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| Topic: |
Business
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| Number of pages / Number of words: |
6 / 1600 |
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dollar and, in the case of the United States, the value of the U.S. dollar in terms of gold). That was very stable exchange rate system and was known as Par Value System also known as the Bretton Woods system.
==>prevailed until 1971, when the U.S. government suspended the convertibility of the U.S...
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government suspended the convertibility of the U.S. dollar (and dollar reserves held by other governments) into gold.
==>Since then, IMF members have been free to choose any form of exchange arrangement they wish (except pegging their currency to gold): allowing the currency to float freely; pegging it to another currency or a basket of currencies; adopting the currency of another country; or participating in a currency bloc...
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