Term Agio of Interest Rate and Monetary Standard: Analyzed through European Substantial Evidence 利率期限贴水与货币本位制度:欧洲国家的实证分析
A monetary standard under which the basic unit of currency is defined by stated amounts of two metals ( usually gold and silver) with values set at a predetermined ratio. The monetary system of certain countries used to be based on gold. 在货币流通中以两种金属作为货币标准的货币本位。某些国家的货币制度过去一直是金本位的。
Yet for eurozone countries such as Greece, this lesson is tantalising because the European Monetary Union is a much tougher discipline than the gold standard, with no provision for exit from the single currency. 然而,对希腊之类的欧元区国家来说,上述经验教训不过是使人干着急,因为欧洲货币联盟的纪律比金本位制严得多,并无退出单一货币体系的途径。
The impetus for the stock market euphoria of the 1920s came partly from a loose monetary policy pursued by an inexperienced Federal Reserve in a misguided attempt to help the British preserve the value of the pound after the return to the gold standard. 在一定程度上,美联储(Fed)遵循的宽松货币政策为上世纪20年代股市狂飙提供了动力。当时,缺乏经验的美联储错误地尝试帮助英国在回归金本位后维持英镑的价值。
The established value of a monetary unit expressed in terms of a monetary unit of another country using the same metal standard. 制定比被确立的一种用另一使用相同法定含金量的国家的货币来表示的货币单位的价值量。
This paper, based on the study of modern theories of exchange rate determination, finds the evolution process of theory of exchange rate determination has five rules: it has a close relationship with the evolution and development of monetary standard system and international finance system; 在对国内外学者对现代汇率决定理论研究的基础上,发现现代汇率决定理论的具有以下五大规律:汇率决定理论的演变和发展与货币本位制度及国际金融体系的演变和发展密切相关;
The use of Euro set an example of regional monetary integration, which marked a new developing period of international monetary system after the Gold Standard, Bretton Woods System and Jamaica System. 欧元的启动开创了区域货币一体化的先例,标志着国际货币体系在历经了金本位、布雷顿森林体系和牙买加体系的风雨沧桑后进入了国际区域货币发展的新时期。
Chinese scholars of modern times discussed the question of monetary system. They mostly centered on discussion of monetary standard system. 近代中国学者关于货币制度的讨论,大都是围绕货币本位制展开的。
Establishment of monetary standard and development of the economy of various countries after World War II strengthen the importance of the monetary policy day by day, and the independence of the Central Bank has caused extensive dispute too accordingly. 货币本位制的确立和二战后各国经济的发展,使得货币政策日益显示其重要性,中央银行的独立性问题相应地也引起了广泛的争论。
Students in colleges should pursue scientific reason and a kind of education which take intelligence, ability and monetary standard as the base of human being's development at the times of knowledge economy; 知识经济时代追求科学理性、把智能本位作为人生存发展基石的教育;
This triggered a discussion of the international monetary system reform. The dollar standard system being difficult to reverse, but the trend of the international monetary system reform is irreversible. Currently, there are three ideas of international monetary system reform. 由此引发了国际货币体系改革的讨论,虽然美元本位制暂时难以推翻,但是国际货币体系改革的趋势已不可逆转。
In order to stabilize the currency value, Nanjing conducted the Reforms from three institutional aspects which is the Institutions of Monetary Standard, the Institutions of Issuance of Currency and the Institutions of Issue Reserve. 南京国民政府是从货币本位制度、货币发行权制度和发行准备金制度三方面进行改革以稳定币值的。
The results of variance decomposition shows that in the first period of time the proportion of the monetary base contribution is 100% because of all the changes in the monetary base are coming from their own standard error, and then its contribution is gradually declining. 方差分解结果显示,在第1期由于基础货币的所有变动均来自自身的新生标准误差,贡献度比例为100%,而后自身的贡献度逐渐下降。
