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world-wide financial SYSTEMS AND MARKETS BY S. BAYO ADETIFA (BSC, FCIB, FCA, AMNIM, ACTI, ACS, MBA MSC) CHAPTER 5 OF INTERNATIONAL descent FINANCE IN NIGERIA BY THE SAME AUTHOR 5.01INTRODUCTION The centre-piece of transnational fiscal systems and markets is Europe and the North America with emphasis on the linked States which has played a actually prominent power in the programmes and policies of the multilateral financial institutions such as the international property box for Reconstruction and Development (IBRD) and the Bretton Wood Systems 5.02EVOLUTION OF THE INTERNATIONAL MONETARY SYSTEMS At the beginning of the International monetary systems, itemly a center the former(a) nineteenth and twentieth centuries amber was the touchstone of measuring rod of many international currencies. lucky has the features of the modern day bills because of its lovable properties such as portability, acceptability, durability and recognisability. The Intrinsic appraise of sumptuous as a standard of measurement is approximately always equal to the extrinsic value, hence its production equal is very high with serious limitation of availability. One particular factor of the concept of money not applicable to Gold as commodity money is divisibility.

Gold is not advantageously dissociable and where divisible not easily measurable. Besides, it is very rattling(a) to produce and curb in supply, hence countries using the Gold standard run aground substitutes in Government startd paper money (Bank notes and deposits). However, such issues not backed by Gold concur is called Fiduciary issue which usually leads to inflation. 5.03T HE BRETTON WOODS SYSTEM The Gold standard! foregather prominence in the measurement of the United States horse (US$) and Pounds superior (£). For example the exchange rate of the United States sawhorse was touch on at US$20.67 per ounce of gold in the midst of 1834 and 1933 while that of pound sterling was fixed at £3.17s . 10/12p between 1821 to 1914, thus, any country using the...If you want to chequer a full essay, order it on our website: OrderEssay.net

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