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=>cc nh u c mua vng ngn hng trung ng v bn trn th trng t do. -Ti khi nn kinh t Ty u v Nht Bn pht trin mnh m, gi tr ng tin ca cc nc ny tng =>lng tin vo $ gim st =>dng vn khng l bng $ c chuyn dn sang cc ng tin mnh hn. Thng 9/1971: +M tuyn b ngng i $ sang vng.35$/1ounce 38$/ounce. +Mt s ng tin Mc c, yn Nht, franc Thy S tng gi trung bnh 8% so vi ng USD +Mc dao dng xung quanh t gi c nh vi $ tng t 1% 2,25% Nm 1973: do khng hong ng $ nn cc nc cng nghip ch cht bi b mc ngang gi chnh thc vi $, thc hin th ni c lp ng tin ca mnh. M ph gi $ ln 2=>h thng Bretton woods sp . IV. ngha ca h thng Bretton Woods: 1. u im: - Mang li s n nh t gi - Loi b c s bt n i vi cc giao dch bun bn v u t quc t. - Thc y kinh t pht trin v em li li ch cho tt c cc nc thnh vin. 2. Nhc im: - Hu ht chnh ph cc nc thnh vin khng mun gn chnh sch tin t ca mnh vi vic duy tr sc mua ng tin nh cam kt khng hong t gi. - M khng th gi gi vng n nh mc 35 USD/ounce v chnh ph phi chi tiu nhiu cho vic leo thang chin tranh Vit Nam, sau chin tranh th gii th 2, kinh t Chu u, Nht Bnc phc hi, gia tng sn xut lm d tr ngoi t USD tng trong khi M cam kt bn vng vi gi c nh v th cc nc ny s dng d tr ngoi t tn cng vo kho vng ca M lm cho d tr vng ca M gim dn; cc nc Euro, Nht, Thy S t chi p t t l lm pht ca M ln ng tin ca h theo gi c nh nn la gim mnh - Ch tin t Bretton-Woods ly USD lm chun. Thc cht, cc nc c nh t gi hi oi ca ng tin nc mnh theo ng la. Tuy cc nc vn phi xc nh ni dung vng ca ng tin nc mnh, nhng ch l hnh thc. ng tin cc nc khng t do chuyn i ra vng, mun c vng th cc ng tin trc ht phi chuyn thnh USD, tc l cc nc s phi c USD, t USD s chuyn c thnh vng theo t gi chnh thc (gi vng chnh thc) 35 USD = 1 ounce vng. V l , ch tin t Bretton-woods c gi l bn v vng-hi oi da trn USD, cn gi l ch bn v la. - Ch bn v la lm cho s lin h gia ng tin cc nc vi vng li mt bc na b ni lng. Ch tin t ny hp php ho, bin ng tin ca M thnh ng tin quc t. Chnh v th khuyn khch Hoa K lm pht la. Tnh trng ny
Nm T l vng/USDNm T l vng/USD 19502.72 19660.58 19522.38 19660.50 19541.84 19680.41 19561.59 19700.31 19581.34 19720.16 19600.92 19740.14 19620.71 19760.22 Ngun: Milner an Greenawway,1979.
