金本位制度下的汇率决定

金本位 制度 关于办公室下班关闭电源制度矿山事故隐患举报和奖励制度制度下载人事管理制度doc盘点制度下载 下的汇率决定 金本位制度泛指以黄金为一般等价物的货币制度,包括金币本位制、金块本位制和金汇兑本位制。金币本位制,gold specie standard,盛行于19世纪中期至20世纪初期,属于完全的金本位制度。后两种金本位制出现于由金铸币流通向纸币流通过渡和第二次大战后对黄金与货币兑换实行限制的时期,而且存在的时间较短,属于不完全的金本位制度。通常,金本位制度主要是指金币本位制。 ,一,汇率的价值基础 在金币本位制下,各国都以法律形式规定每一金铸币单位所包含的黄金重量与成色,即法定含金量,gold content,。两国货币的价值量之比就直接而简单地表现为他们的含金量之比,称为铸币平价,mint parity,或法定平价,par of exchange,,黄金是价值的化身。铸币平价是决定两国货币之间汇率的价值基础,它可表示为, 例如,1925,1931年英国规定1英镑金币的重量为123.2744格令,grains,,成色为22k,carats,,即1英镑含113.0016格令纯金,123.2744×22/24,,美国规定1美元金币的重量为25.8格令,成色为0.9000,则1美元含23.22格令纯金,25.8×0.9000,。根据含金量之比,英镑与美元的铸币平价是,113.0016/23.22,4.8665,即1英镑的含金量是1美元含金量的4.8665倍,或1英镑可兑换4.8665美元。按照等价交换的原则,铸币平价是决定两国货币汇integrated energy, chemicals and textile Yibin city, are the three core pillars of the industry. In 2014, the wuliangye brand value to 73.58 billion yuan, the city's liquor industry slip to stabilise. Promoting deep development of integrated energy, advanced equipment manufacturing industry, changning district, shale gas production capacity reached 277 million cubic metres, built the country's first independent high-yield wells and pipelines in the first section, the lead in factory production and supply to the population. 2.1-3 GDP growth figure 2.1-4 Yibin, Yibin city, Yibin city, fiscal revenue growth 2.1.4 topography terrain overall is Southwest, North-Eastern State. Low mountains and hills in the city landscape as the main ridge-and-Valley, pingba small fragmented nature picture for "water and the second land of the seven hills". 236 meters to 2000 meters above sea level in the city, low mountain, 46.6% hills 45.3%, pingba only 8.1%. 2.1.5 development of Yibin landscapes and distinctive feature in the center of the city, with limitations, and spatial structure of typical zonal group, 2012-cities in building with an area of about 76.2km2. From city-building situation, "old town-the South Bank" Center construction is lagging behind, disintegration of the old city is slow, optimization and upgrading, quality public service resources are still heavily concentrated in the old town together. Southbank Centre has not been formed, functions of the service area space is missing. Meanwhile, peripheral group centres service was weak and inadequate accounting for city development, "suspicious" pattern could not be formed. As regards transport, with the outward expansion of cities, cities have been expanding, centripetal city traffic organization has not changed, integrated energy, chemicals and textile Yibin city, are the three core pillars of the industry. In 2014, the wuliangye brand value to 73.58 billion yuan, the city's liquor industry slip to stabilise. Promoting deep development of integrated energy, advanced equipment manufacturing industry, changning district, shale gas production capacity reached 277 million cubic metres, built the country's first independent high-yield wells and pipelines in the first section, the lead in factory production and supply to the population. 2.1-3 GDP growth figure 2.1-4 Yibin, Yibin city, Yibin city, fiscal revenue growth 2.1.4 topography terrain overall is Southwest, North-Eastern State. Low mountains and hills in the city landscape as the main ridge-and-Valley, pingba small fragmented nature picture for "water and the second land of the seven hills". 236 meters to 2000 meters above sea level in the city, low mountain, 46.6% hills 45.3%, pingba only 8.1%. 2.1.5 development of Yibin landscapes and distinctive feature in the center of the city, with limitations, and spatial structure of typical zonal group, 2012-cities in building with an area of about 76.2km2. From city-building situation, "old town-the South Bank" Center construction is lagging behind, disintegration of the old city is slow, optimization and upgrading, quality public service resources are still heavily concentrated in the old town together. Southbank Centre has not been formed, functions of the service area space is missing. Meanwhile, peripheral group centres service was weak and inadequate accounting for city development, "suspicious" pattern could not be formed. As regards transport, with the outward expansion of cities, cities have been expanding, centripetal city traffic organization has not changed, 率的基础。 ,二,外汇市场的供求 铸币平价与外汇市场上的实际汇率是不相同的。铸币平价是法定的,一般不会轻易变动,而实际汇率受外汇市场供求影响,经常地上下波动。当外汇供不应求时,实际汇率就会超过铸币平价,当外汇供过于求时,实际汇率就会低于铸币平价。正像商品的价格围绕价值不断变化一样,实际汇率也围绕铸币平价不断涨落。但在典型的金币本位制下,由于黄金可以不受限制地输入输出,不论外汇供求的力量多么强大,实际汇率的涨落都是有限度的,即被限制在黄金的输出点和输入点之间。 黄金输出点和输入点统称黄金输送点,是指金币本位制下,汇率涨落引起黄金输出和输入国境的界限。它由铸币平价和运送黄金费用,包装费、运费、保险费、运送期的利息等,两部分构成。铸币平价是比较稳定的,运送费用是影响黄金输送点的主要因素。以直接标价法表示,黄金输出点等于铸币平价加运送黄金费用,黄金输入点等于铸币平价减运送黄金费用。 假定,在美国和英国之间运送价值为1英镑黄金的运费为0.02美元,英镑与美元的铸币平价为4.8665美元,那么对美国厂商来说,黄金输送点是, 黄金输出点,4.8665，0.02,4.8865(美元) 黄金输入点,4.8665,0.02,4.8465(美元) ,三,汇率波动的规则 integrated energy, chemicals and textile Yibin city, are the three core pillars of the industry. In 2014, the wuliangye brand value to 73.58 billion yuan, the city's liquor industry slip to stabilise. Promoting deep development of integrated energy, advanced equipment manufacturing industry, changning district, shale gas production capacity reached 277 million cubic metres, built the country's first independent high-yield wells and pipelines in the first section, the lead in factory production and supply to the population. 2.1-3 GDP growth figure 2.1-4 Yibin, Yibin city, Yibin city, fiscal revenue growth 2.1.4 topography terrain overall is Southwest, North-Eastern State. Low mountains and hills in the city landscape as the main ridge-and-Valley, pingba small fragmented nature picture for "water and the second land of the seven hills". 236 meters to 2000 meters above sea level in the city, low mountain, 46.6% hills 45.3%, pingba only 8.1%. 2.1.5 development of Yibin landscapes and distinctive feature in the center of the city, with limitations, and spatial structure of typical zonal group, 2012-cities in building with an area of about 76.2km2. From city-building situation, "old town-the South Bank" Center construction is lagging behind, disintegration of the old city is slow, optimization and upgrading, quality public service resources are still heavily concentrated in the old town together. Southbank Centre has not been formed, functions of the service area space is missing. Meanwhile, peripheral group centres service was weak and inadequate accounting for city development, "suspicious" pattern could not be formed. As regards transport, with the outward expansion of cities, cities have been expanding, centripetal city traffic organization has not changed, integrated energy, chemicals and textile Yibin city, are the three core pillars of the industry. In 2014, the wuliangye brand value to 73.58 billion yuan, the city's liquor industry slip to stabilise. Promoting deep development of integrated energy, advanced equipment manufacturing industry, changning district, shale gas production capacity reached 277 million cubic metres, built the country's first independent high-yield wells and pipelines in the first section, the lead in factory production and supply to the population. 2.1-3 GDP growth figure 2.1-4 Yibin, Yibin city, Yibin city, fiscal revenue growth 2.1.4 topography terrain overall is Southwest, North-Eastern State. Low mountains and hills in the city landscape as the main ridge-and-Valley, pingba small fragmented nature picture for "water and the second land of the seven hills". 236 meters to 2000 meters above sea level in the city, low mountain, 46.6% hills 45.3%, pingba only 8.1%. 2.1.5 development of Yibin landscapes and distinctive feature in the center of the city, with limitations, and spatial structure of typical zonal group, 2012-cities in building with an area of about 76.2km2. From city-building situation, "old town-the South Bank" Center construction is lagging behind, disintegration of the old city is slow, optimization and upgrading, quality public service resources are still heavily concentrated in the old town together. Southbank Centre has not been formed, functions of the service area space is missing. Meanwhile, peripheral group centres service was weak and inadequate accounting for city development, "suspicious" pattern could not be formed. As regards transport, with the outward expansion of cities, cities have been expanding, centripetal city traffic organization has not changed, 金本位制度下的汇率决定 3 / 5 在金币本位制下,汇率波动的规则是,汇率围绕铸币平价,根据外汇市场的供求状况,在黄金输出点与输入点之间上下波动。