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Topic: Fixed currencies

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Floating currency

Fixed exchange rate

Exchange rate regime

Floating exchange rate

Pegged

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Bretton Woods system

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Globalization

	Currency Devaluation and Revaluation - Fedpoints - Federal Reserve Bank of New York (Site not responding. Last check: 2007-10-20)
		An increase in the value of a currency is known as appreciation, and a decrease as depreciation.
		When a government devalues its currency, it is often because the interaction of market forces and policy decisions has made the currency's fixed exchange rate untenable.
		In order to sustain a fixed exchange rate, a country must have sufficient foreign exchange reserves, often dollars, and be willing to spend them, to purchase all offers of its currency at the established exchange rate.
	www.newyorkfed.org /aboutthefed/fedpoint/fed38.html (969 words)

	Currency - Wikipedia, the free encyclopedia
		Currencies can be classified as either floating currencies or fixed currencies based on their exchange rate regime.
		The origin of currency is the creation of a circulating medium of exchange based on a unit of account which quickly becomes a store of value.
		Currency evolved from two basic innovations: the use of counters to assure that shipments arrived with the same goods that were shipped, and later with the use of silver ingots to represent stored value in the form of grain.
	en.wikipedia.org /wiki/Currency (2398 words)

	forex broker, forex trading signals, forex history : AFXI
		Although there are economic reasons for having a universal currency, history suggests that politics, and not economics, has been the chief determinant of currency areas in the past and today.
		Currencies were fixed to gold, and gold fixed currencies to each other.
		The value of the dollar was fixed to gold at $35 to the ounce, and the world's currencies were fixed to the dollar.
	www.afxi.com /forex-history-single-currency.htm (1094 words)

	Which is Better? Fixed or Flaoting Exchange Rates
		Others have implemented a dirty float where the currency value is mostly determined by the market but periodically the central bank intervenes to push the currency value up or down depending on the circumstances.
		Fixed rates are chosen to force a more prudent monetary policy, floating rates are a blessing for those countries who already have a prudent monetary policy.
		Fixed exchange systems are most appropriate when a country needs to force itself to a more prudent monetary policy course.
	internationalecon.com /v1.0/Finance/ch110/F110-4.html (1323 words)

	RRojas Databank: The Róbinson Rojas Archive.-Globalization of the World Economy. 1998 (Site not responding. Last check: 2007-10-20)
		All countries made their currencies convertible into gold at fixed prices per ounce; for example, the pound sterling was worth $4.86, the ratio of between the gold value of sterling set by Isaac Newton and the gold value of the dollar set by Alexander Hamilton.
		A country on a fixed exchange rate is like a bank, its holdings of hard currency reserves are like the bank’s cash, and the local currency assets outstanding are like the public’s deposits in a bank.
		This is the essence of a "currency board" -- one well enough endowed with reserves of the hard currency to convince the world of convertibility, and convincingly determined to protect those reserves.
	www.rrojasdatabank.org /global-tobin.htm (2864 words)

	[No title] (Site not responding. Last check: 2007-10-20)
		A crawling peg is an exchange rate policy in which the "fixed" exchange rate value of a currency is changed often (for instance, weekly or monthly), sometimes according to indicators such as the difference in inflation rates 4.
		Because each currency was fixed to gold, the exchange rates between currencies also tended to be fixed, because individuals could arbitrage between gold and currencies if the currency exchange rates deviated from those implied by the fixed gold prices.
		Speculation was generally stabilizing, both for the exchange rates between the currencies of countries that were adhering to the gold standard, and for the exchange rates of countries that temporarily allowed their currencies to float.
	www-personal.umd.umich.edu /~imiteza/Ch20answers.doc (1260 words)

	IPD's Capacity Building and Journalism Program; Economic Journalism Training (Site not responding. Last check: 2007-10-20)
		The currency turmoil was accompanied by a massive outflow of capital, which in turn had the real economic effect of a wrenching downturn in the region.
		The currency board system usually means a country has to maintain a level of reserves with which to ensure the convertibility of the domestic currency to the anchor.
		Currency analysts from a range of banks will have issued their forecasts for key reports well before the economic data are actually published.
	www-1.gsb.columbia.edu /ipd/j_forexmarkets.html (5799 words)

