Globalizing Capital: A History of the International Monetary System
Globalizing Capital: A History of the International Monetary System
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资本全球化：国际货币体系的历史
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发表时间：
1998
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通讯作者：
Barry Eichengreen
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作者：
Barry Eichengreen
国际货币体系的重要性在关于货币波动的每日新闻报道和戏剧性事件中显而易见，例如最近墨西哥经济的逆转。越来越明显的是，如果不知道国际经济的货币体系是如何运作的，就无法理解国际经济。这本书讲述了过去150年来国际金融体系的故事。本书不仅面向经济学家，也面向历史学家、政治学家、政府和企业专业人士以及对国际经济和政治关系有广泛兴趣的任何人。这本书表明，只有将国际货币体系视为一种历史现象，从金本位时期延伸到两次世界大战之间的不稳定，然后到布雷顿森林体系，最后到1973年后的波动货币时期，才能对国际货币体系及其有效的治理原则产生深刻的见解。艾肯格林分析了20世纪70年代从钉住汇率制向浮动汇率制的转变，并将这种转变归因于资本流动性的增加，这使得钉住汇率制难以维持。然而，他指出，资本流动性在第一次世界大战之前也很高，但这并没有阻止固定汇率的维持。在此期间成功维持固定汇率的关键是，政府相对不受民主政治的影响，因此也不受为了降低失业率等其他目标而牺牲汇率稳定的压力。如今，钉住汇率制需要进行非常激进的改革，而政府不愿接受这种改革是可以理解的。其含义似乎不可否认：浮动利率将继续存在。巴里·艾肯格林是《黄金枷锁：金本位与大萧条，1918-1939》一书的作者。
The importance of the International Monetary System is evident in the daily news stories about fluctuating currencies and in dramatic events, such as the recent reversals in the Mexican economy. It has become increasingly apparent that one cannot understand the international economy without knowing how its monetary system operates. This volume tells the story of the international financial system over the past 150 years. It is intended not only for economists, but also for a general audience of historians, political scientists, professionals in government and business, and anyone with a broad interest in international economic and political relations. The book demonstrates that insights into the International Monetary System and effective principles for governing it can result only if is seen as a historical phenomenon extending from the gold standard period to interwar instability, then to Bretton Woods and, finally, to the post-1973 period of fluctuating currencies. Eichengreen analyzes the shift from pegged to floating exchange rates in the 1970s, and ascribes that change to the growing capital mobility that has made pegged rates difficult to maintain. However, he shows that capital mobility was also high prior to World War I, yet this did not prevent the maintenance of fixed exchange rates. What was critical for the successful maintenance of fixed exchange rates during that period was the fact that governments were relatively insulated from democratic politics and, thus, from pressure to trade off exchange rate stability for other goals, such as the reduction of unemployment. Today, pegging exchange rates would require very radical reforms of a sort that governments are understandably reluctant to embrace. The implication seems undeniable: floating rates are here to stay. Barry Eichengreen is the author of "Golder Fetters: The Gold Standard and the Great Depression, 1918-1939".