这一机制是有效的，在它的作用下，金本位制度过去曾在整个欧洲运行。
It is also the effective mechanism by which gold standard systems have operated in the past, throughout Europe.
这一机制跟今天的货币发行局作用相同，这也是为什么我说金本位制度就像是一个“与黄金挂钩的货币发行局”。
This is a mechanism identical to today's currency boards, which is why I say that a gold standard system is like a "currency board linked to gold.
多数时候，这一做法凭借金本位制度得以实现。
Most of the time, this was accomplished with a gold standard system.
它是什么- - -它开始于，第一个官方正式地采取金本位制度的国家，是英国，那时是1717年。
What it was it began the first country to adopt the gold standard officially was the United Kingdom and that was in 1717.
上世纪30年代实行的“金本位制”是一种固定汇率制度，赤字国家必须通过通缩、而非汇率贬值的方式进行调整。
The 1930s gold standard was a fixed exchange rate system in which deficit countries were required to adjust by way of deflation rather than devaluation.
所以，三十年代，金本位制度结束,每个国家都放弃使用它。
So the gold standard ended in the 1930s and every country dropped it.
这正是诺贝尔奖得主罗伯特·蒙代尔(Robert Mundell)等人的信念。蒙代尔认为，目前的国际货币体系远不如一个世纪前金本位制度下的体系。
That is the belief of those such as Nobel laureate Robert Mundell, who reckons we have a far inferior international monetary system today than we did a century ago under the gold standard.
十九世纪90年代，美国对金本位制度的依附引发了通货紧缩，击垮了负债累累的农民。
In the 1890s America's adherence to the gold standard brought on deflation that crushed debt-laden farmers.
凯恩斯认为，金本位制度并不是一个可以自我调节的制度，尽管它的支持者都这样说。
For Keynes, the gold standard was not the self-regulating system that its advocates claimed it was.
当然，在金本位制度中,金子的价格从来没有变过,因为这是金本位制度,的核心所在,如果货币能够与金子转换的话。
Of course the price of gold never changed in the gold standard because that was the whole point of the gold standard that's if currency was convertible into gold.
所以，世界各地的中央银行,开始管理，成为了通货膨胀的管理者,而不是金本位制度的守卫者。
So central banks around the world began to manage became managers of inflation rather than defenders of a gold standard.
与之相反，如果我们观察发生在和平时期、金本位制度下、凯恩斯主义还未上升为主流时的正常衰退，我们会发现完全不同的事实。
In contrast, if we look at normal recessions, where the country is not at war, is on the gold standard, and where Keynesian policy is not dominant, we find a much different story.
这些国家放弃金本位制度，的原因在于，伴随着保持，货币与金子的转换功能，三十年代的大萧条正在被加深。
The reason that countries dropped the gold standard was that under the effort to keep the currency convertible into gold they were worsening the depression of the 1930s.
英国则认为其二十世纪二十年代的不景气是由于金本位制的束缚，而其后的经济复苏则是由于脱离了这一制度。
Britain linked the misery of the 1920s to the gold straitjacket and its subsequent recovery to being freed from it.
在这三种金本位制下，还有数十种不同的衍生制度，有些国家甚至采用了混合制度。
There are dozens of different sub-species, hybrids, etc., etc.
当然，在金本位制度中，金子的价格从来没有变过，因为这是金本位制度，的核心所在，如果货币能够与金子转换的话。
Of course the price of gold never changed in the gold standard because that was the whole point of the gold standard that's if currency was convertible into gold.
这里有一个机构叫做“金本位制度“，现在完全在，世界各地遍及。
There is an institution called the "gold standard" now totally and completely gone everywhere in the world.
当时的联邦储备系统是一个，像英格兰银行一样的金本位制度的机构。
The Federal Reserve System was a gold standard institution like the Bank of England.
金本位货币价格基于支持该货币的一定数量黄金的货币制度。
Gold Standard Monetary system in which the value of its currency is based on the fixed amount of gold which backs it.
金本位制度是一个成功，因为金子的价值保持不变，并且这也是，人们当初对这设计整个系统的意图所在。
The gold standard was a success in the sense that the price of gold stayed constant because that's what the whole system was designed to do.
金本位制度的最基本形式包括发行含金的铸币。
In its most basic form, the gold standard involves the issuance of coinage in gold.
金本位货币价格基于支持该货币的一定数量黄金的货币制度。
Gold StandardMonetary system in which the value of its currency is based on the fixed amount of gold which backs it.
然后1933年，美国放弃了金本位制度3，其他国家也在此之后也相继放弃。
The United States dropped it in 1933 and other countries did it later.
比如说1931年9月英格兰银行决定放弃金本位制度并允许英镑贬值并不是为了让英国在国际贸易中占据出口优势。
Bank of England to abandon the gold standard and allow the pound to fall in value was not a step that it deliberately chose to give British exporters an advantage in world trade.
在非金本位制度下，战争的胜败将决定参战国货币汇率的涨跌，这与货币数量关系不大。
In wartime the value of a nation's monetary unit, not on the gold standard, will rise on the foreign exchanges with victory and fall with defeat, regardless of changes in its quantity.
在非金本位制度下，战争的胜败将决定参战国货币汇率的涨跌，这与货币数量关系不大。
In wartime the value of a nation's monetary unit, not on the gold standard, will rise on the foreign exchanges with victory and fall with defeat, regardless of changes in its quantity.
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