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1、InternationalMonetarySystem一thehistory,thepresentationandthefutureAsthecurrentglobalfinancialcrisisexposestheinherentlyunstableandriskysituationintheexistinginternationalmonetarysystem,debatesoncreatingsomenewsystemsaregettingheated.Theinternationalmonetarysystemisthecombinat
2、ionofinternationalmonetarysystem,internationalmonetaryfinancialinstitutionsandinternationalmonetaryorderspasseddownbyhistoryandcustoms.Itisthelegalandinstitutionalframeworkwithinwhichtheforeign-exchangemarketoperates.Overthepast120years,theinternationalmonetarysystemhasgoneth
3、roughmajorchangesasithasevolvedtoitspresentstructure.Usuallyweseethegoldstandardastheearliestinternationalmonetarysystem?1+hadafixedexchangeratesystemaseachcountrypeggedthevalueofitscurrencytogoldtoestablishitsparvalue.Thegoldstandarderabeganfromthe19thcenturytotheendoftheFir
4、stWorldWar.MajortradingcountriesfollowedthissystemandtheBritishPoundwasthemostimportantcurrencyatthattime?Itcandivideintothreeparts?Thefirstpartcanseeasacompletegoldstandard.Atthattime,peoplecouldexchangepapercurrencyintogoldcoinfreely.Thenitwentintothesecondpart,inwhichthere
5、almostnogoldcirculated.Unlessyouhadenoughpapermoneyorexchangewasforbidden.Inthelastpart,thenationputitsowngoldinforeignbanksandnogoldwasallowedcirculating.Ifyouneededsome,youshouldexchangeyoumoneyintoforeigncurrency.Thenputthemintogold.Intheperiodoftime,theongoldnationswerese
6、enascoloniesofsomebignationswhichreservedgold.ThepressurecausedbytheFirstWorldWaroneconomyinfluencedbytheGreatDepression.TheBankofEnglandwasnolongerabletoredeemitspapercurrencyforgoldatparvalueandalloweditsvaluetobedeterminedbysupplyanddemand.WithBritainabandoningthegoldstand
7、ard,thereappeareddifferentareasintheworld.Somecountriespeggedtheircurrenciestothesterling,somecountriestotheUSdollarandsometotheFrenchFranc,formingthe"sterlingarea",''dollararea"and''francareaThenwesawtheendofthefixedexchangeratesystem.Thatmeantacollapseofgoldexchangestandard
8、.Thisperiodwitnessedthedegenerationoftheinternationalmonetarysystem.
