The exchange rate
In: The International Monetary System and the Theory of Monetary Systems
The exchange rate is the price of a currency in terms of another one. According to what has been explained in Chapter 3, the equilibrium exchange rate is the exchange rate the value of which is such that suppliers and demanders of a currency against another currency are satisfied. The determination of an equilibrium exchange rate is studied in other chapters. Monetary authorities can influence an exchange rate by various means – which are also studied later on – for instance by implementing fixed exchange rates.
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