Trong một nền kinh tế mở, chính sách kinh tế vĩ mô có hai mục tiêu cơ bản, nội bộ cân bằng (đầy đủ với việc làm ổn định giá cả) và cân bằng bên ngoài (tránh sự mất cân bằng quá mức thanh toán quốc tế) | PART 4 International Macroeconomic 531 CHAPTER 18 The International Monetary System 1870-1973 In the previous two chapters we saw how a single country can use monetary fiscal and exchange rate policy to change die levels of employment and production within its borders. Although the analysis usually assumed that macroeconomic conditions in the rest of the world were not affected by the actions of the country we were studying this assumption is not in general a valid one Any change in the home country s real exchange rate automatically implies an opposite change in foreign real exchange rates and any shift in overall domestic spending is likely to change domestic demand for foreign goods. Unless the home country is insignificantly small developments within its borders affect macroeconomic conditions abroad and therefore complicate the task of foreign policymakers. The inherent interdependence of open national economies has sometimes made it more difficult for governments to achieve such policy goals as full employment and price level stability. The channels of interdependence depend in turn on the monetary and exchange rate arrangements that countries adopt a set of institutions called the international monetary system. This chapter examines how the international monetary system influenced macroeconomic policy-making and performance during three periods the gold standard era 1870-1914 the interwar period 1918-1939 and the post-World War II years during which exchange rates were fixed under the Bretton Woods agreement 1946-1973 . In an open economy macroeconomic policy has two basic goals internal balance full employment with price stability and external balance avoiding excessive imbalances in international payments . Because a country cannot alter its international payments position without automatically causing an opposite change of equal magnitude in the payments position of the rest of the world one country s pursuit of its macroeconomic goals inevitably .
