Download - International Monetary Relations
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Aetcredtakedi @kectdry
Zcidtakes
Aetcredtakedi Vkiatamdi Cmkek`y
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At as a`pkssajic tkuencrstden tbc kpcrdtakekl tbc aetcredtakedi
cmkek`y watbkut diskuencrstdenaeh ats`kectdry systc`.
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Aetrknumtake Zcdiasts vs. Iajcrdis ke aemrcdscn laedemadi likws
ZCDIA]^]
Zcsuitcn lrk`pcr`assake den
cemkurdhc`cet klpkwcrlui stdtcs
Aetcredtakedi kecytrdesdmtakes staii rciy ke
scpdrdtc edtakedimurrcemacs
IAJCZDI]
Kutmk`c klmk``ueamdtakes,tcmbekikhy, den
trdespkrtdtake dnvdemcs
Aetcredtakedi rcidtakesdrc rcsbdpcn jy tbc
aemrcdsaehaetcrpcectrdtake kledtakedi `kectdry
spdmcs
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^bc Jdidemc kl Vdy`cets
Aetcredtakedi @kectdry Zcidtakes
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Jdidemc kl Vdy`cets
Kvcrdii LAEDEMADI]^D^C@CE^kl d stdtc
Mk`putcn DEESDIIQ
Mk`pkscn kl MSZZCE^den MDVA^DIDMMKSE^]
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Murrcet Dmmkuet
@CZMBDENA]C^ZDNC
- trdnc ae tdehajic hkkns
]CZ\AMC^ZDNC
- trdnc ae aetdehajic atc`s
AE\C]^@CE^AEMK@CDENVDQ@CE^]
- `cdsurc`cet kl aetcrcst den navancenpdy`cets
ZC@A^^DEMC]DENKLLAMADI^ZDE]DM^AKE]
- aemk`c icdvaeh tbc mkuetry
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Mdpatdi Dmmkuet
MDVA^DIDMMKSE^JDIDEMC
- `cdsurcs ikeh- den sbkrt-tcr` mdpatdilikws
* CRVKZ 0 ncjat purmbdsc kl laedemadidsscts lrk` lkrcahecrs
* A@VKZ^0 mrcnat sdic kl laedemadi dsscts tklkrcahecrs
IKEH-^CZ@MDVA^DILIKXas navancn aetk7d. Lkrcahe Narcmt Aevcst`cet (LNA)
j. Vkrtlkiak Aevcst`cet
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Mdpatdi Dmmkuet _Mket.P
]^D^A]^AMDIND^DNA]MZCVDEMQ
- `cdsurc`cet kl crrkrs ae ndtd mkiicmtake
MBDEHCAEZC]CZ\C]
- `cdsurc`cet kl lkrcahe cxmbdehc den hkinrcscrvcs
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Hkvcre`cet Zcspkesc tk dJdidemc-kl-Vdy`cets Nclamat
Aetcredtakedi @kectdry Zcidtakes
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^wk Vkiamy Kptakes
DNGS]^@CE^@CD]SZC]
- rciacs ke pkiamy aestru`cets iaoc7
@KE
C^DZQVKIAMQ
LA]MDIVKIAMQ
MK@@
CZMADIVKIAMQ
Ikwcrspdy`cet nclamattbrkuhbmketrdmtake klcmkek`y den
ncmrcdsaeh klspcenaeh kehkkns denscrvamcs
Ikwcraeh klhkvcre`cetspcenaeh denrdasaeh kl tdxcs
tk watbnrdwpurmbdsaehpkwcr
Aemrcdsaeh kltrdnc cxpkrts
wbaic
ncmrcdsaeha`pkrt trdncs
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^wk Vkiamy Kptakes _Mket.P
LAEDEMAEH
- icenaeh lrk` kutsanc rcskurmcs krncmrcdsaeh lkrcahe cxmbdehc rcscrvcs
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Dngust`cet, Laedemaeh, den tbc bckrctamdi Vcrspcmtavc
^bckrasts prclcrcemc kl tbc pkiamacs7
d. KZ^BKNKRIAJCZDI]7 Aetcredi dngust`cet`cdsurcs
j. ZCDIA]^]7 Cxtcredi dngust`cet cdsurcs
m. BA]^KZAMDI@D^CZADIA]^]7 Laedemaeh
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^bc Luemtakes den \diudtakekl @kecy
Aetcredtakedi @kectdry Zcidtakes
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^brcc @dae Luemtakes kl @kecy
]^KZCKL\DISC
@cdes lkrprcscrvaehpurmbdsaeh
pkwcr
SEA^KLDMMKSE^
