[经济学]国际金融chapter+1.ppt

* $/￡ S Rate 2.00 1.80 1.60 0 12,500 15,000 17,000 Quantity of ￡s Figure 1.5 The supply of pounds * Factors affecting US exports: UK income? UK tastes in US goods? The price of UK goods? The demand for US exports? The supply of pounds ? The supply schedule of pounds shift to the right. * $/￡ rate 2.00 S S’ 1.60 0 12,500 17,000 20,000 Quantity of ￡s Figure 1.5(1) The change of supply quantity and the shift of supply schedule * $/￡ rate S 1.80 D 0 15,000 Quantity of ￡s Figure 1.6 Determination of the dollar-pound exchange rate * 1.8 Alternative exchange-rate regimes Fixed exchange rate regime Floating exchange rate regime * 1.8.1 Floating exchange-rate regime The authorities do not intervene to buy or sell their currency in the foreign exchange market. Rather, they allow the value of their currency to change due to fluctuations in the supply and demand of the currency. * $/￡ rate S 2.00 1.80 D2 D1 0 Q1 Q2 Quantity of ￡s Figure 1.7(a):demand for pounds↑ demand curve shift rightward ￡↑ * $/￡ rate S1 S2 1.80 1.60 D 0 Q1 Q2 Quantity of ￡s Figure 1.7(b):supply of pounds↑ supply curve shift rightward ￡↓ * 1.8.2 Fixed exchange-rate regime The authorities do intervene to buy or sell their currency in the foreign exchange market to eliminate the excess demand or supply for a currency to keep the exchange rate stable. * $/￡ rate S1 intervene S2 1.80 D1 D2 0 Q1