911:
1222:
924:
972:
524:. However, in doing so, the pegged currency is then controlled by its reference value. As such, when the reference value rises or falls, it then follows that the values of any currencies pegged to it will also rise and fall in relation to other currencies and commodities with which the pegged currency can be traded. In other words, a pegged currency is dependent on its reference value to dictate how its current worth is defined at any given time. In addition, according to the
1663:
1455:
1415:
1375:
1324:
1186:
1078:
1035:
984:
936:
840:
800:
760:
179:
77:
1707:. When a trade deficit occurs under a floating exchange rate, there will be increased demand for the foreign (rather than domestic) currency which will push up the price of the foreign currency in terms of the domestic currency. That in turn makes the price of foreign goods less attractive to the domestic market and thus pushes down the trade deficit. Under fixed exchange rates, this automatic rebalancing does not occur.
36:
1787:
that has zero symmetry of shocks but has maximum trade integration (effectively one market between member countries). *This can be viewed on an international scale as well as a local scale. For example, neighborhoods within a city would experience enormous benefits from a common currency, while poorly integrated and dissimilar countries are likely to face large costs.
1786:
In extreme cases, it is possible for a country to only exhibit one of these characteristics and still have positive pegging potential. For example, a country that exhibits complete symmetry of shocks but has zero market integration could benefit from fixing a currency. The opposite is true, a country
552:
for the domestic money, which increases its exchange rate value. Conversely, in the case of an incipient appreciation of the domestic money, the central bank buys back the foreign money and thus adds domestic money into the market, thereby maintaining market equilibrium at the intended fixed value of
1778:
This symmetry-integration diagram features two regions, divided by a 45-degree line with slope of -1. This line can shift to the left or to the right depending on extra costs or benefits of floating. The line has slope= -1 is because the larger symmetry benefits are, the less pronounced integration
1724:
the currency. When there is the prospect of this happening, private-sector agents will try to protect themselves by decreasing their holdings of the domestic currency and increasing their holdings of the foreign currency, which has the effect of increasing the likelihood that the forced devaluation
901:
in foreign currency. Nonetheless, some countries are highly successful at using this method due to government monopolies over all money conversion. This was the method employed by the
Chinese government to maintain a currency peg or tightly banded float against the US dollar. China buys an average
547:
typically uses an open market mechanism and is committed at all times to buy and sell its currency at a fixed price in order to maintain its pegged ratio and, hence, the stable value of its currency in relation to the reference to which it is pegged. To maintain a desired exchange rate, the central
888:
If the exchange rate drifts too far below the desired rate, the government buys its own currency in the market by selling its reserves. This places greater demand on the market and causes the local currency to become stronger, hopefully back to its intended value. The reserves they sell may be the
884:
If the exchange rate drifts too far above the fixed benchmark rate (it is stronger than required), the government sells its own currency (which increases supply) and buys foreign currency. This causes the price of the currency to decrease in value (Read: Classical Demand-Supply diagrams). Also, if
508:
There are benefits and risks to using a fixed exchange rate system. A fixed exchange rate is typically used to stabilize the exchange rate of a currency by directly fixing its value in a predetermined ratio to a different, more stable, or more internationally prevalent currency (or currencies) to
1782:
This diagram underscores the two main factors that drive a country to contemplate pegging a currency to another, shock symmetry and market integration. Shock symmetry can be characterized as two countries having similar demand shocks due to similar industry breakdowns and economies, while market
1733:
Moreover, a government, when having a fixed rather than dynamic exchange rate, cannot use monetary or fiscal policies with a free hand. For instance, by using reflationary tools to set the economy growing faster (by decreasing taxes and injecting more money in the market), the government risks
1116:
arrangements are the most widespread means of fixed exchange rates. Currency boards are considered hard pegs as they allow central banks to cope with shocks to money demand without running out of reserves. CBAs have been operational in many nations including:
1715:
Another major disadvantage of a fixed exchange-rate regime is the possibility of the central bank running out of foreign exchange reserves when trying to maintain the peg in the face of demand for foreign reserves exceeding their supply. This is called a
1650:(IMF) in 1978 that gave a smaller role to gold in the international monetary system, this fixed parity system as a monetary co-operation policy was terminated. The Thai government amended its monetary policies to be more in line with the new IMF policy.
902:
of one billion US dollars a day to maintain the currency peg. Throughout the 1990s, China was highly successful at maintaining a currency peg using a government monopoly over all currency conversion between the yuan and other currencies.
513:. This makes trade and investments between the two currency areas easier and more predictable and is especially useful for small economies that borrow primarily in foreign currency and in which external trade forms a large part of their
1774:
The trade-off between symmetry of shocks and market integration for countries contemplating a pegged currency is outlined in
Feenstra and Taylor's 2015 publication "International Macroeconomics" through a model known as the FIX Line
1498:
are linked, and can happen at regional or international level. The monetary co-operation does not necessarily need to be a voluntary arrangement between two countries, as it is also possible for a country to link its
880:
Typically, a government wanting to maintain a fixed exchange rate does so by either buying or selling its own currency on the open market. This is one reason governments maintain reserves of foreign currencies.
