Chap10 The International Monetary System(19)

Exchange Rates Since 1973Since 1973, exchange rates have become more volatile and less predictable than they were between 1945 and 1973自1973年以来，汇 率变得比他们在1945年至1973年之间更加不稳定和不可预测 Volatility has increased because of: The 1971 oil crisis The loss of confidence in the dollar that followed the rise of U.S. inflation in 1977 and 1978 The 1979 oil crisis The unexpected rise in the dollar between 1980 and 1985 The partial collapse of the European Monetary System in 1992 The 1997 Asian currency crisis山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University 1-19