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Exchange Rates and International Finance
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When the first edition of this book was published, nearly fifteen years ago, I began my preface by noting the growing importance of exchange rates in a world of increas- ing globalisation. A lot has happened to change the world’s financial landscape in that decade and a half. Perhaps the most notable events have been the establishment of the European Monetary Union, and the dramatic changes in Eastern Europe with the collapse of the Soviet Bloc and the recent accession to the EU of five new members. The former development has dramatically reduced and the latter increased the number of exchange rates in the world. Even if the net effect has been a reduc- tion of one or two in the number of exchange rates in the world, the importance of those remaining is probably greater than ever, especially the key Dollar-Euro and Dollar-Yen rates. In fact, if the current trend continues (which I doubt), the world will tend more and more to divide into two blocs – a Dollar bloc encompassing the USA and most of East Asia other than Japan, and a Euro bloc covering EU members, present and future, and probably a number of satellite currencies. How- ever, as long as there is no single world currency – and it is difficult to see any prospect of one – we will have to live with exchange rates and more importantly with exchange rate fluctuations.
Laurence S. Copeland - Personal Name
Fourth Edition
0273-68306-3
NONE
Exchange Rates and International Finance
Economics
English
2005
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