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Assist countries having structural trade problems if they promise to take adequate steps to correct these problems
The International Bank for Reconstruction and Development (World Bank) helped fund postwar reconstruction and has since then supported general economic development
Copyright 2010 Pearson Prentice Hall. All rights reserved.
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Exhibit 3.2 The IMFs Nominal Exchange Rate Index of the U.S. Dollar and Significant Events 1957-2008
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Exchange arrangements with no separate legal tender Currency board arrangements Other conventional fixed peg arrangements Pegged exchange rates within horizontal bands Crawling pegs Exchange rates within crawling pegs Managed floating with no pre-announced path Independent floating
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The choice between fixed and flexible rates may change over time as priorities change.
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The forces of economics to not allow the simultaneous achievement of all three
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This treaty set out a timetable and a plan to replace all individual ECU currencies with a single currency called the euro.
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In addition, a strong central bank, called the European Central Bank (ECB), was established in Frankfurt, Germany.
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All consumers and businesses both inside and outside the Euro Zone enjoy price transparency and increased price-based competition
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The single largest threat to maintaining purchasing power is inflation, so the job of the EU has been to prevent inflationary forces from undermining the euro.
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Mini-Case Questions: The Revaluation of the Chinese Yuan Many Chinese critics had urged China to revalue the yuan by 20% or more. What would the Chinese yuans value be in US dollars if it had indeed been devalued by 20%? Do you believe that the revaluation of the Chinese yean was politically or economically motivated?
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Chapter 3
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Exhibit 3.5 The Ecuadorian Sucre Exchange Rate, November 1998March 2000
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Exhibit 3.7 The U.S. Dollar/Euro Spot Exchange Rate, 19992008 (Monthly Average)
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Exhibit 1 Monthly Average Exchange Rates: Chinese Renminbi per U.S. Dollar
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