货币体系在线视频

同学们好
Hello everyone

我是云南财经大学
I’m Dr. Yin Hao from the International Business School

国际工商学院的尹豪老师
of Yunnan University of Finance and Economics

这节课的学习内容
This lecture

is about the development of the

是国际货币体系的发展
is about the development of the

是国际货币体系的发展
international monetary system

国际货币体系

国际货币体系
The international monetary

是指世界各国用来管理汇率的制度
system refers to the system used by countries

是指世界各国用来管理汇率的制度
in the world to manage exchange rates

以及由此形成的汇率变动的机制
and the resulting exchange

以及由此形成的汇率变动的机制
rate fluctuation mechanism

从国际货币体系的演变过程来看
In the process of the evolution of

从国际货币体系的演变过程来看
international monetary system

历史上主要经历了金本位制度
it has experienced the gold standard system

固定汇率制度
fixed exchange rate system

浮动汇率制度
and floating exchange rate system

在浮动汇率制度时期
During the period of floating

在浮动汇率制度时期
exchange rate systems

有些国家和地区
some countries and regions

还实行了钉住汇率制度
also implemented pegged

还实行了钉住汇率制度
exchange rate systems

管理浮动制度
managed floating systems

货币局制度等
and currency board systems

第一种是金本位制度
The first is the gold standard system

它源于黄金作为交易货币时期
which originated from the period when

它源于黄金作为交易货币时期
gold was used as a trading currency

在纸币大量使用时
After the banknote was

在纸币大量使用时
used in large quantities

政府承诺
the government promised

纸币可以按固定价格兑换成黄金
that the banknote could be

纸币可以按固定价格兑换成黄金
converted into gold at fixed prices

金本位制度就是货币钉住黄金
The gold standard system is a system in

金本位制度就是货币钉住黄金
which currency pegs to gold

保证货币与黄金可兑换的制度
and guarantees the convertibility

保证货币与黄金可兑换的制度
of currency and gold

由于各国货币都与黄金钉住

由于各国货币都与黄金钉住
Since currencies of various

由于各国货币都与黄金钉住
countries are pegged to gold

各国货币之间的汇率
exchange rates between currencies

也能够方便的确定
can also be easily determined

并固定下来
and fixed

在金本位制下
Under the gold standard system

为了计算汇率
in order to calculate

为了计算汇率
the exchange rate

我们引入黄金平价的概念
We introduce the concept of gold parity

即购买1盎司黄金
That is the amount of a currency

所需要的一种货币的数量
requires to buy 1 ounce of gold

这样不同的货币
In this way the exchange

这样不同的货币
rate is the ratio of gold

黄金平价的比率就是汇率
par value in different currencies

金本位制度下面
Under the gold standard system

汇率稳定
the exchange rate is stable

具有自动实现贸易收支平衡的优势
and has the advantage of achieving

具有自动实现贸易收支平衡的优势
equilibrium of trade balance automatically

下面我们来分析金本位制度下的
Let's analyze the mechanism of equilibrium in

贸易收支自动平衡机制
trade balance under the

贸易收支自动平衡机制
gold standard system

由于货币的价格钉住黄金
As the price of currency is pegged to gold

并且保证兑换
and exchange is guaranteed

贸易的顺差或逆差
the trade surplus or deficit

就相应的增加或减少了
will correspondingly increase or decrease

贸易参与国的货币供应量
the currency supply of the participating countries

从而提高或降低该国的物价水平
thereby increasing or lowering

从而提高或降低该国的物价水平
the country’s price level

影响到该国的商品出口的竞争力
It then will affect the export

影响到该国的商品出口的竞争力
competitiveness of the country’s commodities

进而减少或增加该国出口量
and reduce or increase

进而减少或增加该国出口量
the country’s export volume

贸易收支实现平衡
and achieve balance in

贸易收支实现平衡
the trade balance

这个优势使得人们对该制度念念不忘
This is the advantage that people

这个优势使得人们对该制度念念不忘
remember about this system

