Summary

1. International monetary system is broadly defined as a complex set of conventions， rules， procedures and institutions that govern the conduct of financial relations between nations. 國際貨幣體系被廣泛地定義為一套復雜的公約、規則、程序和機構，用以指導各國之間的金融關系。

2. The gold standard as an international monetary system gained acceptance in Western Europe in the 1870s.Under the gold standard， the rules of the game were clear and simple. Each country set the rate at which its currency unit （paper or coin） could be converted into a weight of gold. Because the government of each country on the gold standard agreed to buy or sell individual currency in terms of gold， and therefore exchange rates between currencies was fixed. 19世紀70年代，作為國際貨幣體系的金本位制度在西歐得到了認可。在金本位制下，游戲規則簡單明了。每個國家設定其貨幣單位（紙或硬幣）可以轉換成黃金重量的比率。因為每個國家的政府都同意以黃金的方式購買或出售個人貨幣，因此貨幣之間的匯率是固定的。

3. During the World War Ⅰ and the early 1920s， currencies were allowed to fluctuate over fairly wide ranges in terms of gold and each other. As a matter of fact， paper standards came into being when the gold standard was abandoned in real. Since the inconvertibility of the most currencies， currency speculation during this period was rampant， causing wild fluctuations in exchange rates. In sum， no coherent international monetary system accepted during this period with profoundly detrimental effects on international trade and investment. As a result， the volume of international trade declined to a very low level with the protectionist policies adopted by many countries. 在第一次世界大戰和20世紀20年代早期，貨幣被允許在相當寬的范圍內以黃金和其他貨幣的形式波動。事實上，當金本位制被拋棄的時候，紙質標準就出現了。由于大多數貨幣不可兌換，這一時期的貨幣投機活動猖獗，導致匯率劇烈波動。總而言之，在這一時期，沒有一個連貫的國際貨幣體系對國際貿易和投資產生嚴重的不利影響。結果，國際貿易的數量下降到非常低的水平，許多國家采取了保護主義政策。

4. The Bretton Woods system of fixed exchange rates was established in 1944. Under the original provisions of the Bretton Woods Agreement， all countries fixed the value of their currencies in terms of gold but were not required to exchange their currencies for gold. Only the dollar remained convertible into gold （at 35 per ounce）. Therefore， each country established its exchange rate vis-a-vis the dollar， and then calculated the gold par value of its currency to create the desired dollar exchange rate. 布雷頓森林固定匯率制度建立于1944年。根據《布雷頓森林協定》的原始條款，所有國家都以黃金的形式確定其貨幣的價值，但不要求用其貨幣兌換黃金。只有美元可以兌換成黃金（每盎司35美元）。因此，每個國家都建立了與美元相對的匯率，然后計算其貨幣的黃金面值，以創造理想的美元匯率。

5. The fixed exchange rate system collapsed in 1973， primarily due to speculative pressure on the dollar following a rise in U.S. inflation and a growing U.S. balance-of-payments deficit. 固定匯率制在1973年崩潰，主要是由于美國通貨膨脹率上升和美國國際收支赤字不斷增加導致美元的投機壓力。

6. Since 1973 the world has operated with a floating exchange rate system， and exchange rates have more volatile and far less predictable. Volatile exchange rate movements have helped reopen the debate over the merits of fixed and floating systems. 自1973年以來，世界一直實行浮動匯率制度，匯率波動更大，也更難以預測。匯率的波動幫助重新討論了固定和浮動系統的優點。

7. Jamaica Accord made the floating exchange rate legal. The agreement officially abandoned the gold as reserve assets and tried to increase the role of special drawing rights in international settlements. 牙買加協議將浮動匯率法律化。該協議正式放棄了黃金作為儲備資產，并試圖擴大特別提款權在國際清算的作用。

8. The Plaza Agreement in 1985 was to reduce the speculation for the U.S. dollar. The purpose was to intervene collectively to drive down the value of the dollar. The 1987 Louvre Accord was， on the other side， to declare that the monetary authorities would cease to drive down the value of the dollar， because the dollar had fallen to the same price where it had started in 1981. 1985年的《廣場協議》是為了減少對美元的投機。其目的是通過集體干預來壓低美元的價值。1987年的《盧浮宮協議》宣布，貨幣當局將不再壓低美元的匯率，因為美元已跌至1981年開始的水平。

9. Since 1973， exchange rates have become much more volatile and less predictable than they were before.Governments around the world pursue a number of different exchange rate policies. Today’s international monetary system is a mixture of all currency regimes. 自1973年以來，匯率已經變得比以前更不穩定、更難以預測，世界各國政府都在追求一系列不同的匯率政策。今天的國際貨幣體系是所有貨幣制度的混合體。

10. Full dollarization is an almost permanent resolution： the country’s economic climate becomes more credible as the possible speculative attack on the local currency and capital market virtually disappears. The main reason a country would do this is to reduce its country risk， thereby providing a stable and secure economic and investment climate. Countries seeking full dollarization tend to be developing or transitional economies， particularly those with high inflation. 完全美元化是一項幾乎永久的解決方案：隨著可能對當地貨幣和資本市場的投機性攻擊消失，該國的經濟氣候變得更加可信。一個國家這樣做的主要原因是為了減少其國家的風險，從而提供穩定和安全的經濟和投資環境。尋求全面美元化的國家往往是發展中國家或轉型期經濟體，尤其是高通脹國家。

11. Three major arguments exist against dollarization. The first is the loss of sovereignty over monetary policy. Second， the country loses the power of seignorage， the ability to profit from its ability to print its own money. Third， the central bank of the country， because it no longer has the ability to create money within its economic and financial system， can no longer serve the role of lender of last resort. 關于美元化有三個主要論點。首先是對貨幣政策喪失主權。其次，國家喪失了鑄幣的權力，從自己印刷鈔票中獲利的能力。第三，國家的中央銀行，因為它不再有能力在其經濟和金融體系內創造貨幣，不能再充當最后貸款人的角色。

12. The European Economic and Monetary Union （EMU） is a single-currency area within the European Union （EU） single market， now known as the euro zone， in which people， goods， services， and capital are supposed to move without restrictions. 歐洲經濟和貨幣聯盟（EMU）是歐洲聯盟（歐盟）單一市場的單一貨幣區，現在被稱為歐元區，人口、商品、服務和資本都應該在不受限制的情況下流動。