2.Gii thch theo quy lut "ng tin xu ui ng tin tt": Theo chnh ph M quy nh 35 $=1ounce vng (lu thng tin t ) Theo cung cu th trng th 35$< 1 ounce vng (th trng hng ha) nu theo t gi do M quy nh th vng b nh gi thp, cn $ th c nh gi cao trong lu thng tin t. to iu kin mi ngi kinh doanh chnh lch t gi: mua vng vi gi 35$ lu thng tin t v bn vi gi cao hn th trng hng ha, lc ny ai cng li tr mi chnh ph M. iu ny l cho lng vng d tr ca chnh ph M ngy
cng cn kit => khng th duy tr c t gi c nh m bretton woods theo ui => Bretton Woods sup 3.S thiu vng mt c ch iu chnh: Bretton Wood cho php iu chnh t gi chnh thc nh l bin php cui cng iu chnh s mt cn i c bn trong BOP(cn cn thanh ton) ca cc nc thnh vin. Tuy nhin trong thc t cc quc gia c BOP mt cn i t ra rt min cng khi thc hin cac bin php nh: ph gi, nng gi, hay cc chnh sch kinh t khc nhm duy tr trng thi cn bng ca BOP. V pha M: Cho d t l lm pht sau nhiu nm tuy c cao, nhng chnh ph M khng th ph gi USD i vi vng c, bi v nu ph gi s lm xi mn lng tin vo ton h thng Bretton Woods. Hn na, gi s chnh ph M ph gi USD so vi vng th cng khng ci thin c sc cnh tranh thng mi quc t nu nh cc bn hng vn duy tr t gi c nh i vi USD. Nh vy, duy tr v kim sot c thm ht BOP chnh ph M buc phi p dng cc chnh sch thiu pht nn kinh t. i vi cc nc c BOP thm ht: R rng hnh ng ph gi l phng thuc cui cng ci thin BOP ca cc nc b thm ht. Nhng thc t ch ra rng cc nc c BOP thm ht li t ra rt min cng khi ph gi ng tin ca mnh, bi v ph gi thng c xem l biu hin yu km ca chnh ph v ca c mt quc gia. Mt khi cc quc gia c thm ht BOP min cng p dng cc chnh sch thiu pht nn kinh t cng nh ph gi ng bn tin t, c ngha l h thng Bretton Woods phi trng ch vo cc nc c thng d BOP lm mt ci g BOP ca h gim xung. i vi cc nc c thng d BOP nh c, Nht, Thu S... cng mun chng t rng vic nng gi ng tin ca h cng kh khn v min cng chng km g cc nc phi ph gi ng tin. iu ny xy ra l v khi ng tin ca h tip tc c nh gi thp s cho php duy tr tc tng trng cao trong xut khu v hng nn kinh t vo sn xut hng xut khu. H lo ngi rng nu nng gi ng bn t s khin cho tng trng xut khu chm li, tht nghip gia tng bi v cc ngnh sn xut hng xut khu phi co li. Hn na, cc quc gia ny khng d g p dng chnh sch m rng tin t nh l cc bin php gim thng d BOP bi v h lun lo ngi v nhng hu qu ca lm pht c th gy ra. Trong ch t gi c nh, p lc lun nng ln con n phi tin hnh bin php iu chnh no bi v nu khng d tr ngoi hi s cn kit bo v t gi. 4. V c quyn pht hnh USD: Vai tr c tn ca USD bao hm rng, nc M l ngi cung cp ngun thanh khon quc t ch yu di ch Bretton Woods. c c ngun d tr quc t, phn th gii cn li (khng phi M) phi duy tr BOP lun trng thi thng d, trong khi M phi duy tr mt BOP lun thm ht. iu ny c ngha l phn cn li ca th
gii phi tiu dng t hn nhng g m chnh n sn xut ra, trong khi nc M c c quyn l c th tiu dng nhiu hn nhng g m chnh nc M sn xut ra. 5. nh hng ca ch tin t BWS n ngy nay: H thng BWS cha bao gi l mt h thng mang tnh n nh v phi chnh tr . H thng ny khng th v khng ngn chn c cc ng tin khi vic b vt qu gi tr hoc l di gi tr thc t. Tuy nhin, mc d c tc dng ko di thi gian gia mt cuc khng hong ny cho ti cuc khng hong tip theo th h thng BWS cng hat ng v tn ti gn nh ton b mt na th k sau CTTGII. V ch c 1 l do duy nht gii thch ti sao h thng ny hot ng (mc d khng my hiu qu) l cam kt ca h thng M v sc mnh ca ng la M vi t cch l ng tin ch o trn th gii.