1779:
benefits have to be and vice versa. The right region contains countries that have positive potential for pegging, while the left region contains countries that face significant risks and deterrents to pegging.
2370:
Berben, R.-P., Berk, J. M., Nitihanprapas, E., Sangsuphan, K., Puapan, P., & Sodsriwiboon, P. (2003). Requirements for successful currency regimes: The Dutch and Thai experiences: De
Nederlandsche Bank
556:
In the 21st century, the currencies associated with large economies typically do not fix (peg) their exchange rates to other currencies. The last large economy to use a fixed exchange rate system was the
1562:. Especially European and Asian countries have a history of monetary and exchange rate co-operation, however the European monetary co-operation and economic integration eventually resulted in a
1530:, and are often considered to be reinforcing processes. However, economic integration is an economic arrangement between different regions, marked by the reduction or elimination of
897:
Another, less used means of maintaining a fixed exchange rate is by simply making it illegal to trade currency at any other rate. This is difficult to enforce and often leads to a
548:
bank during a time of private sector net demand for the foreign currency, sells foreign currency from its reserves and buys back the domestic money. This creates an artificial
1626:
In 1963, the Thai government established the
Exchange Equalization Fund (EEF) with the purpose of playing a role in stabilizing exchange rate movements. It linked to the
1745:. Finally, other countries with a fixed exchange rate can also retaliate in response to a certain country using the currency of theirs in defending their exchange rate.
1734:
running into a trade deficit. This might occur as the purchasing power of a common household increases along with inflation, thus making imports relatively cheaper.
2145:
1946:
1582:. This arrangement is categorized as exchange rate co-operation. During the next 6 years, this agreement allowed the currencies of the participating countries to
885:
they buy the currency it is pegged to, then the price of that currency will increase, causing the relative value of the currencies to approach what is intended.
1725:
will occur. A forced devaluation will change the exchange rate by more than the day-by-day exchange rate fluctuations under a flexible exchange rate system.
2384:
1798:
509:
which the currency is pegged. In doing so, the exchange rate between the currency and its peg does not change based on market conditions, unlike in a
2422:
1563:
1761:
tend to target currencies with fixed exchange rate regimes, and in fact, the stability of the economic system is maintained mainly through
2344:
1145:
141:
94:
49:
2320:
Bergsten, C. F., & Green, R. A. (2016). Overview
International Monetary Cooperation: Peterson Institute for International Economics
464:
113:
17:
2109:
2413:
Volz, U. (2010). Introduction
Prospects for Monetary Cooperation and Integration in East Asia. Cambridge, Massachusetts: MIT Press
120:
1121:
2171:
189:
2059:
1919:
621:
127:
1558:
and monetary stability, but can also work counter-effectively if the member countries have (strongly) differing levels of
2135:
1936:
2329:
2236:
1646:
of the baht against the U.S. dollar. Due to the introduction of a new generalized floating exchange rate system by the
1516:
109:
2084:
1741:
will force it to use deflationary measures (increased taxation and reduced availability of money), which can lead to
226:
160:
63:
2454:
2026:
730:
566:
2297:
520:
A fixed exchange rate system can also be used to control the behavior of a currency, such as by limiting rates of
1674:
1578:
countries, Belgium, France, Germany, Italy, Luxemburg and the
Netherlands, participated in an arrangement called
1466:
1426:
1386:
1335:
1197:
1089:
1046:
995:
947:
851:
811:
771:
325:
201:
55:
586:
457:
98:
1507:
of the other country. Various forms of monetary co-operations exist, which range from fixed parity systems to
2380:
1546:. In the form of monetary co-operation where two or more countries engage in a mutually beneficial exchange,
558:
1638:
as well as the baht per U.S. dollar. Over the course of the next 15 years, the Thai government decided to
1647:
1607:
1575:
1520:
1229:
649:
134:
1133:
1511:. Also, numerous institutions have been established to enforce monetary co-operation and to stabilise
1139:
2404:
James, H. (1996). International monetary cooperation since
Bretton Woods: International Monetary Fund
525:
450:
269:
197:
1591:
1127:
741:
639:
387:
1843:
1643:
371:
356:
315:
87:
2340:
Von Mises, L. (2010). International
Monetary Cooperation. Mises Daily Articles. Retrieved from
1703:
One main criticism of a fixed exchange rate is that flexible exchange rates serve to adjust the
2459:
2341:
1808:
1783:
integration is a factor of the volume of trading that occurs between member nations of the peg.
1238:
510:
433:
284:
1838:
1289:
672:
438:
392:
361:
274:
1737:
Additionally, the stubbornness of a government in defending a fixed exchange rate when in a
2192:
O'Connell, Joan (1968). "An
International Adjustment Mechanism with Fixed Exchange Rates".
