The international monetary system refers to the set of rules and institutions that govern foreign exchange between nations. Historically, systems included the gold standard and Bretton Woods system of fixed exchange rates pegged to the US dollar and gold. The collapse of Bretton Woods in 1971 led to a floating exchange rate system today where currencies fluctuate based on market forces. Current systems range from independent floating to managed floats and pegs that allow some flexibility. Understanding the monetary system helps managers with currency management, business strategy, and relations with governments.
international monetary system are sets of internationally agreed rules, conventions and supporting institutions, that facilitate international trade, cross border investment and generally there allocation of capital between nation states.
international monetary system are sets of internationally agreed rules, conventions and supporting institutions, that facilitate international trade, cross border investment and generally there allocation of capital between nation states.
Gold standard is a monetary system in which the standard unit of currency is a fixed quantity of gold or is kept at the value of a fixed quantity of gold.
A fantastic PPT on the foreign exchange rate. The PPT includes meaning and concept of foreign exchange and foreign exchange rate, the systems of determining foreign exchange rate, depreciation of domestic, appreciation of domestic currency, devaluation and revaluation of domestic currency. This PPT also explain the role of RBI in managing the exchange rate by using the concept of managed floating. Just download it and make your concepts stronger. Happy Learning !!
Factor Affecting exchange rate and Theories of exchange rate Jatin Goyal
It explains the following topics
Factor Affecting the exchange rate
CURRENCY DEPRECIATION VS.CURRENCY APPRECIATION
Foreign exchange
Theories of exchange rate
Gold standard is a monetary system in which the standard unit of currency is a fixed quantity of gold or is kept at the value of a fixed quantity of gold.
A fantastic PPT on the foreign exchange rate. The PPT includes meaning and concept of foreign exchange and foreign exchange rate, the systems of determining foreign exchange rate, depreciation of domestic, appreciation of domestic currency, devaluation and revaluation of domestic currency. This PPT also explain the role of RBI in managing the exchange rate by using the concept of managed floating. Just download it and make your concepts stronger. Happy Learning !!
Factor Affecting exchange rate and Theories of exchange rate Jatin Goyal
It explains the following topics
Factor Affecting the exchange rate
CURRENCY DEPRECIATION VS.CURRENCY APPRECIATION
Foreign exchange
Theories of exchange rate
The interaction between international trade.WajidMoon
International finance encompasses the study and practice of financial management in a global context, focusing on the flow of capital across borders, currency exchange rates, international investment, and international trade. Here's a concise description:
describing the exchange rate systems, explaining how government uses direct and indirect intervention to influence exchange rates, and how government intervention in the forex markets.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
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how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
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What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
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USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
2. Introduction
The international monetary system refers
to the institutional arrangements that
countries adopt to govern exchange rates
3. Introduction
International monetary systems are sets
of internationally agreed rules,
conventions and supporting institutions
that facilitate international trade, cross
border investment and generally the
reallocation of capital between nation
states
4. Introduction
It addresses to solve the problems
relating to international trade:
a.
b.
c.
Liquidity
Adjustment
Stability
5. The problem of Liquidity
The problem of liquidity existed even in
the domestic transactions through barter
system
Barter system was replaced by precious
metals as a medium of exchange and store
of value
Gold standard system of international
payments came into existence
6. The Gold Standard
The
first modern international monetary
system was the gold standard
Put in effect in 1850
Participants – UK, France, Germany &
USA
7. Gold Standard- I ( 1876-1913)
●In this system, each currency was linked to
a weight of gold
●Under gold standard, each country had to
establish the rate at which its currency
could be converted to a weight of gold.
