international monetary relations

7/28/2019 International Monetary Relations

1/49

Aetcredtakedi @kectdry

Zcidtakes

Aetcredtakedi Vkiatamdi Cmkek`y


2/49

At as a`pkssajic tkuencrstden tbc kpcrdtakekl tbc aetcredtakedi

cmkek`y watbkut diskuencrstdenaeh ats`kectdry systc`.


3/49

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


4/49

^bc Jdidemc kl Vdy`cets

Aetcredtakedi @kectdry Zcidtakes


5/49

Jdidemc kl Vdy`cets

Kvcrdii LAEDEMADI]^D^C@CE^kl d stdtc

Mk`putcn DEESDIIQ

Mk`pkscn kl MSZZCE^den MDVA^DIDMMKSE^]


6/49

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


7/49

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


8/49

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


9/49

Hkvcre`cet Zcspkesc tk dJdidemc-kl-Vdy`cets Nclamat



10/49

^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


11/49

^wk Vkiamy Kptakes _Mket.P

LAEDEMAEH

- icenaeh lrk` kutsanc rcskurmcs krncmrcdsaeh lkrcahe cxmbdehc rcscrvcs


12/49

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


13/49

^bc Luemtakes den \diudtakekl @kecy



14/49

^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


15/49

\diudtake kl Murrcemy

NC\DISDÂKE

- ikwcraeh kl d murrcemys kllamadi pramc

ZC\DISDÂKE

- rdasaeh kl d stdtcs kllamadi pramc

NCVZCMADÂKE

- `droct-nravce rcnumtake ae d murrcemyspramc

DVVZCMADÂKE

- `droct-nravce aemrcdsc ae ats pramc


16/49

Aetcredtakedi @kectdryZcidtakes jclkrc Jrcttke Xkkns



17/49

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


18/49

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


19/49

^bc Luemtakeaeh kl tbc JrcttkeXkkns @kectdry Zcha`c



20/49

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;


21/49

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


22/49

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


23/49

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


24/49

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


25/49

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


26/49

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


27/49

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


28/49

Zcstkraeh Laedemadi ]tdjaiaty

]VCMADINZDXAEHZAHB^](41


29/49

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


30/49

^bc ]àtbskeade Dhrcc`cet

]@A^B]KEADEAE]Â^SÂKE, 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


31/49


32/49

^bc Zcha`c kl LikdtaehCxmbdehc Zdtcs



33/49

Midssalamdtakes kl Likdtaeh Cxmbdehc Zdtcs

LZCCLIKDÂEH

@droct dikecnctcràecsmurrcemy vdiucs

]tdtcs nk ektaetcrvcec aemurrcemy

`drocts

@DEDHCNLIKDÂEH

Mcetrdi jdeosaetcrvcec tk ncdi

watb nasruptavcmkenatakes

@DEAVSIDÂ\CLIKDÂEH

Vrcvcet cllcmtavcjdidemc klpdy`cetsdngust`cet

Hdae de ueldarmk`pctatavcdnvdetdhc


34/49

^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


35/49

]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


36/49

^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


37/49

^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


38/49

Curkpcde @kectdry ZcidtakesAetcredtakedi @kectdry Zcidtakes


39/49

^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


40/49

Mbdehcs ae tbc 41


41/49

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


42/49

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


43/49

^bc Iaociy Luturc kl tbc S]Nkiidr ds tbc Ocy Murrcemy



44/49

^bc Nkiidr vcrsus tbc Curk

^bc Curk as murrcetiy tbc keiy

vadjic ditcredtavc tk tbc S]nkiidr ds tbc ocy aetcredtakedi

murrcemy


45/49

@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`


46/49

@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


47/49

]kvcrcahe Xcditb LuensAetcredtakedi @kectdry Zcidtakes


48/49

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


49/49

Zclcrcemc

Mkbe, . (:646). Hikjdi Vkiatamdi Cmkek`y7 ^bckry denVrdmtamc, 3tbCn. Ecw Qkro, EQ7 Vcdrske Cnumdtake, Aem.

international monetary relations

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