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Chapter 5
The International Monetary System and Exchange Rate Arrangements
Objectives
• To classify international monetary systems
• To outline the history of exchange rate arrangements
• To outline the pros and cons of fixed and flexible exchange rates
• To examine the Australian exchange rate arrangements
Copyright 2010 McGraw-Hill Australia Pty Ltd
PPTs t/a International Finance: An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa
5-2
Definition
• The IMS is the framework of rules, regulations and conventions that govern the financial relations among countries
Copyright 2010 McGraw-Hill Australia Pty Ltd
PPTs t/a International Finance: An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa
5-3
Components of the IMS
• A public component consisting of a series of agreements
• A private component represented by the banking and finance industry
Copyright 2010 McGraw-Hill Australia Pty Ltd
PPTs t/a International Finance: An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa
5-4
Classification according to reserve assets
• Pure commodity standards (e.g. the gold standard) • Pure fiat standards
• Mixed standards (e.g. the Bretton Woods system)
Copyright 2010 McGraw-Hill Australia Pty Ltd
PPTs t/a International Finance: An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa
5-5
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