	ACCOUNTING
		The conversion rates of the legacy currencies are fixed in terms of the euro and no longer float against the dollar.
		Second, the functional currency conversion is "not the exchange of property for other property differing materially in kind or extent." This effectively means that the mandatory like-kind exchange rules apply and no gain or loss is recognized.
		This means that conversion of the legacy currency to the euro is not a change in functional currency and therefore not a change in accounting principle.
	www.nysscpa.org /cpajournal/1999/0899/departments/D52899.HTM (1885 words)

	NR Feature Article November 24, 1997
		Only a currency board or the gold standard is better, according to the Journal, because these systems not only fix the exchange rate but also do away with a central bank, eliminating any chance of mistakes by wrong-headed central bankers.
		Fixed exchange rates under the Louvre agreement were one of the reasons for the stock-market crash in 1987.
		The fixed exchange rate limited monetary policy to maintaining the exchange rate, and so the governments needed to tighten fiscal policies to reduce foreign borrowing, deregulate, and privatize to increase efficiency.
	www.nationalreview.com /24nov97/meltzer112497.html (1232 words)

	Fixed currency - Wikipedia, the free encyclopedia
		A fixed currency, less commonly called a pegged currency, is a currency that uses a fixed exchange rate as its exchange rate regime.
		Prior to the 1970s, the Bretton Woods system made fixed currencies the norm; however, in 1973, the United States government abandoned the gold standard, so that the US dollar was no longer a fixed currency, and most of the world's currencies followed suit.
		A fixed currency is contrasted with a floating currency.
	en.wikipedia.org /wiki/Fixed_currency (176 words)

	Main Forex Market – Forex Education – Resources – PT Millennium Penata Futures \| Dedication in Financial ... (Site not responding. Last check: 2007-10-20)
		European currencies have gained in importance in the last twenty years and have suffered some major crises due to the continued attempt to peg exchange rates to each other.
		As early as 1998, the participating currencies were fixed against each other and this has forced many European banks to reconsider many of their trading activities.
		The reason that many emerging currencies are pegged to the US dollar or other currencies is normally to force local monetary authorities to act with more discipline and to reassure holders of the currency against the risk of depreciation.
	mdicorps.com /res/forex/main_fx_market (941 words)

	Foreign Currencies by Cannon -- Online Forex Trading (Site not responding. Last check: 2007-10-20)
		For such currencies as the Japanese Yen, a basis point is the second decimal place when quoted in currency terms or the sixth and seventh decimal places, respectively, when quoted in reciprocal terms.
		The base currency with the higher interest rate is said to be at a discount to the lower interest rate quoted currency in the forward market.
		Similarly, the lower interest rate base currency is said to be at a premium, and the forward points are added to the spot rate to obtain the forward rate.
	www.foreigncurrencies.com /resources/glossary.php (5887 words)

	About IPD \|\| Advisory Board (Site not responding. Last check: 2007-10-20)
		Speculators in currency markets have been known to act on the slightest indication that a government is having trouble living up to the task of maintaining the exchange rate it chose to fix.
		The currency turmoil was accompanied by a massive outflow of capital, which in turn had the real economic effect of a wrenching downturn in the region.
		The currency board system usually means a country has to maintain a level of reserves with which to ensure the convertibility of the domestic currency to the anchor.
	www.gsb.columbia.edu /ipd/j_forexmarkets_bk.html (5790 words)

	Pearson Annual Report 2004 - Governance & Financials - Notes to the Accounts - Note 19
		The sterling fixed rate liability is fixed for 2 years at a rate of 6.9%.
		The other currencies fixed rate liability is fixed for 3 years at a rate of 5.0%.
		The other currencies fixed rate asset is fixed for 7 years at a rate of 2.0%.
	www.pearson.com /investor/ar2004/governance/notes_19.html (638 words)

	The ABCs of the Foreign Exchange Market
		There is no exchange of currencies until the agreed upon date, and at a currently agreed exchange rate, no matter what the future exchange rate happens to be.
		Currency futures are traded in organized exchanges like the Chicago International Money Market, while the market for spot and forward contracts is a worldwide network of financial institution and banks.
		A second argument favoring variable exchange rates is that a fixed exchange-rate system subordinates internal objectives of the monetary authorities to balance-of-payments equilibrium, while the variable system frees the hands of the policy makers to pursue internal equilibrium without having to worry about the balance of payments.
	www.sba.oakland.edu /econpage/newsletters/IEL39TX2.HTM (2552 words)

