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Foreign Exchange: The Complete Deal by James Sharpe

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1. Exchange Rate Systems: From Fixed to Floating, and Chaos

An exchange rate system is any system which determines the conditions under which one currency can be exchanged for another. Fixed, floating and adjustable peg systems (of which there are various) are the three main systems available. All systems are designed to facilitate trade and investment across national boundaries.

To understand the foreign exchange systems in the 21st century we need to see where we have come from and why. In this overview I will start from the end of the First World War, which allows us to look at all the main examples of exchange rate systems up to the present day. In essence, every generation has wrestled with the same problem: namely, how to set up an ...

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