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World Politics
Frieden/Lake/Schultz World Politics Ch. 9
| Term | Definition |
|---|---|
| Exchange Rates | The price at which one currency is exchanged for another |
| Appreciate | In terms of currency, to increase in value in comparison to other currencies |
| Depreciate | In terms of currency, to decrease in value in comparison to other currencies |
| Devalue | To reduce the value of one currency in terms of other currencies |
| Monetary policy | Tool of national governments to influence broad macroeconomic conditions. Typically changed by altering monetary policies or changing national/exchange rates |
| Central bank | Institution regulating monetary conditions in an economy, typically by affecting interest rates. |
| Fixed exchange rate | An exchange rate policy under which a gov't commits itself to keep its currency at/around a specific value in terms of another currency/commodity |
| Gold standard | The monetary system that prevailed between 1870 and 1914 in which countries tied their currencies to gold at a legally fixed price |
| Floating exchange rate | An exchange rate policy under which a gov't permits its currency to be traded on the open market without direct gov't intervention/control |
| Bretton Woods monetary system | Monetary order negotiated among the WW2 allies in 1944, which lasted until the 1970's. Was based on a U.S. dollar tied to gold. |
| Adjustable peg | A monetary system of fixed but adjustable rates. Govt's are expected to keep their currencies fixed for specific periods but are permitted to alter the exchange rate from time to time as economic times change. |
| International Monetary Regime | A formal/informal arrangement among governments to govern relations among their currencies; agreement is shared by most countries in the world economy. |
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colbyc22
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