8. Gold Standard- I ( 1876-1913)
●Most of the countries used to declare
par value of their currency in terms of
gold
●The problem was every country needed
to maintain adequate reserves of gold in
order to back its currency
9. The Gold Standard
●
After World War I, the exchange rates were
allowed to fluctuate
●
Since gold was convertible into currencies
of the major developed countries, central
banks of different countries either held gold
or currencies of these developed countries
10. The System of Bretton Woods
( 1944-71)
In July, 1944, 44 countries met in Bretton
Woods, New Hampshire, USA – a new
International Monetary System was
created
John Maynard Keynes of Britain and
Harry Dexter White of USA were the key
movers
11. The Bretton Woods Agreement
Creation of International Monetary Fund
(IMF) to promote consultations and
collaboration on international monetary
problems and countries with deficit balance
of payments
Establish a par value of currency with
approval of IMF
Maintain exchange rate for its currency
within one percent of declared par value
12. The Bretton Woods Agreement
Each member to pay a quota into IMF pool –
one quarter in gold and the rest in their own
currency
The pool to be used for lending
Dollar was to be convertible to gold till
international instrument was introduced
International Bank for Reconstruction and
Development (IBRD) was created to
rehabilitate war-torn countries and help
developing countries
13. The System of Bretton Woods
( 1944-71)
So in effect this was a gold – dollar exchange
standard ( $35/ounce)- known as fixed
exchange rate system or adjustable
peg
Devaluation could not be resorted arbitrarily
When BOP problem became structural i.e.
repetitive, devaluation upto ten percent was
permitted by IMF
Thus each currency was tied to dollar directly
or indirectly
14. Collapse of the
Fixed Exchange System
The system of fixed exchange rates
established at Bretton Woods worked well
until the late 1960’s
Any pressure to devalue the dollar would
cause problems throughout the world
The trade balance of the USA became highly
negative and a very large amount of US
dollars was held outside the USA ; it was
more than the total gold holdings of the USA
15. Collapse of the
Fixed Exchange System
During end of sixties, European
governments wanted gold in return for
the dollar reserves they held
On 15th Aug. 1971, President Nixon
suspended the system of convertibility of
gold and dollar and decided for floating
exchange rate system
16. The end of the Bretton Woods System (1972–
81)
The system dissolved between 1968 and
1973
By March 1973, the major currencies
began to float against each other
17. The end of the Bretton Woods System (1972–
81)
IMF members have been free to choose any
form of exchange arrangement they wish
(except pegging their currency to gold):
Allowing the currency to float freely
Pegging it to another currency or a basket
of currencies
Forming part of a monetary union
18. Exchange Systems after 1973
Exchange Rate systems are classified on
the basis of the flexibility that the
monetary authorities show towards
fluctuations in the exchange rates and
are divided into two categories:
1. Systems with a fixed exchange rate
( “fixed peg” or “hard peg”) and
2. Systems with a flexible exchange
rate
( “Floating” systems)
19. Exchange Systems after 1973
But as usual, between these two extreme
positions there exists also an intermediate
range of different systems with limited
flexibility, usually referred to as “soft pegs”
20. A fixed peg regime
A fixed peg regime exists when the
exchange rate of the home currency is
fixed to an anchor currency
This is the case with economies having
currency boards or with no separate
national currency of their own
Countries do not have a separate national
currency, either when they have formally
dollarized, or when the country is a
member of a currency union, for example
Euro
21. Floating Exchange Rate System
● The collapse of Bretton Woods and
Smithsonian Agreements coupled with oil
crisis of 1970, the floating exchange rate
system was adopted by leading
industrialised countries
● Officially approved in April 1978
● Under the system, the exchange rate would
be determined by market forces without the
intervention of government
22. Floating Exchange Rate System
●No country in the world has adopted
freely floating exchange rate system
●Floating exchange rate regimes consist of
independent floating and managed
floating systems
23. Independent Floating systems
In Independent Floating systems the
exchange rate is market determined
and monetary policy usually functions
without exchange rate considerations
Foreign exchange interventions are
rare and meant to prevent undue
fluctuations
But no attempt is undertaken to
achieve/maintain a particular rate
24. Managed Floating systems
Managed Floating systems usually let the
market take its own course but the monetary
authorities intervene in the market to “manage”
the exchange rate, if needed, to prevent high
volatilities and to stimulate growth, without