	Exotic Currencies: What to Know Before Trading FX in Emerging Markets (SFO Magazine) \| SmartMoney.com
		It is critical for foreign exchange traders to understand that unlike the major currencies, which float freely, most emerging market currencies fall under one of three monetary policy approaches — free float, managed float or fixed rate — and the category determines the movement of the currency.
		Managed float currencies (also called "dirty float" currencies or "flexible exchange rates") must be available to trade with limited restrictions on capital controls, but monetary authorities regularly intervene in an attempt to stabilize or redirect exchange rates.
		Fixed rate currencies (also called "pegged" currencies) are tied to another country's currency or a basket of currencies.
	www.smartmoney.com /sfomag/index.cfm?story=Rosenstreich_0306 (1692 words)

	ARE YOU EURO-FLUENT?
		Since January, familiar currencies such as the deutsche mark (DM) and the lira no longer float in the currency markets, and foreign exchange transactions that involve legacy currencies must be calculated through the euro using fixed conversion factors (see exhibit 1 below).
		Currencies participating in the European Economic and Monetary Union (EMU) are units of the euro until January 1, 2002.
		To convert one currency to another, you must use the triangulation method: Convert currency 1 to the euro and then convert that amount in euros to currency 2, using the fixed conversion rates adopted on January 1, 1999.
	www.aicpa.org /pubs/jofa/jun1999/europe.htm (2893 words)

	Exchange Rates and Gold by Gary North
		Currencies were to remain stable against each other, but without the public’s legal right of convertibility of currency into gold at a fixed rate of exchange.
		The old assumption – the desirability of stable currency exchange rates – still reigned, but the faith that sustained it had been abandoned: the right of anyone holding a nation’s currency to exchange it at a fixed rate for gold.
		Because the world’s currencies were not individually governed by fixed exchange rates with gold, the system of fixed exchange rates among currencies was not a free market phenomenon.
	www.lewrockwell.com /north/north229.html (2448 words)

	[No title]
		Fixed exchange rates with the dollar meant that the Federal Reserve System could crank up the printing press and force every other IMF member nation to crank up its printing presses.
		Currencies were to remain stable against each other, but without the public’s legal right of convertibility of currency into gold at a fixed rate of exchange.
		Because the world’s currencies were not individually governed by fixed exchange rates with gold, the system of fixed exchange rates among currencies was not a free market phenomenon.
	news.goldseek.com /LewRockwell/1069435385.php (2692 words)

	Government Policies Toward the Foreign Exchange Market
		A number of countries have floating exchange rates for their currencies, with a greater or lesser degree of "management." Yet other countries use a fixed exchange rate to another currency, a fixed exchange rate to a basket of currencies, or a crawling pegged exchange rate.
		Because each currency was fixed to gold, the exchange rates between currencies also tended to be fixed, because individuals could arbitrage between gold and currencies if the currency exchange rates deviated from those implied by the fixed gold prices.
		Speculation was generally stabilizing, both for the exchange rates between the currencies of countries that were adhering to the gold standard, and for the exchange rates of countries that temporarily allowed their currencies to float.
	www.wright.edu /~tdung/FX_Policy.htm (4191 words)

	The Eurodollar
		The value of the dollar was fixed to gold at $35 to the ounce, and the world's currencies were fixed to the dollar.
		After the currency union begins, the country's monetary policy is determined by the supranational central bank and not by the domestic central bank.
		Were the introduction of a single currency for Europe and the United States a purely economic concern, a Eurodollar and a supranational Global Reserve Bank probably would have been introduced long ago, because the economic benefits of a single currency exceed the costs.
	www.globalfindata.com /articles/euro.htm (5078 words)

	exchange, rates, currency, foreign, currencies, government, fixed, their, which, capital
		In the fixed system, the rates are centrally determined (usually by the Central Bank or by the Currency Board where it supplants this function of the Central Bank).
		Most countries peg their currencies to arbitrary baskets of currencies in which the dominant currency is a "hard, reputable" currency such as the US dollar.
		The currency is devalued at a rate set in advance and made known to the public (transparent).
	www.easilywealthy.com /content/25324128-27423593.htm (2129 words)

