Mavzu Xalqaro valyuta tizimi (1870 1973)

The External Balance Problem of the United States

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• Qo'shma Shtatlar oltinning bir untsiya dollar narxini 35 dollarda ushlab turishi va xorijiy markaziy banklarning o'z dollar fondlarini shu narxda oltinga aylantirishi mumkinligini kafolatlashi uchun javobgar edi.
• Xorijiy markaziy banklar o'zlari to'plagan dollarlarni ushlab turishga tayyor edilar, chunki ular foizlarni to'lagan va xalqaro pulni mukammal ifodalagan.
• Ishonch muammosi
• Xorijiy dollar fondlari AQSh oltin zahiralaridan oshib ketguncha ko'paydi va AQSh ularni qaytarib ololmadi.

The External Balance Problem of the United States

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• Maxsus qarz olish huquqi (SDR)
• Sun'iy zaxira aktivi
• SDRlar markaziy banklar o'rtasidagi operatsiyalarda qo'llaniladi, ammo xalqaro valyuta tizimining ishlashiga kam ta'sir ko'rsatdi.

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• Figure 18-4: U.S. Macroeconomic Data, 1964-1972

• The External Balance Problem of the United States

• Slide 18-

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• Figure 18-4: Continued

• The External Balance Problem of the United States

• Slide 18-

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• The External Balance Problem of the United States

• Figure 18-4: Continued

• Slide 18-

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• The External Balance Problem of the United States

• Figure 18-4: Continued

1960-yillarning oxirida Amerika inflyatsiyasining tezlashishi butun dunyo bo'ylab unga bo`lgan ishonchni yo`qolishiga sabab bo`ldi.

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• 1960-yillarning oxirida Amerika inflyatsiyasining tezlashishi butun dunyo bo'ylab unga bo`lgan ishonchni yo`qolishiga sabab bo`ldi.
• Bu holat Yevropa iqtisodiyotlarida ham tezlashdi.
• 1960-yillarning oxiridagi AQShning makroiqtisodiy siyosati 1973 yil boshlarida Bretton-Vuds tizimining buzilishiga yordam berdi.

• Worldwide Inflation and
• the Transition to Floating Rates

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• Table 18-1: Inflation Rates in European Countries, 1966-1972
• (percent per year)

• Worldwide Inflation and
• the Transition to Floating Rates

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• Figure 18-5: Effect on Internal and External Balance of a Rise in the Foreign Price Level, P*

• Fiscal ease
• (G or T)

• Exchange
• rate, E

• XX1

• II1

• 1

• Distance =
• EP*/P*

• II2

• XX2

• 2

• Worldwide Inflation and
• the Transition to Floating Rates

• Slide 18-

• Copyright © 2003 Pearson Education, Inc.

• Table 18-2: Changes in Germany’s Money Supply and International Reserves, 1968-1972 (percent per year)

• Worldwide Inflation and
• the Transition to Floating Rates