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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