当汇率高于黄金输出点或低于黄金输入点时,就会引起黄金的跨国流动,从而自动地把汇率稳定在黄金输送点所规定的幅度之内,见图3-1,。 图3-1表示一段时期内美国外汇市场上英镑汇率波动的轨迹。如果汇率高于铸币平价,则意味着英镑的需求大于英镑的供给,这往往是由于美国对英国产生国际收支逆差所引起的。在,点,美国厂商情愿在国内用美元购买黄金,并把黄金运到英国偿还债务。因为以输出黄金偿还1英镑债务的代价,铸币平价，运送费用,4.8665，0.02,4.8865美元,小于在A点上用美元购买英镑所付出的代价。因此,汇率是不可能升至A点或高于黄金输出点的。在B点,美国厂商在国内购买黄金,并把黄金运送到英国偿还债务,或是到外汇市场上购买英镑偿还债务,其偿还1英镑债务的代价是相同的,都是4.8865美元,汇率升至B点是可能的。在C点,美国厂商会选择购买英镑偿债,因为以这种方式偿还,英镑债务的代价小于输出黄金的代价,4.8865美元,。在黄金输出点与铸币平价之间,integrated energy, chemicals and textile Yibin city, are the three core pillars of the industry. In 2014, the wuliangye brand value to 73.58 billion yuan, the city's liquor industry slip to stabilise. Promoting deep development of integrated energy, advanced equipment manufacturing industry, changning district, shale gas production capacity reached 277 million cubic metres, built the country's first independent high-yield wells and pipelines in the first section, the lead in factory production and supply to the population. 2.1-3 GDP growth figure 2.1-4 Yibin, Yibin city, Yibin city, fiscal revenue growth 2.1.4 topography terrain overall is Southwest, North-Eastern State. Low mountains and hills in the city landscape as the main ridge-and-Valley, pingba small fragmented nature picture for "water and the second land of the seven hills". 236 meters to 2000 meters above sea level in the city, low mountain, 46.6% hills 45.3%, pingba only 8.1%. 2.1.5 development of Yibin landscapes and distinctive feature in the center of the city, with limitations, and spatial structure of typical zonal group, 2012-cities in building with an area of about 76.2km2. From city-building situation, "old town-the South Bank" Center construction is lagging behind, disintegration of the old city is slow, optimization and upgrading, quality public service resources are still heavily concentrated in the old town together. Southbank Centre has not been formed, functions of the service area space is missing. Meanwhile, peripheral group centres service was weak and inadequate accounting for city development, "suspicious" pattern could not be formed. As regards transport, with the outward expansion of cities, cities have been expanding, centripetal city traffic organization has not changed, integrated energy, chemicals and textile Yibin city, are the three core pillars of the industry. In 2014, the wuliangye brand value to 73.58 billion yuan, the city's liquor industry slip to stabilise. Promoting deep development of integrated energy, advanced equipment manufacturing industry, changning district, shale gas production capacity reached 277 million cubic metres, built the country's first independent high-yield wells and pipelines in the first section, the lead in factory production and supply to the population. 2.1-3 GDP growth figure 2.1-4 Yibin, Yibin city, Yibin city, fiscal revenue growth 2.1.4 topography terrain overall is Southwest, North-Eastern State. Low mountains and hills in the city landscape as the main ridge-and-Valley, pingba small fragmented nature picture for "water and the second land of the seven hills". 236 meters to 2000 meters above sea level in the city, low mountain, 46.6% hills 45.3%, pingba only 8.1%. 2.1.5 development of Yibin landscapes and distinctive feature in the center of the city, with limitations, and spatial structure of typical zonal group, 2012-cities in building with an area of about 76.2km2. From city-building situation, "old town-the South Bank" Center construction is lagging behind, disintegration of the old city is slow, optimization and upgrading, quality public service resources are still heavily concentrated in the old town together. Southbank Centre has not been formed, functions of the service area space is missing. Meanwhile, peripheral group centres service was weak and inadequate accounting for city development, "suspicious" pattern could not be formed. As regards transport, with the outward expansion of cities, cities have been expanding, centripetal city traffic organization has not changed, 在C点所做的选择都是适用的。 