2113:
1828:
1818:
1813:
1803:
1598:
being founding members. The EMS evolves over the next decade and even results into a truly
1583:
1559:
1543:
1527:
1157:
693:
562:
486:
294:
289:
264:
1903:
910:
8:
2140:
1941:
1599:
1547:
1257:
682:
529:
2289:
2209:
2018:
1878:
1873:
1758:
561:, which, in July 2005, adopted a slightly more flexible exchange rate system, called a
494:
299:
2285:
2293:
2232:
2090:
2080:
2055:
2022:
2013:
1915:
1491:
1169:
1151:
549:
2281:
2201:
2008:
1704:
1551:
1163:
569:
is also used on a temporary basis to establish a final conversion rate against the
418:
351:
320:
2167:
2348:
1907:
1858:
1853:
1768:
1762:
1717:
1555:
1535:
1221:
704:
533:
498:
346:
1542:
is considered to be the crowning step of a process of monetary co-operation and
1868:
1863:
1848:
1615:
1539:
1531:
1508:
1495:
1295:
1113:
537:
1765:. A fixed exchange rate regime should be viewed as a tool in capital control.
889:
currency it is pegged to, in which case the value of that currency will fall.
2448:
2267:"The inter-war gold exchange standard: Credibility and monetary independence"
2094:
1823:
1738:
1610:(EMU), as an umbrella term for the group of policies aimed at converging the
1587:
1512:
1277:
1025:
502:
428:
423:
402:
366:
259:
254:
923:
27:
Exchange rate regime where a currency's value is fixed against another value
1883:
1742:
1360:
1267:
971:
898:
715:
544:
397:
200:
by adding information on neglected viewpoints, or discuss the issue on the
532:
mobility, a fixed exchange rate prevents a government from using domestic
1833:
1721:
1720:
or balance of payments crisis, and when it happens the central bank must
1627:
661:
1993:
1662:
1454:
1414:
1374:
1323:
1185:
1077:
1034:
983:
935:
839:
799:
759:
2266:
2213:
1639:
1065:
The gold standard is the pegging of money to a certain amount of gold.
1611:
521:
2205:
2079:(2nd ed.). Cambridge: Cambridge University Press. p. 388.
1980:
Is the Gold Standard Still the Gold Standard among Monetary Systems?
1748:
1538:, whereas monetary co-operation is focussed on currency linkages. A
76:
1500:
574:
490:
341:
1994:"Bretton Woods Ii Still Defines the International Monetary System"
1504:
1728:
2423:
Economic and Monetary Union of the European Union on Knowledge
1769:
FIX Line: Trade-off between symmetry of shocks and integration
1621:
1550:
among the countries involved is free to move, in contrast to
726:
2342:
https://mises.org/library/international-monetary-cooperation
1490:
Monetary co-operation is the mechanism in which two or more
2110:"The Chinese Exchange Rate and Its Impact On The US Dollar"
1991:
1635:
1631:
570:
1602:
at the start of the 1990s. Around this time, in 1990, the
1554:. Monetary co-operation is considered to promote balanced
1968:
Routledge Encyclopedia of International Political Economy
514:
1642:
the baht in terms of gold three times, yet maintain the
1586:
within a band of plus or minus 2¼% around pre-announced
1228:
exchange-rate arrangements in 2022 as classified by the
1653:
1603:
1594:(EMS) was founded, with the participating countries in
1014:
1902:
664:
of dollar into gold – Bretton Woods system collapses
1992:
Dooley, M.; Folkerts-Landau, D.; Garber, P. (2009).
1757:
brings with it stability is only partly true, since
2136:"Don't Expect Yuan To Rise Much, China Tells World"
1982:, CATO Institute Briefing Paper no. 100, 8 Feb 2008
573:from the local currencies of countries joining the
101:. Unsourced material may be challenged and removed.
1914:(Eleventh ed.). New York: McGraw-Hill/Irwin.
1799:List of circulating fixed exchange rate currencies
1749:Fixed exchange rate regime versus capital control
2446:
1698:
905:
2330:European Monetary Cooperation Fund on Knowledge
1216:
2264:
2226:
1068:
914:Fig.1: Mechanism of fixed exchange-rate system
2227:Feenstra, Robert C.; Taylor, Alan M. (2012).
2191:
1729:Freedom to conduct monetary and fiscal policy
543:In a fixed exchange rate system, a country's
458:
1526:Monetary co-operation is closely related to
1278:pegged exchange rate within horizontal bands
1108:
918:
596:Timeline of the fixed exchange rate system:
2366:
2364:
2362:
2360:
2358:
2356:
2168:"Protectionism No Fix for China's Currency"
1966:Cohen, Benjamin J, "Bretton Woods System",
966:
830:
64:Learn how and when to remove these messages
2274:Journal of International Money and Finance
2107:
1622:Example: The baht-U.S. dollar co-operation
1503:to another countries currency without the
744:allows ±15% fluctuation in exchange rates
465:
451:
2433:
2427:
2251:Salvatore, Dominick; Dean, J; Willett,T.
