O padrão-dólar e seu colapso

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Do curso por University of California, Irvine

O Poder da Macroeconomia: Princípios da Economia no Mundo Real (em Português)

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University of California, Irvine

O Poder da Macroeconomia: Princípios da Economia no Mundo Real (em Português)

191 classificações

Neste curso, você conhecerá os princípios fundamentais da macroeconomia geralmente ensinados em cursos trimestrais ou semestrais para alunos de graduação ou MBA. E, talvez mais importante ainda, você também aprenderá a aplicar esses princípios a uma grande variedade de situações, tanto de sua vida particular quanto profissional. Assim, o Poder da Macroeconomia vai ajudá-lo a ser bem-sucedido em um ambiente globalizado e cada vez mais competitivo. This is a translated version. To join the original English version, please visit this page https://www.coursera.org/learn/principles-of-macroeconomics

Na lição

Taxas de câmbio, balanço de pagamentos e déficits comerciais

O padrão-dólar e seu colapso3:37

O sistema híbrido de taxa de câmbio dos dias de hoje, blocos de moeda única e sistemas de câmbio fixo3:14

"Como déficits comerciais crônicos podem persistir", a relação do multiplicador e a coordenação global de políticas fiscais e monetárias8:12

O Sistema Monetário Europeu, Alemanha como estudo de caso e os benefícios da coordenação política4:07

Conheça os instrutores

Dr. Peter Navarro
Professor
Paul Merage School of Business

[MUSIC]

The new system featured a modified fixed exchange rate

system called, a partially fixed or adjustable peg system.

This system replaced the gold standard with a U.S. dollar standard.

And the U.S. dollar was designated as the world's key currency.

There after, most international trade and finance was to be transacted in dollars.

And, fixed exchange

rate parities for all currencies were set in both gold and dollar terms.

For example, the parity of the British pound was set at 12.5 per ounce of gold.

Given that the gold price of the dollar was $35 per ounce, this implied an

official exchange rate between the dollar and the

pound of $35 divided by 12.5, equals $2.80

per one pound.

Note, however, that while the Bretton Woods agreement remained wedded to

the concept of fixed exchange rates, there was one very important difference.

Bretton Woods also provided for a cooperative mechanism

in which the exchange rates were only partially fixed.

These new partially fixed rates could be periodically adjested to reflect changes

in currency values in a process know as adjusting the peg.

The idea of this new partially fixed or adjustable peg exchange rate

system was to provide both the stability of the gold standard's fixed rates.

With the adaptability of flexible exchange rates.

Through this adaptability, relative price changes across

nations could be addressed through periodic and cooperative

adjustments in exchange rates rather than through the painful

deflations and recessions that have plagued the gold standard.

For the first decade of its existence, the Bretton Woods system was a great success.

Under the Marshall Plan created in 1947, the US

lent large sums of dollars to Europe for its rebuilding.

And these dollars flowed right back into the US for the purchase

of machinery, equipment, and consumer goods.

However, by the mid 1950s, the

European economies had become increasingly self-sufficient.

As US exports to Europe slowed, America's

strong economy continued to attract foreign imports.

At the same time U.S. deficits were further

fueled by an overvalued currency, budget deficits to finance

the Vietnam war and growing oversea investments by American firms.

By the 1960s, with the U.S. trade deficits mounting a

huge surplus of dollars began to pile up in foreign banks.

As speculative concerns increased that the US would devalue the dollar,

many foreign governments began to redeem their surplus dollars for US gold.

As

US gold reserves fell dramatically, the US government tried unsuccessfully

to pressure these foreign governments into retaining their surplus dollars.

A surplus that had grown from virtually nothing

in 1945 to $50 billion by the early 1970s.

Finally, in August of 1971, a reluctant

Nixon Administration abandoned the dollar standard and

Bretton Woods.

No longer would dollars be redeemable for gold at $35 an ounce.

And in the wake of that abandonment the dollar's value fell precipitously.

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