Exchange Rate Systems, Past to Present

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Presentation transcript:

Exchange Rate Systems, Past to Present Chapter 7 Exchange Rate Systems, Past to Present PowerPoint Presentation by Charlie Cook Copyright © 2004 South-Western/Thomson Learning. All rights reserved.

Figure 7-1 The Gold Standard as an Exchange-Rate System Gold parity rates (per troy ounce of gold) determine the rate of exchange between two currencies. Copyright © 2004 South-Western/Thomson Learning. All rights reserved.

Figure 7-2 The Bretton Woods Exchange-Rate System The Bretton Woods system linked all currencies, other than the U.S. dollar, to gold and to each other through the U.S. dollar. The United States pegged the dollar to gold at a parity rate of $35 per troy ounce. Copyright © 2004 South-Western/Thomson Learning. All rights reserved.

The U.S. Balance on Goods, Services, and Income: 1960 through 1971 Figure 7-3 The U.S. Balance on Goods, Services, and Income: 1960 through 1971 Copyright © 2004 South-Western/Thomson Learning. All rights reserved. Source: Bureau of Economic Analysis, U.S. Department of Commerce.

Figure 7-4 The U.S. Nominal Effective Exchange Rate since 1973 Between 1981 and 1985, the U.S. dollar experienced a considerable appreciation in average value relative to seven major currencies. Within two years, the appreciation had been reversed. Copyright © 2004 South-Western/Thomson Learning. All rights reserved. Source: U.S. Federal Reserve Board.

Current Foreign Exchange-Rate Systems Figure 7-5 Current Foreign Exchange-Rate Systems Copyright © 2004 South-Western/Thomson Learning. All rights reserved. Source: International Monetary Fund, International Financial Statistics (June2002).

Nicaragua’s Crawling-Peg System: Since 1998 Figure 7-6 Nicaragua’s Crawling-Peg System: Since 1998 Copyright © 2004 South-Western/Thomson Learning. All rights reserved. Source: Data from http://www.Oanda.com.