Havcs vdiuc krpramc tk hkkns,
scrvamcs, kr dsscts
@CNAS@KL
CRMBDEHC@ust jc
dmmcptdjic lkrpdy`cet
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\diudtake kl Murrcemy
NC\DISD^AKE
- ikwcraeh kl d murrcemys kllamadi pramc
ZC\DISD^AKE
- rdasaeh kl d stdtcs kllamadi pramc
NCVZCMAD^AKE
- `droct-nravce rcnumtake ae d murrcemyspramc
DVVZCMAD^AKE
- `droct-nravce aemrcdsc ae ats pramc
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Aetcredtakedi @kectdryZcidtakes jclkrc Jrcttke Xkkns
Aetcredtakedi @kectdry Zcidtakes
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Lkur @kectdry Zcha`cs
MID]]AMDIHKIN]^DENDZN(4286]XKZINXDZA)
- LARCN-CRMBDEHCZD^CZCHA@C
- kllamadi aetcredtakedi rcscrvcs wcrc ae tbclkr` kl HKIN
HKINCRMBDEHC]^DENDZNNSZAEH^BCLAZ]^VDZ
KL^BCAE^CZXDZVCZAKN- pcr`ats `krc licxajaiaty ae aemrcdsaehaetcredtakedi rcscrvcs
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Lkur @kectdry Zcha`cs _Mket.P
JZC^^KEXKKN]]Q]^C@LZK@41>> - 418=
- cdmb mkuetrys murrcemy wds pchhcn tk hkinkr S] nkiidr ds tbc ocy murrcemy
@ARCN]Q]^C@KLLIKD^AEHDENLARCNCRMBDEHCZD^C]LZK@418= - VZC]CE^
- mrcdtcn tk stdjaiasc cxmbdehc rdtcs denprkvanc sbkrt-tcr` ikdes tk stdtcs watbjdidemc-kl-pdy`cets prkjic`s
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^bc Luemtakeaeh kl tbc JrcttkeXkkns @kectdry Zcha`c
Aetcredtakedi @kectdry Zcidtakes
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Zcquarc`cets lkr Dncqudtc Zcscrvcs
D hkin cxmbdehc rcha`c
@dae rcscrvcs wcrc HKINden tbc S] NKIIDZ
Drc tbcrc sullamacet rcscrvcs lkr iaquanaty;
As tbcrc mkelancemcae tbc rcscrvc dsscts;
Xbdt dngust`cet kptakes nk mkuetracs bdvc aencdiaeh watb jdidemc-kl-pdy`cets nclamats;
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Mcetrdi Zkic kl tbc S] Nkiidr
]mdrmaty kl hkin jcmd`c d iadjaiaty
S] nkiidrs cdrecn aetcrcst den eccnicss tk jcsbappcn den stkrcn
^bc S] prkvancn VSJIAMHKKN]ae tbrcc wdys7
d. Kpceaeh ats `droct tk a`pkrts
j. Vrkvanaeh dan tbrkuhb tbc Curkpcde
Zcmkvcry Vrkhrd`m. ]uppiyaeh tbc S] nkiidr ds tbc `daeskurmc kl aetcredtakedi iaquanaty
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S] Nkiidr ds tbc Ocy Murrcemy
Dvkan cxmbdehcrdtc rasos dentrdesdmtake mksts
Idrhciy cxc`pt
lrk` tbcnasmapiaec kl tbcaetcredtakedilaedemadi systc`
Hdvc tbc S] `krclaedemadi pkwcr
Hdaecn dnnatakedircvceuc tbrkuhbscaheakrdhc
Dnvdetdhcs
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Xbdt as ]caheakrdhc;
^bc nallcrcemc jctwcce tbc mkst kl prknumaeh dmurrcemy den ats dmtudi LDMC\DISC
^bc prklat den dnvdetdhcs d ]CAHECSZkr skvcrcahepkwcr hdaes lrk` assuaeh `kecy
Zclcrs tk tbc aeliucemc den pkwcr d bchc`kedmquarcs ds d rcsuit kl ats pksatake ds tbc ^KV-MSZZCEMQ]^D^C
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Mbdiicehcs tk S] Icdncrsbap
JDIDEMC-KL-VDQ@CE^]NCLAMA^]jchaeeaeh ae 4136
^bcsc nclamats wkuin ncpictc S] hkin rcscrvcs,`doaeh at a`pkssajic tk cxmbdehc nkiidrs tk hkin dt
$=3 VCZKSEMC
^ZALLAENAIC@@D
- rclcrs tk tbc prkjic` watb d`kectdry rcha`c tbdt ncpcens ked saehic ocy murrcemy
- mkeliamt jctwcce iaquanatydenmkelancemcluemtakes
ZKJCZ^^ZALLAE
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Mbdiicehcs tk S] Icdncrsbap _Mket.P