committing to a particular exchange rate level
The monetary authorities do not specify their
opinion on “suitable” exchange rate level
The IMF calls this practice a “Managed Floating
With No Predetermined Path for the Exchange
Rate”
25. Intermediate Regimes ( Soft Pegs)
Intermediate exchange rate regimes
consist of an array of differing systems
allowing a varying degree of flexibility,
such as conventional fixed exchange rate
pegs, crawling pegs and exchange rate
bands
26. Conventional fixed exchange rate pegs
In a Conventional Fixed Peg arrangement
a currency is pegged at a fixed rate to a
major currency or a basket of currencies,
allowing the exchange rate to fluctuate
within a narrow margin of ±1 percent
around a formal central rate
The monetary authority intervenes in the
market, if the fluctuation is outside these
limits
27. Crawling Peg ( The Dirty Float)
●In this system an attempt is made to
combine the advantages of fixed exchange
rate with flexibility of floating exchange
rate
●It fixes the exchange rate at a given level
which is responsive to changes in market
conditions i.e. it is allowed to crawl
28. Crawling Peg ( The Dirty Float)
In a Crawling Peg arrangement the
currency is adjusted periodically “in
small amounts at a fixed rate or in
response to changes in selective
quantitative indicators (past inflation
differentials vis-à-vis major trading
partners…)
A Crawling Band allows a periodic
adjustment of the exchange rate band
itself
29. Crawling Peg ( The Dirty Float)
● The upper and lower limits are decided for
exchange rate depending demand and supply of
foreign exchange
● As the exchange rate crosses these limits, fiscal
and monetary policies come into play to push
the exchange rate within the target zone
● But in this case, these limits are sustained for
some time and if it is felt that economic
indicators are being disturbed, the monetary
authorities let the exchange rate depreciate or
appreciate as the case may be
30. Exchange Rates Since 1973
●
The merits of each continue to be debated
●
There is no agreement as to which system
is better
●
Many countries today are disappointed
with the floating exchange rate system
31. Implications For Managers
For managers, understanding the
international monetary system is important
for:
Currency management
Business strategy
Corporate-government relations
32. Currency Management
Managers must recognize that the current
international monetary system is a managed
float system in which government
intervention can help drive the foreign
exchange market
Under the present system, speculative
buying and selling of currencies can create
volatile movements in exchange rates
33. Business Strategy
Managers need to recognize that while
exchange rate movements are difficult to
predict, their movement can have a major
impact on the competitive position of
businesses
To contend with this situation, managers
need strategic flexibility e.g. dispersing
production to different locations
34. Corporate-Government Relations
Managers need to recognize that
businesses can influence government
policy towards the international
monetary system
Companies should promote an
international monetary system that
facilitates international growth and
development
Editor's Notes
Country Focus: The U.S. Dollar, Oil Prices, and Recycling Petrodollars
Summary
This feature e closing case explores what oil producing nations are likely to do with the dollars they have earned. Recently, oil prices have surged as a result of higher than expected demand, tight supplies, and perceived geopolitical risks. Since oil is priced in dollars, oil producers have seen their dollar reserves increase. Discussion of the feature can begin with the following questions.
1. What will happen to the value of the U.S. dollar if oil producers decide to invest most of their earnings from oil sales in domestic infrastructure projects?
Discussion Points: If oil producers decide to invest their earnings in domestic infrastructure projects, it would be expected that the countries involved would see a boost in economic growth, and an increase in imports. This would put downward pressure on the dollar as the petrodollars are sold, or are invested in the local community, however the expected increase in imports that should result from greater economic growth would increase the demand for dollars.
2. What factors determine the relative attractiveness of dollar, euro, and yen denominated assets to oil producers flush with petrodollars? What might lead them to direct more funds towards non-dollar denominated assets?
Discussion Point s: The relative attractiveness of an investment whether it is denominated in dollars, euro, or yen depends on expected returns and the degree of risk associated with the investment. When considering different currencies, it would be important to consider expected shifts in the exchange rate. So, for example, if the dollar was expected to depreciate relative to the euro or yen, non-dollar denominated assets might be more attractive all else being equal.