Second, as a high-quality gold coins to discuss the properties of materials and found that the emergence of gold as a monetary standard, with historical reasons, but also a reason stage of scientific and technological development. 第二,对于黄金作为优质币材的属性进行讨论,发现黄金作为货币本位的出现,既有自然属性的原因,也有历史、科学技术发展和政治人文因素等原因。
Since then, the international monetary system has gone through from the international gold standard to Bretton Woods System, then the Jamaica System. 至此,国际货币制度经历了从国际金本位制→布雷顿森林体系→牙买加体系的演变过程。
The modem monetary system disorder but business has developed rapidly, for a standard market demand, therefore in Tianjin, Hankou, Chongqing and other regions to form the large and small market. 近代货币制度紊乱但商业发展迅速,对于标准行市的需求旺盛,因此在天津、汉口、重庆等地区形成了大大小小的申汇市场。
Since the dollar became centre currency, the international monetary system gradually began to bound onto the path of losing precious metal control, and ultimately into the "paper standard" era that only supported by national credit, the U.S. dollar hegemony has been fully expanded. 从美元成为中心货币以来,国际货币体系就开始走上逐渐去贵金属约束的路径,最终进入了单靠国家信用支撑的纸本位时代,美元霸权也得到了充分的扩张。
Since the first international monetary system-the gold standard-was established, gold has been playing a very important role in the international monetary system. 自从第一个国际货币体系&金本位制成立,黄金就在人类货币体系中发挥着至关重要的作用。
At last, from the monetary angle, such as the monetary standard and the foreign trade of silver, this paper analyzes reasons that the correlation of sino-alien economic fluctuations is affected by the currency. 最后,主要从中外货币本位不同和白银进出口的角度对造成近代中外经济波动的相关性深受计价货币影响的原因进行了分析。
During the changes of international monetary position and currency hegemony, International Monetary System experienced several alternations as well, which is from International Gold Standard to Gold Exchange Standard and from Bretton Woods System to Jamaican System. 在各国货币地位的起伏与货币霸权的更迭中,国际货币体系也经历了几次更替:从国际金本位制到国际金汇兑本位制,从布雷顿森林体系到牙买加体系。
We can analyze the real conditions and the theoretical possibility of East Asian monetary cooperation according to the traditional standard of OCA and the GG-LL analytical method. 根据最优货币区理论的传统标准和GG&-LL分析方法,对东亚地区货币合作的现实基础进行分析,得出理论上东亚组建货币区的可能性。
In the new context of the international monetary system reform, the monetary functions of the gold gradually return. Though preservation and monetary functions of the gold have attracted national attention, the gold standard is unlikely to return. 在新的国际货币体系改革背景下,黄金的货币功能逐渐回归,黄金的保值功能和货币职能已经引起了各国的重视,但是金本位回归的可能性仍微乎其微。
In this article, the international monetary system is broadly divided into three periods: first, the international gold standard monetary system; second, the Bretton Woods system; third, the Jamaica monetary system. 2. 并且,在本文章中,将国际货币体系大致分为三个时期:第一个时期,国际金本位货币体系时期;第二个时期,布雷顿森林体系时期;第三个时期,牙买加货币体系时期。
In 1971, the U.S. dollar officially separated from gold. Since then, the international monetary system entered the era of the dollar standard. 1971年,美元与黄金正式脱钩,国际货币体系从此进入美元本位制的时代。
Before, people who research monetary policy asymmetric effects exist industry classification caliber division relatively broad or division standard unreasonable situation. 以往人们研究货币政策的行业非对称效应,存在行业分类口径划分相对比较宽泛或者划分标准不合理的情况。
International monetary system beginning from the establishment of the inherent contradiction, the gold standard period of relatively stable because the gold and silver is real and intrinsic value of money, honest money system adapted to the economic development. 国际货币体系从建立之初就存在着内在矛盾,金本位时期相对稳定是因为金银是实物和有内在价值的货币,诚实的货币体系适应了当时经济的发展。
This part firstly reviewed the evolution of international monetary system: it basically evolved through three phases: Gold Standard System-Bretton Woods System-Diversified Monetary System. 首先回顾了国际货币体系的演变,国际货币体系经历了金本位制布雷顿森林体系国际货币体系多元化等三个大的历史时期。