The IMF was created in a world of fixed-parity exchange rates,
where most currencies were defined in terms of the U.S. dollar and
the dollar was defined in terms of gold. Countries could devalue
their currencies only if they were faced with in the original
language of Article IV, fundamental disequilibrium in their economy
and only if the IMF approved. International capital movements were
restricted and cumbersome. That world has now largely disappeared.
Since the 1970s, the relative value of most major currencies is
determined by world currency markets, and the daily volume of
international currency movements far surpasses the volume of
currency circulating in most major countries. Article IV was
amended in 1976 to replace the fixed-parity exchange rate system
with new procedures for enhanced surveillance in the new world of
flexible exchange rates.
General
Imprint: |
Bibliogov
|
Country of origin: |
United States |
Release date: |
2013 |
First published: |
2013 |
Authors: |
Jonathan E. Sanford
|
Dimensions: |
246 x 189 x 2mm (L x W x T) |
Format: |
Paperback - Trade
|
Pages: |
32 |
ISBN-13: |
978-1-288-67491-6 |
Categories: |
Books >
Social sciences >
Politics & government >
General
|
LSN: |
1-288-67491-0 |
Barcode: |
9781288674916 |
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