UNT PSCI 3810 - Chapter 9 Vocabulary (2 pages)

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Chapter 9 Vocabulary



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Chapter 9 Vocabulary

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Pages:
2
School:
University of North Texas
Course:
Psci 3810 - Intern Relations
Intern Relations Documents

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Chapter 9 Vocabulary Global Finance Business 1 Gold standard a system in international 2 Exchange rate the rate at which one state s currency can be exchanged for the currency of another state since 1973 the international monetary system has depended mainly on floating rather than fixed charges 3 Convertible currency the guarantee that the holder of a particular currency can exchange it for another currency some states currencies are nonconvertible 4 Hyperinflation an extremely rapid uncontrolled rise in prices such as occurred in Germany in the 1920s some third world countries more recently 5 Hard currency money that can be readily converted to leading world currencies 6 Reserves hard currency stockpiles kept by states 7 Fixed exchange rates the official rates of exchange for currencies set by governments not a dominant mechanism in the international monetary system since 1973 8 Floating exchange rates the rates determined by global currency markets in which private investors governments alike buy sell currencies 9 Managed float a system of occasional multination government interventions in currency markets to manage otherwise free floating currency rates 10 Devaluation a unilateral move to reduce the value of a currency by changing a fixed or official exchange rate 11 Central bank an institution common in industrialized countries whose major tasks are to maintain the value of the state s currency to control inflation 12 Discount rate the interest rate charged by governments when they lend money to private banks the discount rate is set by countries central banks 13 Bretton Woods system a post WWII arrangement for managing the world economy established at a meeting in Bretton Woods New Hampshire in 1944 its main institutional components are the World Bank the International Monetary Fund IMF 14 World Bank formally the International Bank for Reconstruction Development IBRD an organization that was established in 1944 as a source of loans to help reconstruct the



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