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International Monetary System |
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International monetary system The global network of government and commercial institutions within which currency exchange rates are determined. International Monetary System In foreign exchange, the complete network of governments and institutions that affect currencies. The system has a set of agreed-upon rules that allows for international trade of goods and services. It is important to note that one government's decisions may affect the international monetary system. For example, many countries peg their currencies to the U.S. dollar; when the Federal Reserve makes changes to American monetary policy, it affects those currencies as well. Likewise, import and export laws and decisions on the convertibility of currencies have sometimes significant effects on the international monetary system. See also: Bretton Woods. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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For that reason, he correctly chastises the IMF for failing to discharge its stewardship of the international monetary system and he raises the most pertinent of questions when he asks what will happen to the global payment system when today's conditions of excess liquidity come to their inevitable end. Volcker had already made one historic economic move: In 1971, as President Nixon's top monetary official at the Treasury Department, he conceived the idea of floating the dollar, which kept the international monetary system from imploding and gave the world flexible exchange rates. Professors Calomiris and Meltzer have proposed sweeping changes in the IMF and, indeed, in the international monetary system ("Fixing the IMF", Summer 1999). |
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