但是货币钉住黄金的承诺
However the promise of

但是货币钉住黄金的承诺
currency pegging to gold

被货币大量印制的泡沫摧毁
was destroyed by a bubble that a large

被货币大量印制的泡沫摧毁
number of currencies were printed

第一次世界大战的大量军费开支
Large military expenditures

第一次世界大战的大量军费开支
of the First World War

使货币无法钉住黄金
prevented the currency

使货币无法钉住黄金
from pegging to gold

战后的货币竞争性贬值
After World War I

战后的货币竞争性贬值
currencies were devalued

使得各国停止货币对黄金的兑换
which caused all countries to stop the

使得各国停止货币对黄金的兑换
exchange of converting currencies to gold

金本位制度的两个条件都被打破
These two conditions of the

金本位制度的两个条件都被打破
gold standard system were broken

在20世纪30年代的大萧条后
After the Great Depression in the 1930s

金本位制度消亡
the gold standard system died out

随后国际货币体系进入
Subsequently the international

随后国际货币体系进入
monetary system entered

被英镑集团
the British Pound Group

法郎集团
the Franc Group

和美元集团
and the U.S. Dollar Group

等货币集团瓜分的无序状态
a state of disorder in which currency was

等货币集团瓜分的无序状态
carved up by some currency groups

在第二次世界大战后期的1944年
In 1944 late of World War II

44个国家的代表
representatives of 44 countries

在美国新罕布什尔州
signed an agreement in Bretton Woods

布雷顿森林签署协定
New Hampshire

成立的国际货币基金组织和世界银行
establishing the International

成立的国际货币基金组织和世界银行
Monetary Fund and the World Bank

建立了以美元为核心的固定汇率制度
and establishing a fixed exchange rate system

建立了以美元为核心的固定汇率制度
making the US dollar as the core currency

国际货币基金组织和世界银行
The International Monetary Fund

国际货币基金组织和世界银行
and the World Bank

保证了国际货币体系的运转
ensured the operation of the

保证了国际货币体系的运转
international monetary system

以及推动了战后重建和全球经济发展

以及推动了战后重建和全球经济发展
and promoted the reconstruction of post-war

以及推动了战后重建和全球经济发展
and the development of global economy

布雷顿森林协定
The Bretton Woods system

所设计的国际货币体系
refers to the international

所设计的国际货币体系
monetary system designed

我们称为布雷顿森林体系
by the Bretton Woods Agreement

在布雷顿森林体系
In the fixed exchange

在布雷顿森林体系
rate system established

所确定的固定汇率制度里
under the Bretton Woods system

所有的货币都钉住美元
all currencies are pegged to the U.S. dollar

只有美元能够直接兑换黄金
and only U.S. dollars can be

只有美元能够直接兑换黄金
directly exchanged for gold

兑换的黄金平价是35美元每盎司
and the gold par value is $35 per ounce

同时美国承诺美元与黄金的可兑换性
At the same time the United States promises

同时美国承诺美元与黄金的可兑换性
the convertibility of the U.S. dollar and gold

参与国同意在需要时买进或卖出货币
Participating countries agree to buy or sell currencies

以维持本国货币的价值
when the value of their

以维持本国货币的价值
currencies should be maintained

布雷登森林体系的建立
The establishment of the

布雷登森林体系的建立
Braden Woods system

结束了二十世纪三十年代以来
ended the chaos in the monetary

货币金融领域的混乱局面
and financial fields since the 1930s

具有一定的积极作用
which has some

具有一定的积极作用
certain positive effects

固定汇率制度消除了汇率的波动
The fixed exchange rate system

固定汇率制度消除了汇率的波动
eliminated exchange rate fluctuations

稳定了币值
stabilized currency values

促进了国际贸易和投资的发展
and promoted the development of

促进了国际贸易和投资的发展
international trade and investment

使国际贸易的年平均增长率达到
made the average annual growth rate of

使国际贸易的年平均增长率达到
international trade reach to

6%到7%
6%-7%

是第一次世界大战期间
ten times the average

是第一次世界大战期间
annual growth rate of

贸易年均增长率的十倍
trade during the World War I

国际货币基金组织和世界银行的活动