Hrkwtb kl tbc CSZKMSZZCEMQ@DZOC^
CSZKMSZZCEMAC]drc edtakedi murrcemacs trdncn denncpksatcn ae jdeos kutsanc tbc bk`c mkuetry
^bc Curk`droct ncvcikpcn dltcr Xkrin Xdr AA
Curknkiidr ncpksats bcin ae jdeos kutsanc tbcSeatcn ]tdtcs
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D ]balt kwdrn @uitaidtcrdias`
D KVMSZZCEMQas ldvkurcn lkr aetcredtakedi`kectdry trdesdmtakes nuc tk mkelancemcae tbcassuaeh stdtc
D ECHK^AD^CNMSZZCEMQnkcs ekt jceclat lrk` dbahb nchrcc kl mkelancemc
HCECZDIDHZCC@CE^]^KJKZZKX(41
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D ]balt kwdrn @uitaidtcrdias` _Mket.P
S] jdidemc-kl-pdy`cets nclamatsmketaeucn tk aemrcdsc
Nkiidr siappcn lrk` tkp murrcemy tkechktadtcn murrcemy
]balt tkwdrn `uitaidtcrdi dhrcc`cets
D sbalt lrk` ueaidtcrdi S] tkwdrn mkiicmtavc`dedhc`cet kl `kectdry assucs
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Zcstkraeh Laedemadi ]tdjaiaty
]VCMADINZDXAEHZAHB^](41
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Nc`asc kl tbc Jrcttke Xkkns ]ystc`
Lrcemb Vrcsancet MBDZIC]NCHDSIICnciajcrdtciymkevcrtcn nkiidrs aetk hkin tk cen tbc S]bchc`keam pravaichc ds tbc ocy murrcemy stdtc
S] trdnc mk`pctatavcecss scrakusiy ncmiaecn ae 4184rcsuitaeh tk d JDIDEMC-KL-^ZDNCNCLAMA^
D`cramde Vrcsancet ZAMBDZNEARKEsuspcencn tbcmkevcrtajaiaty kl nkiidr aetk hkin den a`pkscn d 46%tdrall surmbdrhc ke nutadjic a`pkrts
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^bc ]`atbskeade Dhrcc`cet
]@A^B]KEADEAE]^A^S^AKE, Ncmc`jcr 4184 denLcjrudry 418=
Dngustcn tbc laxcn cxmbdehc rdtcs kl tbc JrcttkeXkkns systc` jy ncvdiuaeh tbc S] nkiidr twamc
Djkiasbcn tbc nkiidrs mkevcrtajaiaty aetk hkin
hudrdetccn jy tbc S] ^ZCD]SZQ(Eaxke ]bkmo kl4184)
^bc VCHHCNZD^C]]Q]^C@cvcetudiiy mkiidpscn
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^bc Zcha`c kl LikdtaehCxmbdehc Zdtcs
Aetcredtakedi @kectdry Zcidtakes
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Midssalamdtakes kl Likdtaeh Cxmbdehc Zdtcs
LZCCLIKD^AEH
@droct dikecnctcr`aecsmurrcemy vdiucs
]tdtcs nk ektaetcrvcec aemurrcemy
`drocts
@DEDHCNLIKD^AEH
Mcetrdi jdeosaetcrvcec tk ncdi
watb nasruptavcmkenatakes
@DEAVSID^A\CLIKD^AEH
Vrcvcet cllcmtavcjdidemc klpdy`cetsdngust`cet
Hdae de ueldarmk`pctatavcdnvdetdhc
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^bc Sebkiy raeaty
D `knci ncvcikpcn jy ZKJCZ^@SENCIIden mkaecn jyJCEGD@AEMKBCE
^brcc cic`cets7
d. Cxmbdehc Zdtc ]tdjaiaty
j. Vravdtc Mdpatdi @kjaiaty
m. @kectdry Vkiamy Dutkek`y
Aevkivcs d ^ZDNC-KLLjctwcce pchhcn cxmbdehc rdtcsden pkiamy dutkek`y
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]crakus Vrkjic`s
\KID^AIA^Q
- rclcrs tk tbc sbkrt-tcr` aestdjaiaty klcxmbdehc rdtcs
@A]DIAHE@CE^
- rclcrs tk tbc ikeh tcr` ncpdrturc kl
cxmbdehc rdtcs lrk` mk`pctatavc icvcis
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^bc Vidzd-Ikuvrc Dmmkrns
S] ^rcdsury ]cmrctdry GD@C]JDOCZAAA dssc`jicn tbc H3ae Ecw Qkros VIDWDBK^CIae ]cptc`jcr 4123
Dhrccn tk rdasc tbc vdiuc kl tbc `dgkr eke-nkiidrmurrcemacs tbrkuhb mkkrnaedtcn `droct aetcrvcetake
^bc S] prk`ascn tk rcnumc hkvcre`cet spcenaeh
^bc nkiidr ncprcmadtcn sahealamdetiy ds d rcsuit
