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. 国际货币体系被广泛地定义为一套复杂的公约、规则、程序和机构，用以指导各国之间的金融关系。

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世纪70年代，作为国际货币体系的金本位制度在西欧得到了认可。在金本位制下，游戏规则简单明了。每个国家设定其货币单位（纸或硬币）可以转换成黄金重量的比率。因为每个国家的政府都同意以黄金的方式购买或出售个人货币，因此货币之间的汇率是固定的。

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. 在第一次世界大战和20世纪20年代早期，货币被允许在相当宽的范围内以黄金和其他货币的形式波动。事实上，当金本位制被抛弃的时候，纸质标准就出现了。由于大多数货币不可兑换，这一时期的货币投机活动猖獗，导致汇率剧烈波动。总而言之，在这一时期，没有一个连贯的国际货币体系对国际贸易和投资产生严重的不利影响。结果，国际贸易的数量下降到非常低的水平，许多国家采取了保护主义政策。

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. 布雷顿森林固定汇率制度建立于1944年。根据《布雷顿森林协定》的原始条款，所有国家都以黄金的形式确定其货币的价值，但不要求用其货币兑换黄金。只有美元可以兑换成黄金（每盎司35美元）。因此，每个国家都建立了与美元相对的汇率，然后计算其货币的黄金面值，以创造理想的美元汇率。

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. 固定汇率制在1973年崩溃，主要是由于美国通货膨胀率上升和美国国际收支赤字不断增加导致美元的投机压力。

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年以来，世界一直实行浮动汇率制度，汇率波动更大，也更难以预测。汇率的波动帮助重新讨论了固定和浮动系统的优点。

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. 牙买加协议将浮动汇率法律化。该协议正式放弃了黄金作为储备资产，并试图扩大特别提款权在国际清算的作用。

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《广场协议》是为了减少对美元的投机。其目的是通过集体干预来压低美元的价值。1987年的《卢浮宫协议》宣布，货币当局将不再压低美元的汇率，因为美元已跌至1981年开始的水平。

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年以来，汇率已经变得比以前更不稳定、更难以预测，世界各国政府都在追求一系列不同的汇率政策。今天的国际货币体系是所有货币制度的混合体。

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. 完全美元化是一项几乎永久的解决方案：随着可能对当地货币和资本市场的投机性攻击消失，该国的经济气候变得更加可信。一个国家这样做的主要原因是为了减少其国家的风险，从而提供稳定和安全的经济和投资环境。寻求全面美元化的国家往往是发展中国家或转型期经济体，尤其是高通胀国家。

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. 关于美元化有三个主要论点。首先是对货币政策丧失主权。其次，国家丧失了铸币的权力，从自己印刷钞票中获利的能力。第三，国家的中央银行，因为它不再有能力在其经济和金融体系内创造货币，不能再充当最后贷款人的角色。

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. 欧洲经济和货币联盟（EMU）是欧洲联盟（欧盟）单一市场的单一货币区，现在被称为欧元区，人口、商品、服务和资本都应该在不受限制的情况下流动。