Foreign Currency Exchange

Paper Summary:

International business is important to every business person today. Even if a company does not have international locations, it is necessary to stay afresh of the situation in the foreign currency exchange markets. By keeping abreast of these markets, a business can monitor their competition and perhaps even move internationally someday. This paper examines the various institutions and markets that are in place to help monitor international trade, including the International Monetary Fund, the World Bank and the gold standard.

From the Paper:

"The modern financial system is called the "floating currency" system. This have proved to be a more efficient system in most people's eyes, but there are some that think the system should be set back to the gold standard. Since 1976, the United States government no longer sets the gold value of a dollar. The price rises and falls in relation to the demand for the metal. During the time of the gold standard, it was actually illegal for any United States citizen to privately own gold. This was to ensure that there was not any accidental increase in the monetary system, which would cause an inflation (Pagewise 2002)."

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