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MonetaryPolicyinaGlobalizedFinancialSystem
2MonetaryPolicyunderFixedExchangeRatesFrom1944to1973,themajoreconomiesoftheworldparticipatedinafixedexchangeratesystemknownastheBrettonWoodsAccordtheU.S.dollarservedastheofficialreserveasset
3MonetaryPolicyunderFixedExchangeRatesSupportersofBrettonWoodsbelievedthatafixedexchangeratesystemofferedseveraladvantagesundersomeconditions,inflationandunemploymentcouldbeself-correctingexchangerateriskwasminimizedthetransactionscostsoftradingcurrencieswaslower
4AdvantagesofaFixedExchangeRateSystemIfacountryexperiencedhigherinflationthanitstradingpartners:itsnetexportswouldfallandcapitaloutflowswouldrisetheinflation-riddencountrywouldbeforcedtobuybackitscurrencythemoneysupplywouldfall,reducinginflationpressures
5AdvantagesofaFixedExchangeRateSystemIfunemploymentinacountryincreased:incomewouldfallcausingimportstofallandnetexportstorisethecountrywouldexperienceanincreaseininternationalreservesifpolicymakersallowtheincreaseininternationalreservestoincreasethemoneysupply,economicactivitywouldspeedupandunemploymentwouldfall
6AdvantagesofaFixedExchangeRateSystemExchangerateriskistheriskthatchangesintheexchangeratewillcausethevalueofforeigncurrenciesorforeignfinancialinstrumentstofallexchangerateriskwasonlyrelatedtotheprobabilitythatauthoritieswouldredefineacurrencyintermsoftheofficialreserveassetlowerexchangerateriskleadstoincreasesintrade,capitalflows,andeconomicefficiency
7AdvantagesofaFixedExchangeRateSystemDerivativescanbeusedtohedgeexchangerateriskbutthesegenerallyinvolvetransactionsfees
8MonetaryPolicyunderFixedExchangeRatesTheBrettonWoodssystemalsoentailedsomedisadvantagestheabilityofforeigncountriestopursuetheirownmonetarypolicywaslimitedtheexpectationofdev
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