The activities of the

国际货币基金组织和世界银行的活动
International Monetary Fund and the World Bank

促进了世界经济的恢复和发展
promoted the recovery and

促进了世界经济的恢复和发展
development of the world economy

为发展中国家建设
and provided financial support

提供了资金支持和技术援助
and technical assistance for the

提供了资金支持和技术援助
construction of developing countries

稳定的环境
The stable environment

有助于生产和资本的国际化
contributed to the internationalization

有助于生产和资本的国际化
of production and capital

推动了跨国公司的发展
promoted the development of

推动了跨国公司的发展
multinational corporation

布雷顿森林体系
Bretton Woods system

所建立的固定汇率制度
established fixed exchange rate system

由于自身无法克服的内在矛盾
due to its insurmountable

由于自身无法克服的内在矛盾
internal contradictions

使得该体系无法长期运行
This makes the system

使得该体系无法长期运行
unable to run for a long time

并最终瓦解
and finally disintegrates

这一矛盾称为特里芬难题
This contradiction is

这一矛盾称为特里芬难题
called the Triffin Dilemma

只有依赖美国的长期贸易逆差
Only by relying on

只有依赖美国的长期贸易逆差
the U.S.'s long-term trade deficit

才能使美元流散到世界各地
can the U.S. dollar spread around the world

使其他国家获得美元供应
and other countries

使其他国家获得美元供应
can obtain U.S. dollar supplies

但是美国的长期贸易逆差
However the U.S.’s long-term trade deficit

会影响世界各国对美元的信心
will affect the confidence in the U.S. dollar

引起美元危机
and cause the U.S. dollar crisis

如果美国保持国际收支平衡
If the United States maintains a

如果美国保持国际收支平衡
balance of international payments

就会断绝国际储备资产的供应
the supply of international

就会断绝国际储备资产的供应
reserve assets will be cut off

引起国际清算能力的不足
and a shortage of

引起国际清算能力的不足
international liquidity may appear

除此之外
In addition

布雷登森林体系
the Bretton Woods system

has its limitations in the balance of

在国际收支调节机制方面
has its limitations in the balance of

也存在局限性
payments adjustment mechanism

使得国内抑制通胀的目标
which makes the domestic goal of

使得国内抑制通胀的目标
suppressing the currency

与保持国际收支平衡的目标相抵触
inflation conflict with the goal

与保持国际收支平衡的目标相抵触
of maintaining balance of payments

其结果是要么通货膨胀加剧
The result is either increased inflation

要么美元储备贬值
or devaluation of US dollar reserves

这些内生的矛盾
These endogenous contradictions

加上美国国内福利政策
Plus the U.S. domestic welfare policy

和对外军事扩张政策
and foreign military expansion policy

导致的大规模印钞需要
led to the need for

导致的大规模印钞需要
large-scale banknote printing

以及美元在外汇市场遭受投机性攻击
and speculative attacks on the US dollar in

以及美元在外汇市场遭受投机性攻击
the foreign exchange market

最终导致了以美元为核心的
Finally, it led to the collapse of

固定汇率制度
the fixed exchange rate

在运行了20多年后崩溃
system with the US dollar as the core

在运行了20多年后崩溃
after more than 20 years of operation

在经历了近5年的混乱期后
nearly five years after the chaos

1976年
In 1976

国际货币基金组织成员
member countries of the

国际货币基金组织成员
International Monetary Fund

签订了牙买加协议
signed the Jamaica Agreement

承认了固定汇率制度
and recognized the floating

承认了固定汇率制度
exchange rate system

崩溃后形成的浮动汇率制度
formed after the collapse of the

崩溃后形成的浮动汇率制度
fixed exchange rate system

该协议的主要成果有五项
There are five parts of the agreement

第一是宣布接受浮动汇率制度
the first is to announce the acceptance of

第一是宣布接受浮动汇率制度
the floating exchange rate system

第二是黄金不再作为储备资产
the second is to stop

第二是黄金不再作为储备资产
using gold as a reserve asset

第三是增加国际货币基金组织的配额