2049:
2012:
1176:
497:against the value of another currency, a
227:Learn how and when to remove this message
161:Learn how and when to remove this message
2353:
2165:
1485:
1445:
1220:
970:
922:
909:
613:United Kingdom returns to gold standard
2436:International Finance Theory and Policy
2133:
1934:
1365:
1314:
790:
685:with 2.25% band of fluctuation allowed
501:, or another measure of value, such as
14:
2447:
2381:"Economic Integration on Investopedia"
2074:
875:
631:United Kingdom abandons gold standard
1569:
1534:and the coordination of monetary and
2265:Bordo, M. D.; MacDonald, R. (2003).
1657:
1654:Fixed exchange rate system advantage
1449:
1409:
1369:
1318:
1180:
1072:
1029:
1019:
1015:Types of fixed exchange rate systems
978:
930:
834:
794:
754:
172:
99:adding citations to reliable sources
70:
29:
511:floating (flexible) exchange regime
24:
2438:. Palgrave Macmillan. p. 504.
2220:
1896:
1710:
1517:European Monetary Cooperation Fund
1405:
622:United States stock market crashes
25:
2471:
2043:
493:'s value is fixed or pegged by a
45:This article has multiple issues.
2434:Suranovic, Steven (2008-02-14).
2134:Goodman, Peter S. (2005-07-27).
2014:10.1111/j.1468-0106.2009.00453.x
1937:"China Ends Fixed-Rate Currency"
1935:Goodman, Peter S. (2005-07-22).
1693:
1661:
1630:by fixing the amount of gram of
1453:
1413:
1373:
1354:
1322:
1184:
1076:
1033:
982:
934:
927:Fig.2: Excess demand for dollars
838:
798:
758:
750:
567:European Exchange Rate Mechanism
177:
75:
34:
2416:
2407:
2398:
2387:from the original on 2018-02-01
2373:
2334:
2323:
2314:
2303:from the original on 2018-06-02
2258:
2255:(Oxford University Press, 2003)
2245:
2185:
2174:from the original on 2023-02-03
2166:Griswold, Daniel (2005-06-25).
2159:
2148:from the original on 2023-03-27
2112:. ForexWatchDog. Archived from
2032:from the original on 2018-08-20
1949:from the original on 2017-07-04
1574:In 1973, the currencies of the
975:Fig.3: Excess supply of dollars
605:Classical gold standard period
326:Retail foreign exchange trading
86:needs additional citations for
53:or discuss these issues on the
2127:
2101:
2068:
1985:
1972:
1960:
1928:
587:International monetary systems
13:
1:
2286:10.1016/S0261-5606(02)00074-8
2108:Cannon, M. (September 2016).
1890:
1699:Lack of automatic rebalancing
906:Open market mechanism example
870:
591:
2229:International Macroeconomics
2077:Economics for the IB Diploma
2050:Salvatore, Dominick (2004).
1217:Hybrid exchange rate systems
110:"Fixed exchange rate system"
7:
1791:
1648:International Monetary Fund
1608:Economic and Monetary Union
1576:European Economic Community
1521:International Monetary Fund
1230:International Monetary Fund
1069:Price specie flow mechanism
650:International Monetary Fund
10:
2476:
1910:; Startz, Richard (2011).
1755:fixed exchange rate regime
1358:
1023:
584:
580:
559:People's Republic of China
499:basket of other currencies
18:Fixed exchange-rate system
2075:Ellie., Tragakes (2012).
2054:. John Wiley & Sons.
1307:other managed arrangement
1109:Reserve currency standard
919:Excess demand for dollars
270:Exchange-rate flexibility
192:toward certain viewpoints
2253:The Dollarisation Debate
1614:of member states of the
1592:European Monetary System
1290:no separate legal tender
967:Excess supply of dollars
831:Current monetary regimes
742:European Monetary System
640:Bretton Woods conference
388:Bretton Woods Conference
2455:Foreign exchange market
2052:International Economics
2001:Pacific Economic Review
1844:Foreign exchange fixing
1564:European monetary union
1519:(EMCF) in 1973 and the
892:
731:Exchange Rate Mechanism
662:suspends convertibility
372:Foreign exchange option
357:Non-deliverable forward
316:Foreign exchange market
1809:Floating exchange rate
1590:. Later, in 1979, the
1311:
1273:crawl-like arrangement
1263:stabilized arrangement
1177:Gold exchange standard
1146:Bosnia and Herzegovina
976:
928:
915:
434:Foreign exchange fraud
285:Floating exchange rate
1839:Smithsonian Agreement
1486:Monetary co-operation
1446:Currency substitution
1224:
974:
926:
913:
673:Smithsonian Agreement
563:managed exchange rate
526:Mundell–Fleming model
439:Currency intervention
393:Smithsonian Agreement
380:Historical agreements
362:Foreign exchange swap
1829:Bretton Woods system
1819:Managed float regime
1814:Linked exchange rate
1804:Exchange rate regime
1753:The belief that the
1560:economic development
1544:economic integration
1528:economic integration
1366:Pegged within a band
1315:Basket-of-currencies
791:Bretton Woods system
694:Managed float regime
487:exchange rate regime
483:pegged exchange rate
295:Managed float regime
290:Linked exchange rate
265:Exchange rate regime
95:improve this article
2231:. New York: Worth.
