytoanincreaseinoverallprices(andashrinkingmoneysupplycausedoverallpricestofall),Carbaugh,Chap.14,7,Balanceofpaymentsadjustments,PriceadjustmentoftheBOP,DeficitnationsWouldbelosinggold,thereforeshrinkingtheirmoneysupplyandcausingpricestofallLowerpriceswouldmaketheirexportsmorecompetitiveandlessendemandforimports,restoringequilibriumSurplusnationsWouldbegaininggold,increasingmoneysupplyandpricelevelHigherpriceswouldcutexportsandencourageimportsuntilthesurpluswaseliminated,Carbaugh,Chap.14,8,Balanceofpaymentsadjustments,GoldflowsarenotdirectlylinkedtodomesticmoneysupplyNationsareoftennotatfullemploymentIfeconomyisnotatcapacity,lesslikelythatpriceswillriseasmoneysupplydoesPricesandwagesareoftennotabletofallintheshortrunFallingmoneysupplywillcutoutputandemploymentratherthanprices,Problemswithpriceadjustmenttheory,Carbaugh,Chap.14,9,Balanceofpaymentsadjustments,Inflowsofgoldexpandthemoneysupply,causingshort-terminterestratestofall;outflowscauseratestoriseInvestorsinsurplusnationswouldsendgoldabroadinsearchofhigherrates;deficitnationswouldreceivegoldfromabroadforinvestment,restoringequilibrium,Interestrateadjustment,Carbaugh,Chap.14,10,Interestrateadjustment,Balanceofpaymentsadjustments,Carbaugh,Chap.14,11,Balanceofpaymentsadjustments,Surplusnationswillexperiencerisingnationalincome,leadingtoanincreaseddemandforimports-partiallyoffsettingthesurplusDeficitnationswillexperiencefallingincome,leadingtoadropindemandforimports-partiallyoffsettingthedeficitForeignrepercussionseffect-onecountrysdeficitisanotherssurplus,sothatwhileincomeisdeclininginonecountry,itsexportswillincreasetothecountrywithrisingincome,Incomeadjustment,Carbaugh,Chap.14,12,Incomeadjustmentapplied,Balanceofpaymentsadjustments,Carbaugh,Chap.14,13,Balanceofpaymentsadjustments,RequiregovernmentsnottointerveneAutomaticsystemsseemdesirablewhentheyarebelievedtoleadtofullemployment;whennationsfaceunemploymentandshrinkingoutput,automaticmechanismsseeminadequate,Disadvantagesofautomaticmechanisms,Carbaugh,Chap.14,14,Balanceofpaymentsadjustments,BOPdisequilibriumrepresentsanimbalancebetweenthesupplyanddemandformoneyDemandformoneyis:DirectlyrelatedtoincomeandpricesInverselyrelatedtointerestratesSupplyofmoneyhastwocomponents:Domesticcomponent-creditcreatedbynationalgovernmentInternationalcomponent-foreignexchangereserves,Monetaryadjustment-background,Carbaugh,Chap.14,15,Balanceofpaymentsadjustments,Monetaryadjustment,PaymentsdeficitsaretheresultofanexcesssupplyofmoneyathomeExcesssupplyofmoneyencouragesimports,whichresultsinforeignexchangereservesflowingoverseasandreducingthemoneysupply,Carbaugh,Chap.14,16,Balanceofpaymentsadjustments,Monetaryadjustment,ExcessdemandformoneyleadstoapaymentssurplusExcessdemandisreflectedinhigherinterestratesandlessspendingonimports,encouragingaflowofforeignexchangeintothecountry,Carbaugh,Chap.14,17,Balanceofpaymentsadjustments,Monetar