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INTERNATIONAL MONETARY ECONOMICS 国际货币经济学 Pemberton Building – UG office Failure to submit TWO copies of your work on paper and an electronic copy using Blackboard by this deadline will result in a mark of 0%到你的工作在纸上，并使用黑板的电子副本，在截止日期前提交两份导致的标志0％ You are advised to plan your work carefully and back-up your work. Computing and printing problems will NOT be accepted as reasons for non-submission建议您仔细计划你的工作和备份你的工作。计算和打印问题将不被接受的原因不提交 Read pages 36-39 of your Student Handbook before you start your essay指导school assignment你的学生手册第36-39页，然后再开始你的文章 This assignment will form 100% of your assessment mark for this course.这个作业将形成你的评估标志的100％，这门课程。 ANSWER ONE QUESTION回答一个问题 1。批判性地评价基于凯恩斯主义的思路和政策选择的国际收支方面的发展。讨论的范围内英国经济目前这种方法的适用性。 2。鉴于历史的经验，是国际货币体系的优化设计？ 1. Critically evaluate the development of Keynesian-based ideas and policy alternatives regarding the balance of payments. Discuss the current applicability of this approach within the context of the UK economy. 2. In light of historical experience, is there an optimal design for an international monetary system? International Monetary Economics [ID-4208M] Course overview 2009-10 Dr. Mark Baimbridge International Monetary Economics • The Balance of Payments as a policy problem – approaches to the balance of payments • Traditional & IS-LM-EB • Monetarist • Structuralist • Exchange rates & the international monetary system – foreign exchange market: • determination of the exchange rate • choice of exchange rate regime – international monetary system since 1870 – Economic and Monetary Union in Europe The concept of the BOP • System of BOP accounts • UK BOP in retrospect • Principles of the BOP • Equilibrium & disequilibrium • Measures of equilibrium & disequilibrium Traditional policies & IS-LM-EB • Traditional BOP policies: –Expenditure changing policies –Expenditure switching policies –Direct policies • Simultaneous achievement of IB & EB –Allocation of fiscal and monetary policy Monetarist approach • Monetarist perspective: –Classical gold standard model, modern monetarist model • Monetarist adjustment mechanism: –Cash balances mechanism, devaluation, simultaneous achievement of IS-LM-EB • Monetarist policies Structural approach • Structural perspective • Structuralist adjustment mechanism: –Structural characteristics, constrained growth, income elasticity of demand for imports & exports • Structuralist policies: –Industrial investment, protectionist policies Determination of the exchange rate • Exchange rates defined • Measures of the exchange rate –Foreign exchange rate, effective exchange rate, real exchange rate • Theories of exchange rate determination: –Current account theory, purchasing power parity theory, monetarist approach, portfolio balance, technical analysis Choice of exchange rate regime • Choice of foreign exchange rate regime • Fixed versus floating exchange rates: –The case for greater flexibility –The case against greater flexibility –Managed floating Gold Standard to Bretton Woods • Classical gold standard (1870-1914) –Results & evaluation of Gold Standard • Modified gold standard (1925-1931) • Free floating (1931-1939) • Bretton Woods (1944-1971): –Results & evaluation of Bretton Woods system EMU in Europe: historical foundations • Pre-history of monetary union in Europe • Alternative types of monetary union • Beginnings of monetary union in Europe • European monetary system & exchange rate mechanism http://www.ukassignment.org/dxygassignment/ EMU in Europe: theory, policy & implications • Theory of optimum currency areas • Origins of EMU • Maastricht Treaty & EMU • Costs & benefits of EMU • EMU & the world economy |
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