2141:The Washington Post
1942:The Washington Post
1759:speculative attacks
1618:over three phases
1600:fixed exchange rate
876:Open market trading
725:United Kingdom and
553:the exchange rate.
479:fixed exchange rate
280:Fixed exchange rate
198:improve the article
2347:2023-11-03 at the
2170:. Cato Institute.
1904:Dornbusch, Rüdiger
1879:Speculative attack
1874:Impossible trinity
1673:. You can help by
1570:Example: The Snake
1465:. You can help by
1425:. You can help by
1385:. You can help by
1334:. You can help by
1312:
1196:. You can help by
1088:. You can help by
1045:. You can help by
994:. You can help by
977:
946:. You can help by
929:
916:
850:. You can help by
810:. You can help by
770:. You can help by
495:monetary authority
300:Dual exchange rate
2061:978-81-265-1413-7
1978:White, Lawrence.
1921:978-0-07-337592-2
1691:
1690:
1492:monetary policies
1483:
1482:
1443:
1442:
1403:
1402:
1352:
1351:
1287: Hard pegs (
1255: Soft pegs (
1214:
1213:
1106:
1105:
1063:
1062:
1020:The gold standard
1012:
1011:
964:
963:
868:
867:
828:
827:
788:
787:
748:
747:
696:comes into being
652:comes into being
481:, often called a
475:
474:
237:
236:
229:
219:
218:
171:
170:
163:
145:
68:
16:(Redirected from
2467:
2440:
2439:
2431:
2425:
2420:
2414:
2411:
2405:
2402:
2396:
2395:
2393:
2392:
2377:
2371:
2368:
2351:
2338:
2332:
2327:
2321:
2318:
2312:
2311:
2309:
2308:
2302:
2271:
2262:
2256:
2249:
2243:
2242:
2224:
2218:
2217:
2200:(139): 274–282.
2189:
2183:
2182:
2180:
2179:
2163:
2157:
2156:
2154:
2153:
2131:
2125:
2124:
2122:
2121:
2105:
2099:
2098:
2072:
2066:
2065:
2047:
2041:
2040:
2038:
2037:
2031:
2016:
1998:
1989:
1983:
1976:
1970:
1964:
1958:
1957:
1955:
1954:
1932:
1926:
1925:
1900:
1705:balance of trade
1686:
1683:
1665:
1658:
1552:capital controls
1515:, including the
1478:
1475:
1457:
1450:
1438:
1435:
1417:
1410:
1398:
1395:
1377:
1370:
1347:
1344:
1326:
1319:
1305: Residual (
1304:
1286:
1258:conventional peg
1254:
1236:
1209:
1206:
1188:
1181:
1101:
1098:
1080:
1073:
1058:
1055:
1037:
1030:
1007:
1004:
986:
979:
959:
956:
938:
931:
863:
860:
842:
835:
823:
820:
802:
795:
783:
780:
762:
755:
599:
598:
467:
460:
453:
419:Bureau de change
352:Currency forward
321:Futures exchange
242:Foreign exchange
239:
238:
232:
225:
214:
211:
205:
181:
180:
173:
166:
159:
155:
152:
146:
144:
103:
79:
71:
60:
38:
37:
30:
21:
2475:
2474:
2470:
2469:
2468:
2466:
2465:
2464:
2445:
2444:
2443:
2432:
2428:
2421:
2417:
2412:
2408:
2403:
2399:
2390:
2388:
2379:
2378:
2374:
2369:
2354:
2349:Wayback Machine
2339:
2335:
2328:
2324:
2319:
2315:
2306:
2304:
2300:
2269:
2263:
2259:
2250:
2246:
2239:
2225:
2221:
2206:10.2307/2552303
2190:
2186:
2177:
2175:
2164:
2160:
2151:
2149:
2132:
2128:
2119:
2117:
2106:
2102:
2087:
2073:
2069:
2062:
2048:
2044:
2035:
2033:
2029:
1996:
1990:
1986:
1977:
1973:
1965:
1961:
1952:
1950:
1933:
1929:
1922:
1908:Fisher, Stanley
1901:
1897:
1893:
1888:
1859:Capital control
1854:Black Wednesday
1794:
1771:
1763:capital control
1751:
1731:
1718:currency crisis
1713:
1711:Currency crisis
1701:
1696:
1687:
1681:
1678:
1671:needs expansion
1656:
1624:
1606:introduced the
1572:
1556:economic growth
1536:fiscal policies
1509:monetary unions
1488:
1479:
1473:
1470:
1463:needs expansion
1448:
1439:
1433:
1430:
1423:needs expansion
1408:
1406:Currency boards
1399:
1393:
1390:
1383:needs expansion
1368:
1363:
1357:
1348:
1342:
1339:
1332:needs expansion
1317:
1310:
1302:
1300:
1284:
1282:
1252:
1250:
1234:
1219:
1210:
1204:
1201:
1194:needs expansion
1179:
1142:(1994 to 2014);
1136:(1992 to 2010);
1130:(1991 to 2001);
1111:
1102:
1096:
1093:
1086:needs expansion
1071:
1059:
1053:
1050:
1043:needs expansion
1028:
1022:
1017:
1008:
1002:
999:
992:needs expansion
969:
960:
954:
951:
944:needs expansion
921:
908:
895:
878:
873:
864:
858:
855:
848:needs expansion
833:
824:
818:
815:
808:needs expansion
793:
784:
778:
775:
768:needs expansion
753:
722:September 1992
712:September 1985
705:Jamaica Accords
628:September 1931
594:
589:
583:
534:monetary policy
528:, with perfect
485:, is a type of
471:
347:Currency future
233:
222:
221:
220:
215:
209:
206:
195:
182:
178:
167:
156:
150:
147:
104:
102:
92:
80:
39:
35:
28:
23:
22:
15:
12:
11:
5:
2473:
2463:
2462:
2457:
2442:
2441:
2426:
2415:
2406:
2397:
2372:
2352:
2333:
2322:
2313:
2257:
2244:
2238:978-1429241038
2237:
2219:
2184:
2158:
2126:
2100:
2085:
2067:
2060:
2042:
2007:(3): 297–311.
