adjustable peg system, 39
BOP problem, 45–47
IMF, 40–42
inconsistent objectives, 43–45
speculation, 47–49
balance of payments (BOP), 23–25
adjustable peg system, 45–47
fiduciary money, 31–33
gold standard, 77
Mexico, 43–45
United Kingdom, 47
banking. See central banking
“beggar thy neighbor” policies, 40
black markets, 58–62
BOP. See balance of payments
central banking, 24, 54–57, 68–71, 77
ceteris paribus assumption, 64–66
commodity money, 14–15, 18, 27–28
Hume’s mechanism, 28–31
market for U.S. dollars, 28–31
convertibility option, 15, 16
convertibility problem, 36
convertible currency, 54
deflation, 13
degree of flexibility, 21
demand function, 64
depository function of banks, 16
direct exchange, 9
dirty float, 68–71
domestic monetary ...
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