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^bc Vidzd-Ikuvrc Dmmkrns _Mket.P
^bc H8 `ct dt tbc IKS\ZC, VDZA]ae Lcjrudry 4128tk prcvcet tbc vdiuc kl tbc nkiidr lrk` siappaeh cvcelurtbcr
@drocn d sbalt tk @DEDHCNLIKD^AEH7 hkvcre`cetsmkrrcmtcn murrcemy vkidtaiatyden `asdiahe`cet
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Curkpcde @kectdry ZcidtakesAetcredtakedi @kectdry Zcidtakes
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^bc CS7 Cmkek`am den @kectdry Seake
^BCCSZKWKECLZDEMC
HCZ@DEQ
A^DIQ
JCIHAS@
^BCEC^BCZIDEN]
ISRC@JKSZH
AZCIDEN
HZCCMC
]VDAEVKZ^SHDI
DS]^ZAD
LAEIDEN
MQVZS]
@DI^D
]IK\DOAD
]IK\CEAD
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Mbdehcs ae tbc 41
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Curkpcde @kectdry ]ystc`
^wk `dae lcdturcs7
d. CRMBDEHCZD^C@CMBDEA]@
- ia`atcn cxmbdehc rdtc liumtudtakes tk d
+:.:3 tk -:.:3 pcr mcet jden watb tbcaetcrvcetake kl mcetrdi jdeos
j. CSZKVCDEMSZZCEMQSEA^- d ecw murrcemy jdscn ke d wcahbtcn jdsoctkl C@] murrcemacs uscn ae mrkss-jkrncrjdeoaeh den ds d mk``ke ueat kl dmmkuet
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kwdrns d ]aehic Murrcemy
^ZCD^QKECSZKVCDESEAKEkr @DD]^ZAMB^^ZCD^Q(411:)
Zcquarc`cets7d. ]tdtcs junhct nclamat sbkuin jc ek hrcdtcrtbde = pcr mcet kl ats HNV
j. Ats pujiam ncjt ek hrcdtcr tbde
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^bc Iaociy Luturc kl tbc S]Nkiidr ds tbc Ocy Murrcemy
Aetcredtakedi @kectdry Zcidtakes
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^bc Nkiidr vcrsus tbc Curk
^bc Curk as murrcetiy tbc keiy
vadjic ditcredtavc tk tbc S]nkiidr ds tbc ocy aetcredtakedi
murrcemy
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@daetdaeaeh Ats Ocy Murrcemy ]tdtus
Al tbc S] mketaeucs tk bdvc tbc `kst ncvcikpcn denkpce laedemadi `drocts
- ]SJVZA@CICENAEH(:662)7 rclcrs tk ikdes tkjkrrkwcrs wbk nk ekt qudialy lkr `droct
aetcrcst rdtcs jcmdusc kl aemk`c icvci, mrcnatbastkry, den c`piky`cet prkspcmts
Al tbcrc as mkelancemc tbdt tbc vdiuc kl tbc nkiidr
waii rc`dae rcidtavciy stdjic- tbc CSZKWKECbds d strkeh cxtcredilaedemadi pksatake, wbcrcds tbc S] bds dhrkwaeh lkrcahe ncjt prkjic`
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@daetdaeaeh Ats Ocy Murrcemy ]tdtus _Mket.P
^bc sazc kl tbc S] cmkek`y den ats sbdrc kl hikjditrdnc bdvc cesurcn tbc nkiidrs wancsprcdn usc aeaetcredtakedi trdesdmtakes
Lkr mbdiicehaeh murrcemacs7 tbc tkp hikjdi murrcemy`ust jc jdmocn jy d strkeh cmkek`y
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]kvcrcahe Xcditb LuensAetcredtakedi @kectdry Zcidtakes
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Xbdt drc ]kvcrcahe Xcditb Luens;
^bcsc drc hkvcre`cet aevcst`cet luens, luencn jylkrcahe murrcemy rcscrvcs jut `dedhcn scpdrdtciylrk` kllamadi murrcemy rcscrvcs
]ahealacs d pdrtadi rcture tk stdtc mdpatdias` dltcrncmdncs kl pravdtazdtake ae tbc Xcst
Mkuetracs watb tbc idrhcst ]XLs7
- Ekrwdy, SDC, ]duna Drdjad, Mbaed, Ouwdat,Zussad, den ]aehdpkrc
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Zclcrcemc
Mkbe, . (:646). Hikjdi Vkiatamdi Cmkek`y7 ^bckry denVrdmtamc, 3tbCn. Ecw Qkro, EQ7 Vcdrske Cnumdtake, Aem.