the third is to increase the quotas of the

第三是增加国际货币基金组织的配额
International Monetary Fund

第四是扩大对发展中国家资金融通
and the fourth is to expand financial

第四是扩大对发展中国家资金融通
access to developing countries

第五是增加成员国缴纳的基金份额
the fifth is to increase the fund shares

第五是增加成员国缴纳的基金份额
paid by member countries

在浮动汇率制度下
Under the floating

在浮动汇率制度下
exchange rate system

市场机制在汇率形成过程之中
the market mechanism plays a major role

发挥了主要作用
the formation of

发挥了主要作用
the exchange rate

但是政府也会采取
but the government will also use

多种干预方法来影响汇率的波动
a variety of intervention methods to

多种干预方法来影响汇率的波动
influence exchange rate fluctuations

甚至决定汇率的变动方向
and even determine the direction

甚至决定汇率的变动方向
of exchange rate changes

比如1985年的广场协议
For example the Plaza Accord in 1985

就使得日元大幅升值
caused the yen to appreciate sharply

降低了日本商品的国际竞争力
reducing the international competitiveness

降低了日本商品的国际竞争力
of Japanese products

在中美贸易不平衡的情况下
In the case of unbalance of international

在中美贸易不平衡的情况下
trade between China and the United States

美国也多次对人民币汇率变动
the United States has repeatedly

美国也多次对人民币汇率变动
exerted non-market influence on

施加非市场的影响
the changes in the RMB

施加非市场的影响
exchange rate

所以当前的汇率制度也称为
Therefore the current exchange rate system

所以当前的汇率制度也称为
is also called

管理浮动制度
a managed floating

管理浮动制度
exchange system

而这种管理
And in this process management

常常是借着国际货币基金组织之手
is often implemented through the hand of

实施的

实施的
the International Monetary Fund

在主要的货币
While major currencies

实行浮动汇率制度的同时
are implementing a

实行浮动汇率制度的同时
floating exchange rate system

一些小的经济体
some small economies

将本国货币的汇率与主要货币绑定
have tied the exchange rate of their own

将本国货币的汇率与主要货币绑定
currencies with the major currencies

形成了钉住汇率制度
to form a pegged exchange rate system

主要货币包括
Major currencies include

美元
the US dollar

欧元
the euro

或者是多种货币的组合
or a combination of multiple currencies

钉住汇率制度稳定了本国货币的币值
The pegged exchange rate system stabilizes

钉住汇率制度稳定了本国货币的币值
the value of the domestic currency

降低了通货膨胀的幅度
and reduces the extent of inflation

但是长期保持钉住汇率制度
However it is more difficult to maintain a pegged

具有较大的难度
exchange rate for a long time

在浮动汇率大背景下
In the context of floating exchange rates

还有一种货币局制度可以使小货币与
there is also a currency board system that

主要货币汇率保持固定
allows small currencies to maintain a

主要货币汇率保持固定
fixed exchange rate with major currencies

采用货币局制度的经济体
Economic entities adopting

采用货币局制度的经济体
the currency board system

通过持有至少与货币发行量
guarantee a fixed exchange rate between

通过持有至少与货币发行量
their currency and major currencies

相等的外汇储备
by holding foreign exchange reserves

来保证本币与主要货币的固定汇率
at least equivalent to the

来保证本币与主要货币的固定汇率
amount of currency issued

中国香港采用的货币局制度
The currency board system

中国香港采用的货币局制度
adopted by Hong Kong China

所展现出的稳定汇率的成绩
has demonstrated its achievements in

所展现出的稳定汇率的成绩
stabilizing the exchange rate

使该制度成为多个经济体效仿的模式
making this system a model for

使该制度成为多个经济体效仿的模式
many economies to follow.

以上我们学习了国际货币体系的演变
Today we have learned the evolution of the

以上我们学习了国际货币体系的演变
international monetary system

和主要的汇率制度
and the main exchange rate systems

这一节内容就学习到这里
That’s all for this section

感谢大家参加
Thank you