04065nam 2200733 450 991082577980332120230125190937.01-60649-821-5(CKB)2670000000571248(EBL)1815868(SSID)ssj0001378611(PQKBManifestationID)11907635(PQKBTitleCode)TC0001378611(PQKBWorkID)11358474(PQKB)10157418(OCoLC)893913699(CaBNVSL)swl00404144(Au-PeEL)EBL1815868(CaPaEBR)ebr10956091(CaONFJC)MIL651367(CaSebORM)9781606498200(MiAaPQ)EBC1815868(EXLCZ)99267000000057124820141025d2015 fy 0engur|n|---|||||txtccrThe basics of foreign exchange markets a monetary systems approach /William D. GerdesFirst edition.New York, New York (222 East 46th Street, New York, NY 10017) :Business Expert Press,2015.1 online resource (106 p.)Economics collection,2163-7628Part of: 2014 digital library.1-60649-820-7 1-322-20087-4 Includes bibliographical references (page [87]) and index.1. Introduction -- 2. Money and monetary systems -- 3. Foreign exchange markets -- 4. Foreign exchange markets with commodity and fiduciary monies -- 5. Foreign exchange markets with fiat money: fixed exchange rates -- 6. Foreign exchange markets with fiat money: flexible exchange rates -- 7. Proposals advanced by critics of flexible exchange rates -- Notes -- References -- Index.Foreign exchange markets are inextricably entwined with underlying monetary standards. Thus, they are treated conjointly. Four different exchange rate regimes are analyzed: (1) foreign exchange markets with commodity money; (2) foreign exchange markets with fiduciary money; (3) foreign exchange markets with fiat money--fixed exchange rates; and, (4) foreign exchange markets with fiat money--flexible exchange rates. For the last eight decades, most countries have operated with fiat monies. For proponents of the fiat money standard, one of its desirable attributes is that it provides individual countries with considerable monetary autonomy. However, both analytics and experience indicate that this is not always the case. Whether a country has more monetary autonomy depends upon whether fiat money is paired with fixed exchange rates (regime 3) or flexible exchange rates (regime 4). More autonomy is possible with flexible exchange rates (regime 4). Such autonomy is largely possible because foreign exchange markets are allowed to accommodate the wide variations in national monetary policies. Under this regime, the purchasing power parity (PPP) theory of exchange rates assumes elevated importance in accounting for foreign exchange market adjustments. Exchange rate regime 4 has been in place (in many countries) for more than four decades, and there are critics. Those who advocate scrapping this arrangement generally favor a return to either regime 2 or regime 3.2014 digital library.Economics collection.2163-7628Foreign exchange marketForeign exchange ratescentral bankingcommodity moneydeflationfiduciary moneyfiat moneyfixed exchange ratesflexible exchange ratesinflationpurchasing power parityForeign exchange market.Foreign exchange rates.332.45Gerdes William D.1145470MiAaPQMiAaPQMiAaPQBOOK9910825779803321The basics of foreign exchange markets3928090UNINA