	Hugo Chavez Rules Out Currency Devaluation \| GFT Forex (Site not responding. Last check: 2007-10-20)
		Venezuelan President Hugo Chavez insists that economic indicators in his country are good, and that he will not devalue the currency, the bolivar, on the currency market.
		He said there was no reason to devalue the Venezuelan currency, the bolivar, because of strong growth in the economy and other healthy indicators.
		The exchange rate is fixed at 2,150 bolivars per dollar, and Chavez said Wednesday that would remain "identical" throughout 2007.
	forex.gftforex.com /public/item/144559 (174 words)

	Floating currency - Wikipedia, the free encyclopedia
		A floating currency is a currency that uses a floating exchange rate as its exchange rate regime.
		In the modern world, the majority of the world's currencies are floating, including the most widely traded currencies: the United States dollar, the Japanese yen, the euro, the British pound and the Australian dollar.
		From 1946 to the early 1970s, the Bretton Woods system made fixed currencies the norm; however, in 1971, the United States government abandoned the gold standard, so that the US dollar was no longer a fixed currency, and most of the world's currencies followed suit.
	en.wikipedia.org /wiki/Floating_currency (181 words)

	Brough, The Natural Law of Money, Front Matter: Library of Economics and Liberty
		If the government further requires that the bad currency be exchangeable with another (good) currency at face value (i.e., at a fixed exchange rate), the bad currency will most certainly replace the good one in circulation.
		"Good" currencies are hoarded by the knowledgeable or used in illicit trade (because fl market transactions typically involve large quantities of cash, which has to be accumulated and held by someone, risking an interim decline in confidence in its value), leaving the "bad" currencies in daily circulation.
		But if the currencies' values are instead determined by the market—that is, if they "float" relative to each other—then the clipped or overly-supplied money simply loses value ("depreciates").
	www.econlib.org /library/YPDBooks/Brough/brghNLM0.html (1420 words)

	Forbes.com: Goldman, Morgan Stanley profits up on fixed income (Site not responding. Last check: 2007-10-20)
		Goldman Sachs, which had a record quarter for fixed income, currencies and commodities trading, said profits for the fourth quarter ended Nov. 28 surged to $971 million, or $1.89 per diluted share, from $505 million, or 98 cents per diluted share, a year ago.
		Revenue for the division that trades fixed income securities, currencies and commodities, the firm's dominant revenue source in recent years, rose 36 percent to $1.14 billion.
		Goldman's head of the fixed income and commodities, Lloyd Blankfein, was promoted to president and chief operating officer, filling a position being vacated by John Thain, who was named as the new chief executive of the New York Stock Exchange on Thursday.
	www.forbes.com /newswire/2003/12/18/rtr1185690.html (563 words)

	Weaker Dollar Strengthens U.S. Agriculture - Amber Waves- February 2007 (Site not responding. Last check: 2007-10-20)
		An appreciation of a currency occurs when the ratio of a given currency declines relative to the reference currency.
		A depreciation of the currency occurs when the ration of a given currency increases relative to the reference currency, that is, the opposite of an appreciation.
		In instances where high rates of inflation are occurring in a foreign country, and where the nominal exchange rate is not being depreciated at the difference in the rates of inflation, the nominal exchange rates and real exchange rates move in opposite directions.
	www.ers.usda.gov /AmberWaves/February07/Features/WeakerDollar.htm (2231 words)

	NCPA - International Issues - Floating Currencies, Or Fixed Exchange Rates? (Site not responding. Last check: 2007-10-20)
		Fixed exchange rates are political mechanisms "freezing" the value of a currency as compared to another.
		In contrast, Bolivia and India fluctuated within the 2.5 percent band as high as 93 to 94 percent of the time -- indicating monetary authorities aimed to keep the ratio of the currencies' values fixed.
		The authors argue that while more regimes may claim to be floating regimes, they are keeping fixed regimes by limiting the fluctuations allowed by political mechanisms.
	www.ncpa.org /~ncpa/pi/internat/pd072001f.html (380 words)

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