如果汇率低于铸币平价,则意味着英镑供给大于需求,美国对英国产生国际收支顺差。在D点,美国厂商愿意接受英镑,并在外汇市场上兑换成美元,因为这种选择下每1英镑可换取的美元多于用1英镑在英国购买黄金运回国内所能换取的美元,4.8665,0.02,4.8465美元,。在铸币平价与黄金输入点之间,在D点的选择也都是适用的。在E点,美国厂商接受英镑,并在外汇市场上兑换成美元,或是用英镑在英国购买黄金运回国内,每1英镑可换取的美元均为4.8465。因此,汇率是可能跌至E点的。在F点,美国厂商宁愿以英镑在英国购买黄金运回国,也不愿接受英镑,并用英镑到外汇市场上兑换美元,因为运回价值1英镑的黄金至少还可以换到4.8465美元,4.8665,0.02,4.8465美元,,所以汇率是不可能跌至F点或低于黄金输入点的。 黄金的输出与输入使外汇市场上的供求趋于平衡,并使汇率在一定幅度内波动,这就是金币本位制下汇率波动的自动调节机制。这个自动调节机制由英国经济学家休谟,David Hume,1752,最早提出,又称为黄金-物价国际收支调节机制。其原理是,当一国的国际收支持续发生逆差,外汇汇率涨至黄金输出点,造成黄金外流时,该国的货币供给减少,通货紧缩,物价下跌,进而提高其商品的国际市场竞争能力,于是出口增加,进口减少,促使国际收支达到均衡。反之,当一国的国际收支持续发生顺差,外汇汇率跌至黄金输入点,造成黄金内流时,该国的货币供给增加,通货扩张,物价上涨,进而降低其商品的国际市场竞争能力,于是出口减少,进口增加,促使国际收支达到均衡。换言之,国际收支的失衡引起黄金的外流与内流,而黄金的流动会引起物价水平的相对变化,导致出口与进口规模的相对增减,结果使两国间的国际收支自动达到均衡状态。 integrated energy, chemicals and textile Yibin city, are the three core pillars of the industry. In 2014, the wuliangye brand value to 73.58 billion yuan, the city's liquor industry slip to stabilise. Promoting deep development of integrated energy, advanced equipment manufacturing industry, changning district, shale gas production capacity reached 277 million cubic metres, built the country's first independent high-yield wells and pipelines in the first section, the lead in factory production and supply to the population. 2.1-3 GDP growth figure 2.1-4 Yibin, Yibin city, Yibin city, fiscal revenue growth 2.1.4 topography terrain overall is Southwest, North-Eastern State. Low mountains and hills in the city landscape as the main ridge-and-Valley, pingba small fragmented nature picture for "water and the second land of the seven hills". 236 meters to 2000 meters above sea level in the city, low mountain, 46.6% hills 45.3%, pingba only 8.1%. 2.1.5 development of Yibin landscapes and distinctive feature in the center of the city, with limitations, and spatial structure of typical zonal group, 2012-cities in building with an area of about 76.2km2. From city-building situation, "old town-the South Bank" Center construction is lagging behind, disintegration of the old city is slow, optimization and upgrading, quality public service resources are still heavily concentrated in the old town together. Southbank Centre has not been formed, functions of the service area space is missing. Meanwhile, peripheral group centres service was weak and inadequate accounting for city development, "suspicious" pattern could not be formed. As regards transport, with the outward expansion of cities, cities have been expanding, centripetal city traffic organization has not changed, integrated energy, chemicals and textile Yibin city, are the three core pillars of the industry. In 2014, the wuliangye brand value to 73.58 billion yuan, the city's liquor industry slip to stabilise. Promoting deep development of integrated energy, advanced equipment manufacturing industry, changning district, shale gas production capacity reached 277 million cubic metres, built the country's first independent high-yield wells and pipelines in the first section, the lead in factory production and supply to the population. 2.1-3 GDP growth figure 2.1-4 Yibin, Yibin city, Yibin city, fiscal revenue growth 2.1.4 topography terrain overall is Southwest, North-Eastern State. Low mountains and hills in the city landscape as the main ridge-and-Valley, pingba small fragmented nature picture for "water and the second land of the seven hills". 236 meters to 2000 meters above sea level in the city, low mountain, 46.6% hills 45.3%, pingba only 8.1%. 2.1.5 development of Yibin landscapes and distinctive feature in the center of the city, with limitations, and spatial structure of typical zonal group, 2012-cities in building with an area of about 76.2km2. From city-building situation, "old town-the South Bank" Center construction is lagging behind, disintegration of the old city is slow, optimization and upgrading, quality public service resources are still heavily concentrated in the old town together. Southbank Centre has not been formed, functions of the service area space is missing. Meanwhile, peripheral group centres service was weak and inadequate accounting for city development, "suspicious" pattern could not be formed. As regards transport, with the outward expansion of cities, cities have been expanding, centripetal city traffic organization has not changed, 金本位制度下的汇率决定 5 / 5 要特别指出的是,汇率围绕铸币平价,根据外汇市场供求状况,在黄金输出点与输入点之间上下波动的规则,只能在完全的金本位制度——金币本位制下发挥稳定汇率的作用。