The Basics of Foreign Exchange Markets - Gerdes, William D.
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In an increasingly interdependent global economy, an understanding of foreign exchange markets is more critical than ever. These markets are inextricably entwined with underlying monetary standards and consequently they are treated conjointly in this book. Four different foreign exchange rate regimes are analyzed including exchange rates under commodity money, fiduciary money, fiat money (with fixed exchange rates), and fiat money (with flexible exchange rates). For more than eight decades, most countries have operated with fiat money. Proponents maintain that fiat money provides individual…mehr

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Produktbeschreibung
In an increasingly interdependent global economy, an understanding of foreign exchange markets is more critical than ever. These markets are inextricably entwined with underlying monetary standards and consequently they are treated conjointly in this book. Four different foreign exchange rate regimes are analyzed including exchange rates under commodity money, fiduciary money, fiat money (with fixed exchange rates), and fiat money (with flexible exchange rates). For more than eight decades, most countries have operated with fiat money. Proponents maintain that fiat money provides individual countries with much greater monetary autonomy. Yet both analytics and experience indicate that this is not always the case. Whether a country has more monetary autonomy depends on whether fiat money is paired with fixed or flexible exchange rates. Although flexible exchange rate regimes are not without their critics, it has become increasingly apparent that fiat money with flexible rates provides individual countries much greater monetary autonomy. This arrangement allows participants in foreign exchange markets greater latitude for adjusting to the wide variations in national monetary policies that are prevalent with fiat money. Several audiences may find this book beneficial: undergraduate students in economics and finance, students of international business, graduate students, students in executive programs who need to expand their knowledge of international finance, and practicing executives and managers-especially those who are employed by companies operating globally.
Autorenporträt
William D. Gerdes, PhD, Economics, has lectured for more than 40 years at Northwest Missouri State University, the University of Nebraska, North Dakota State University, and Clarke University. He was president of the Missouri Valley Economic Association, and the recipient of Fulbright fellowships at the University of Dar es Salaam (Tanzania) and the University of Malawi. His years in Africa provided insight into the workings of foreign exchange markets in less developed countries. These experiences are reflected in his global perspective on the nature of foreign exchange markets.