1984:
1971:
1959:
1927:
1920:
1912:Macroeconomics
1894:
1892:
1889:
1887:
1886:
1881:
1876:
1871:
1869:Currency board
1866:
1864:Convertibility
1861:
1856:
1851:
1849:Currency union
1846:
1841:
1836:
1831:
1826:
1821:
1816:
1811:
1806:
1801:
1795:
1793:
1790:
1789:
1788:
1784:
1780:
1776:
1770:
1767:
1750:
1747:
1730:
1727:
1712:
1709:
1700:
1697:
1695:
1692:
1689:
1688:
1668:
1666:
1655:
1652:
1623:
1620:
1616:European Union
1571:
1568:
1540:monetary union
1532:trade barriers
1513:exchange rates
1496:exchange rates
1487:
1484:
1481:
1480:
1460:
1458:
1447:
1444:
1441:
1440:
1420:
1418:
1407:
1404:
1401:
1400:
1380:
1378:
1367:
1364:
1359:Main article:
1356:
1353:
1350:
1349:
1329:
1327:
1316:
1313:
1301:
1296:currency board
1283:
1251:
1233:
1218:
1215:
1212:
1211:
1191:
1189:
1178:
1175:
1174:
1173:
1167:
1161:
1155:
1149:
1143:
1137:
1131:
1125:
1114:Currency board
1110:
1107:
1104:
1103:
1083:
1081:
1070:
1067:
1061:
1060:
1040:
1038:
1024:Main article:
1021:
1018:
1016:
1013:
1010:
1009:
989:
987:
968:
965:
962:
961:
941:
939:
920:
917:
907:
904:
894:
891:
877:
874:
872:
869:
866:
865:
845:
843:
832:
829:
826:
825:
805:
803:
792:
789:
786:
785:
765:
763:
752:
749:
746:
745:
739:
735:
734:
723:
719:
718:
713:
709:
708:
702:
698:
697:
691:
687:
686:
683:European snake
680:
676:
675:
670:
669:December 1971
666:
665:
660:United States
658:
654:
653:
647:
643:
642:
637:
633:
632:
629:
625:
624:
619:
615:
614:
611:
607:
606:
603:
593:
590:
585:Main article:
582:
579:
473:
472:
470:
469:
462:
455:
447:
444:
443:
442:
441:
436:
431:
426:
421:
413:
412:
408:
407:
406:
405:
400:
395:
390:
382:
381:
377:
376:
375:
374:
369:
364:
359:
354:
349:
344:
336:
335:
331:
330:
329:
328:
323:
318:
310:
309:
305:
304:
303:
302:
297:
292:
287:
282:
277:
272:
267:
262:
257:
249:
248:
247:Exchange rates
244:
243:
235:
234:
217:
216:
185:
183:
176:
169:
168:
83:
81:
74:
69:
43:
42:
40:
33:
26:
9:
6:
4:
3:
2:
2472:
2461:
2460:Gold standard
2458:
2456:
2453:
2452:
2450:
2437:
2430:
2424:
2419:
2410:
2401:
2386:
2382:
2376:
2367:
2365:
2363:
2361:
2359:
2357:
2350:
2346:
2343:
2337:
2331:
2326:
2317:
2299:
2295:
2291:
2287:
2283:
2279:
2275:
2268:
2261:
2254:
2248:
2240:
2234:
2230:
2223:
2215:
2211:
2207:
2203:
2199:
2195:
2188:
2173:
2169:
2162:
2147:
2143:
2142:
2137:
2130:
2116:on 2017-12-03
2115:
2111:
2104:
2096:
2092:
2088:
2086:9780521186407
2082:
2078:
2071:
2063:
2057:
2053:
2046:
2028:
2024:
2020:
2015:
2010:
2006:
2002:
1995:
1988:
1981:
1975:
1969:
1963:
1948:
1944:
1943:
1938:
1931:
1923:
1917:
1913:
1909:
1905:
1899:
1895:
1885:
1882:
1880:
1877:
1875:
1872:
1870:
1867:
1865:
1862:
1860:
1857:
1855:
1852:
1850:
1847:
1845:
1842:
1840:
1837:
1835:
1832:
1830:
1827:
1825:
1824:Gold standard
1822:
1820:
1817:
1815:
1812:
1810:
1807:
1805:
1802:
1800:
1797:
1796:
1785:
1781:
1777:
1773:
1772:
1766:
1764:
1760:
1756:
1746:
1744:
1740:
1739:trade deficit
1735:
1726:
1723:
1719:
1708:
1706:
1694:Disadvantages
1685:
1676:
1672:
1669:This section
1667:
1664:
1660:
1659:
1651:
1649:
1645:
1641:
1637:
1633:
1629:
1619:
1617:
1613:
1609:
1605:
1601:
1597:
1593:
1589:
1588:central rates
1585:
1581:
1577:
1567:
1565:
1561:
1557:
1553:
1549:
1545:
1541:
1537:
1533:
1529:
1524:
1522:
1518:
1514:
1510:
1506:
1502:
1497:
1493:
1477:
1468:
1464:
1461:This section
1459:
1456:
1452:
1451:
1437:
1428:
1424:
1421:This section
1419:
1416:
1412:
1411:
1397:
1388:
1384:
1381:This section
1379:
1376:
1372:
1371:
1362:
1355:Crawling pegs
1346:
1337:
1333:
1330:This section
1328:
1325:
1321:
1320:
1308:
1298:
1297:
1292:
1291:
1280:
