December 2015
Intermediate to advanced
313 pages
16h 2m
English
Content preview from International Business, 2nd Edition by Pearson
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146 International Business
standard system, was instituted in 1945 as a consequence of the Bretton Woods Agreement. This
fixed exchange system had its demise in 1976 following the Jamaica conference of the IMF.
The failure of this system was due largely to the decline in the US balance of payments and the
inability of the United States with its original large stock of gold to continue to support the dol-
lar. The US dollar, you will recall, was the international currency after World War I.
■ The foreign exchange market, which is a global network of banks, brokers and dealers, is linked
by electronic communications systems. Its main trading centres ...
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