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The Complete Idiot's Guide to Economics, 2nd Edition by Tom Gorman

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The International Monetary System

The rules and procedures for exchanging national currencies are collectively known as the international monetary system. This system doesn’t have a physical presence, like the Federal Reserve System, nor is it as codified as the Social Security system. Instead, it consists of interlocking rules and procedures and is subject to the foreign exchange market and therefore to the judgments of currency traders about a currency.
Yet there are rules and procedures—exchange rate policies—that public-finance officials of various nations have developed and, from time to time, modify. There are also physical institutions that oversee the international monetary system, the most important of these being the International ...

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