1279:
1274:
1270:
1269:
1264:
1260:
1259:
1248:
1247:free floating
1244:
1240:
1231:
1227:
1223:
1208:
1199:
1195:
1192:This section
1190:
1187:
1183:
1182:
1171:
1168:
1166:(since 1945);
1165:
1162:
1160:(since 1972);
1159:
1156:
1154:(since 1997);
1153:
1150:
1148:(since 1997);
1147:
1144:
1141:
1138:
1135:
1132:
1129:
1126:
1124:(since 1983);
1123:
1120:
1119:
1118:
1115:
1100:
1091:
1087:
1084:This section
1082:
1079:
1075:
1074:
1066:
1057:
1048:
1044:
1041:This section
1039:
1036:
1032:
1031:
1027:
1026:Gold standard
1006:
997:
993:
990:This section
988:
985:
981:
980:
973:
958:
949:
945:
942:This section
940:
937:
933:
932:
925:
912:
903:
900:
890:
886:
882:
862:
853:
849:
846:This section
844:
841:
837:
836:
822:
813:
809:
806:This section
804:
801:
797:
796:
782:
773:
769:
766:This section
764:
761:
757:
756:
751:Gold standard
743:
740:
737:
736:
732:
728:
724:
721:
720:
717:
714:
711:
710:
706:
703:
700:
699:
695:
692:
689:
688:
684:
681:
678:
677:
674:
671:
668:
667:
663:
659:
656:
655:
651:
648:
645:
644:
641:
638:
635:
634:
630:
627:
626:
623:
620:
618:October 1929
617:
616:
612:
609:
608:
604:
601:
600:
597:
588:
578:
576:
572:
568:
564:
560:
554:
551:
546:
541:
539:
538:macroeconomic
535:
531:
527:
523:
518:
516:
512:
506:
504:
500:
496:
492:
488:
484:
480:
468:
463:
461:
456:
454:
449:
448:
446:
445:
440:
437:
435:
432:
430:
429:Currency pair
427:
425:
424:Hard currency
422:
420:
417:
416:
415:
414:
410:
409:
404:
403:Louvre Accord
401:
399:
396:
394:
391:
389:
386:
385:
384:
383:
379:
378:
373:
370:
368:
367:Currency swap
365:
363:
360:
358:
355:
353:
350:
348:
345:
343:
340:
339:
338:
337:
333:
332:
327:
324:
322:
319:
317:
314:
313:
312:
311:
307:
306:
301:
298:
296:
293:
291:
288:
286:
283:
281:
278:
276:
275:Dollarization
273:
271:
268:
266:
263:
261:
260:Exchange rate
258:
256:
255:Currency band
253:
252:
251:
250:
246:
245:
241:
240:
231:
228:
213:
203:
199:
193:
191:
186:This article
184:
175:
174:
165:
162:
154:
143:
140:
136:
133:
129:
126:
122:
119:
115:
112: –
111:
107:
106:Find sources:
100:
96:
90:
89:
84:This article
82:
78:
73:
72:
67:
65:
58:
57:
52:
51:
46:
41:
32:
31:
19:
2435:
2429:
2418:
2409:
2400:
2389:. Retrieved
2375:
2336:
2325:
2316:
2305:. Retrieved
2277:
2273:
2260:
2252:
2247:
2228:
2222:
2197:
2193:
2187:
2176:. Retrieved
2161:
2150:. Retrieved
2139:
2129:
2118:. Retrieved
2114:the original
2103:
2076:
2070:
2051:
2045:
2034:. Retrieved
2004:
2000:
1987:
1979:
1974:
1967:
1962:
1951:. Retrieved
1940:
1930:
1911:
1898:
1884:Swan diagram
1754:
1752:
1743:unemployment
1736:
1732:
1714:
1702:
1679:
1675:adding to it
1670:
1625:
1595:
1579:
1573:
1525:
1489:
1471:
1467:adding to it
1462:
1431:
1427:adding to it
1422:
1391:
1387:adding to it
1382:
1361:Crawling peg
1340:
1336:adding to it
1331:
1306:
1294:
1288:
1276:
1272:
1268:crawling peg
1266:
1262:
1256:
1246:
1242:
1225:
1202:
1198:adding to it
1193:
1172:(since 1967)
1112:
1094:
1090:adding to it
1085:
1064:
1051:
1047:adding to it
1042:
1000:
996:adding to it
991:
952:
948:adding to it
943:
899:black market
896:
887:
883:
879:
856:
852:adding to it
847:
816:
812:adding to it
807:
776:
772:adding to it
767:
738:August 1993
716:Plaza Accord
707:take effect
657:August 1971
595:
555:
545:central bank
542:
519:
507:
482:
478:
476:
398:Plaza Accord
279:
223:
207:
187:
157:
148:
138:
131:
124:
117:
105:
93:Please help
88:verification
85:
61:
54:
48:
47:Please help
44:
1834:Nixon Shock
1628:U.S. dollar
1596:‘the Snake’
701:April 1978
690:March 1973
679:March 1972
646:March 1947
610:April 1925
540:stability.
