Coverart for item
The Resource The basics of foreign exchange markets : a monetary systems approach, William D. Gerdes, (electronic resource)

The basics of foreign exchange markets : a monetary systems approach, William D. Gerdes, (electronic resource)

Label
The basics of foreign exchange markets : a monetary systems approach
Title
The basics of foreign exchange markets
Title remainder
a monetary systems approach
Statement of responsibility
William D. Gerdes
Creator
Subject
Language
eng
Summary
  • 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
  • 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
  • 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
  • Annotation
  • 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
Member of
Cataloging source
CaBNVSL
http://library.link/vocab/creatorName
Gerdes, William D
Dewey number
332.45
LC call number
HG3851
LC item number
.G473 2015
Series statement
Economics collection,
http://library.link/vocab/subjectName
  • Foreign exchange market
  • Foreign exchange rates
Summary expansion
This book is appropriate as a text for advanced business students and as a sourcebook for business professionals. The premise upon which this book is based is that an introduction to foreign exchange markets should commence at the most general level. Consequently, the book is anchored in the context of monetary systems (commodity, fiduciary, and fiat monies). The intent is to give the student of foreign exchange markets a very broad perspective. It allows her to understand how foreign exchange markets function under our current fiat money standard. But, it also analyzes how foreign exchange markets performed under earlier monetary arrangements such as the gold standard. This book will be distinguished from other, similar books in two ways: First, it will offer the student an historical perspective when analyzing activity in these markets by examining foreign exchange market activity with commodity, fiduciary, and fiat monies. This is especially important for understanding the pricing of foreign exchange. Fixed exchange rates differ depending on the currency standard used. Understanding those differences are critical for evaluating current policy discussions. When opponents of flexible exchange rates urge us to return to a system of fixed exchange rates, the framework provided in this study positions the student to understand the implications of those proposals. Second the discussion will be international in scope. While the role of foreign exchange markets in the contemporary U.S. economy is of primary concern, the book extends the analysis to countries outside the U.S. including third world countries, where problems such as black markets confronted by many less developed countries are examined
Label
The basics of foreign exchange markets : a monetary systems approach, William D. Gerdes, (electronic resource)
Instantiates
Publication
Note
Part of: 2014 digital library
Bibliography note
Includes bibliographical references (page [87]) and index
Contents
  • 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
  • 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
  • 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
  • 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
Control code
OCM1bookssj0001378611
Dimensions
unknown
Edition
First edition.
Extent
1 online resource (90 pages)
Governing access note
License restrictions may limit access
Isbn
9781606498200
Specific material designation
remote
System control number
(WaSeSS)ssj0001378611
System details
  • Mode of access: World Wide Web
  • System requirements: Adobe Acrobat reader
Label
The basics of foreign exchange markets : a monetary systems approach, William D. Gerdes, (electronic resource)
Publication
Note
Part of: 2014 digital library
Bibliography note
Includes bibliographical references (page [87]) and index
Contents
  • 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
  • 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
  • 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
  • 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
Control code
OCM1bookssj0001378611
Dimensions
unknown
Edition
First edition.
Extent
1 online resource (90 pages)
Governing access note
License restrictions may limit access
Isbn
9781606498200
Specific material designation
remote
System control number
(WaSeSS)ssj0001378611
System details
  • Mode of access: World Wide Web
  • System requirements: Adobe Acrobat reader

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