Many centuries ago, the value of the goods the quantity of the goods shall be notified to the other. In the event of such an economics based on the discovery of slight discrepancies between the protection of individuals with regard to advertising services contain system. Such a system, it is necessary to promote the establishment of the obvious limitations in accordance with the generally accepted media exchange rates. It is important that a common base value is to be established. Some economies, such as items in the teeth, feathers, even notified of the stones, but soon for this purpose preclude the use of different metals, especially gold and silver, as set out in the approved ways of payment and as a matter of fact, reliable storage of value.
Originally a Coin, the primary metal and stable political systems, the introduction of independent i.o.u. paper form during the approval of the middle ages. [1] [2] also received This i.o.u. introduced more successfully through a valid than through suostutteluun and is now at today's modern, on the basis of the currencies.
In most central banks support before the first World war, the gold convertibility of currencies.Always means paper money could be exchanged for gold, the gold exchange, however, for this type is not necessarily the need for the Board of Directors of the Bank the currency Centrals reserves full coverage. [1] [2] This did not occur very often, however, when a group is not covered by the concept of this mindset of support for the conversion of the mass, toimintatavassa panic gold has led to the so-called "banks use" means paper money to cover the cost of the combination of a greater supply of gold without led to devastating inflation and as a result of political instability.
There has been an increased burden on the national interests of the Local foreign exchange controls were introduced to prevent the punishment of the monetary market forces veropolitiikalta.
Near the end of WWII the Bretton Woods agreement has been reached in July 1944, at the initiative of the United States. Bretton Woods, New Hampshire, John Maynard Keynes was rejected by the Conference on the proposal for a regulation of the new world as a reserve currency, USD, on behalf of the system is based on.International institutions such as the IMF, The World Bank and THE GATT was created at the same time as the WWII emerging victors searching for that war will lead to destabilizing the fixing of the Monetary Union, as well as against crises. per ounce of gold is $ 35.00 USD and laying down the dollar, so that the agreement of the other main currencies resulted in a system of fixed exchange rates, which returns the Gold standard, in part, the Bretton Woods was originally intended to be permanently.
Woods system came under increasing pressure from than the economies and Bretton move in different directions in the 1960s.A set of realignments are considered to be alive for a long time, but eventually the Bretton Woods system collapsed in the year 1970 following President Nixon in August 1971 the gold convertibility, on an interim basis. The dollar was no longer the best is the only international monetary when it had serious pressure on the US budget and trade deficits grow.
Over the last few decades have seen the worlds largest foreign exchange trading, global Capital markets. restrictions on their free in most countries provide for the exchange of market forces, according to values of affection.
In Europe the idea of fixed exchange rates was in any way died. cooperation agreement between the European Community introduced a new system of fixed exchange rates of the European monetary system in 1979.Fix exchange rates, the company meets the near dying 1992-1993, when the urban economic pressures forced the appreciable nature in weak European currencies, the amount of currency in Europe. [1] [2] Quest continued stability in 1991 by the signing of the Maastricht Treaty. [1] [2] this was confirmed in foreign exchange rates, but also to replace many of them actually EUR in 2002.
Europe has today, embraced 12 participating countries in the euro 1.The physical introduction of the euro will enter into force on 1 January 2002, saw the old currencies of the countries of the obsolete: 1 July 2002.
In the Asia-Pacific region, the lack of sustainability of fixed exchange rates is the importance of the event received a new, South-East Asia in 1997, if the currency currency after the US dollar was devalued in nuclear installations against potential radiological hazards, leaving the other fixed exchange rates, in particular in South America will also be reviewed at the end of a very vulnerable.
Although commercial companies has been in recent years, much of the volatile currency environment to fail, investors and financial institutions have discovered a new playground for the whole of the dwarfs. FOREX market now for the purpose of promoting investment in the market.
It is estimated that more than USD 1,200 billion traded on a daily basis, which is equal to the nearly 40 times on a daily basis, the sales volume of the American NASDAQ-USD market.
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