536:to achieve
489:in which a
210:August 2023
2449:Categories
2391:2016-12-06
2307:2019-12-11
2178:2010-05-06
2152:2010-05-06
2120:2016-10-04
2036:2020-09-05
1953:2010-05-06
1891:References
1640:depreciate
1054:March 2024
871:Mechanisms
636:July 1944
602:1880–1914
592:Chronology
190:unbalanced
151:April 2023
121:newspapers
50:improve it
2294:154706279
2194:Economica
2095:778243977
2023:153352827
1682:July 2023
1612:economies
1584:fluctuate
1580:the Snake
1474:July 2023
1434:July 2023
1394:July 2023
1343:July 2023
1205:July 2023
1140:Lithuania
1128:Argentina
1122:Hong Kong
1097:July 2023
1003:July 2023
955:July 2023
859:July 2023
819:July 2023
779:July 2023
522:inflation
202:talk page
56:talk page
2385:Archived
2345:Archived
2298:Archived
2280:: 1–32.
2172:Archived
2146:Archived
2027:Archived
1947:Archived
1792:See also
1775:Diagram.
1501:currency
1243:floating
1239:Floating
1226:De facto
1152:Bulgaria
729:abandon
575:Eurozone
491:currency
411:See also
342:Currency
2214:2552303
1722:devalue
1548:capital
1505:consent
1164:Denmark
1158:Bermuda
1134:Estonia
581:History
530:capital
308:Markets
196:Please
188:may be
135:scholar
2292:
2235:
2212:
2093:
2083:
2058:
2021:
1918:
1644:parity
1523:(IMF)
1303:
1285:
1253:
1237:
1235:
1170:Brunei
733:(ERM)
565:. The
550:demand
334:Assets
137:
130:
123:
116:
108:
2301:(PDF)
2290:S2CID
2270:(PDF)
2210:JSTOR
2030:(PDF)
2019:S2CID
1997:(PDF)
727:Italy
142:JSTOR
128:books
2233:ISBN
2091:OCLC
2081:ISBN
2056:ISBN
1916:ISBN
1636:baht
1634:per
1632:gold
1245:and
893:Fiat
571:euro
503:gold
114:news
2282:doi
2202:doi
2009:doi
1677:.
1494:or
1469:.
1429:.
1389:.
1338:.
1200:.
1092:.
1049:.
998:.
950:.
854:.
814:.
774:.
515:GDP
97:by
2451::
2383:.
2355:^
2296:.
2288:.
2278:22
2276:.
2272:.
2208:.
2198:35
2196:.
2144:.
2138:.
2089:.
2025:.
2017:.
2005:14
2003:.
1999:.
1945:.
1939:.
1906:;
1604:EU
1566:.
1293:,
1275:,
1271:,
1265:,
1261:,
1232:.
577:.
517:.
505:.
477:A
59:.
2394:.
2310:.
2284::
2241:.
2216:.
2204::
2181:.
2155:.
2123:.
2097:.
2064:.
2039:.
2011::
1956:.
1924:.
1684:)
1680:(
1476:)
1472:(
1436:)
1432:(
1396:)
1392:(
1345:)
1341:(
1309:)
1299:)
1281:)
1249:)
1241:(
1207:)
1203:(
1099:)
1095:(
1056:)
1052:(
1005:)
1001:(
957:)
953:(
861:)
857:(
821:)
817:(
781:)
777:(
466:e
459:t
452:v
230:)
224:(
212:)
208:(
204:.
194:.
164:)
158:(
153:)
149:(
139:·
132:·
125:·
118:·
91:.
66:)
62:(
20:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
