LEADER 04058nam 2200733 450 001 9910463811803321 005 20200520144314.0 010 $a1-60649-821-5 035 $a(CKB)2670000000571248 035 $a(EBL)1815868 035 $a(SSID)ssj0001378611 035 $a(PQKBManifestationID)11907635 035 $a(PQKBTitleCode)TC0001378611 035 $a(PQKBWorkID)11358474 035 $a(PQKB)10157418 035 $a(OCoLC)893913699 035 $a(CaBNVSL)swl00404144 035 $a(MiAaPQ)EBC1815868 035 $a(Au-PeEL)EBL1815868 035 $a(CaPaEBR)ebr10956091 035 $a(CaONFJC)MIL651367 035 $a(EXLCZ)992670000000571248 100 $a20141025d2015 fy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 14$aThe basics of foreign exchange markets $ea monetary systems approach /$fWilliam D. Gerdes 205 $aFirst edition. 210 1$aNew York, New York (222 East 46th Street, New York, NY 10017) :$cBusiness Expert Press,$d2015. 215 $a1 online resource (106 p.) 225 1 $aEconomics collection,$x2163-7628 300 $aPart of: 2014 digital library. 311 $a1-60649-820-7 311 $a1-322-20087-4 320 $aIncludes bibliographical references (page [87]) and index. 327 $a1. 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. 330 3 $aForeign exchange markets are inextricably entwined with underlying monetary standards. Thus, they are treated conjointly. Four different exchange rate regimes are analyzed: (1) foreign exchange markets with commodity money; (2) foreign exchange markets with fiduciary money; (3) foreign exchange markets with fiat money--fixed exchange rates; and, (4) foreign exchange markets with fiat money--flexible exchange rates. For the last eight decades, most countries have operated with fiat monies. For proponents of the fiat money standard, one of its desirable attributes is that it provides individual countries with considerable monetary autonomy. However, both analytics and experience indicate that this is not always the case. Whether a country has more monetary autonomy depends upon whether fiat money is paired with fixed exchange rates (regime 3) or flexible exchange rates (regime 4). More autonomy is possible with flexible exchange rates (regime 4). Such autonomy is largely possible because foreign exchange markets are allowed to accommodate the wide variations in national monetary policies. Under this regime, the purchasing power parity (PPP) theory of exchange rates assumes elevated importance in accounting for foreign exchange market adjustments. Exchange rate regime 4 has been in place (in many countries) for more than four decades, and there are critics. Those who advocate scrapping this arrangement generally favor a return to either regime 2 or regime 3. 410 0$a2014 digital library. 410 0$aEconomics collection.$x2163-7628 606 $aForeign exchange market 606 $aForeign exchange rates 608 $aElectronic books. 610 $acentral banking 610 $acommodity money 610 $adeflation 610 $afiduciary money 610 $afiat money 610 $afixed exchange rates 610 $aflexible exchange rates 610 $ainflation 610 $apurchasing power parity 615 0$aForeign exchange market. 615 0$aForeign exchange rates. 676 $a332.45 700 $aGerdes$b William D.$0883988 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910463811803321 996 $aThe basics of foreign exchange markets$92230922 997 $aUNINA