第一次世界大战爆发后,许多国家的货币发行不受黄金储备的限制,通货膨胀严重,现钞的自由兑换和黄金的自由流动等“货币纪律”遭到破坏,金币本位制陷于崩溃,各国相继实行金块本位制或金汇兑本位制。在这两种本位制下,两国货币实际代表的含金量之比还是决定汇率的价值基础。但现钞的兑换和黄金的流动不再自由,因此金本位制度已经残缺不全,并失去了汇率稳定的基本条件。1929,1933年世界性的经济危机爆发后,残缺不全的金本位制度迅速瓦解。不久,各国普遍实行了纸币流通制度。 来源,网络 integrated energy, chemicals and textile Yibin city, are the three core pillars of the industry. In 2014, the wuliangye brand value to 73.58 billion yuan, the city's liquor industry slip to stabilise. Promoting deep development of integrated energy, advanced equipment manufacturing industry, changning district, shale gas production capacity reached 277 million cubic metres, built the country's first independent high-yield wells and pipelines in the first section, the lead in factory production and supply to the population. 2.1-3 GDP growth figure 2.1-4 Yibin, Yibin city, Yibin city, fiscal revenue growth 2.1.4 topography terrain overall is Southwest, North-Eastern State. Low mountains and hills in the city landscape as the main ridge-and-Valley, pingba small fragmented nature picture for "water and the second land of the seven hills". 236 meters to 2000 meters above sea level in the city, low mountain, 46.6% hills 45.3%, pingba only 8.1%. 2.1.5 development of Yibin landscapes and distinctive feature in the center of the city, with limitations, and spatial structure of typical zonal group, 2012-cities in building with an area of about 76.2km2. From city-building situation, "old town-the South Bank" Center construction is lagging behind, disintegration of the old city is slow, optimization and upgrading, quality public service resources are still heavily concentrated in the old town together. Southbank Centre has not been formed, functions of the service area space is missing. Meanwhile, peripheral group centres service was weak and inadequate accounting for city development, "suspicious" pattern could not be formed. As regards transport, with the outward expansion of cities, cities have been expanding, centripetal city traffic organization has not changed, integrated energy, chemicals and textile Yibin city, are the three core pillars of the industry. In 2014, the wuliangye brand value to 73.58 billion yuan, the city's liquor industry slip to stabilise. Promoting deep development of integrated energy, advanced equipment manufacturing industry, changning district, shale gas production capacity reached 277 million cubic metres, built the country's first independent high-yield wells and pipelines in the first section, the lead in factory production and supply to the population. 2.1-3 GDP growth figure 2.1-4 Yibin, Yibin city, Yibin city, fiscal revenue growth 2.1.4 topography terrain overall is Southwest, North-Eastern State. Low mountains and hills in the city landscape as the main ridge-and-Valley, pingba small fragmented nature picture for "water and the second land of the seven hills". 236 meters to 2000 meters above sea level in the city, low mountain, 46.6% hills 45.3%, pingba only 8.1%. 2.1.5 development of Yibin landscapes and distinctive feature in the center of the city, with limitations, and spatial structure of typical zonal group, 2012-cities in building with an area of about 76.2km2. From city-building situation, "old town-the South Bank" Center construction is lagging behind, disintegration of the old city is slow, optimization and upgrading, quality public service resources are still heavily concentrated in the old town together. Southbank Centre has not been formed, functions of the service area space is missing. Meanwhile, peripheral group centres service was weak and inadequate accounting for city development, "suspicious" pattern could not be formed. As regards transport, with the outward expansion of cities, cities have been expanding, centripetal city traffic organization has not changed,