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Essay / Research Paper Abstract
A 5 page paper discussing the function of foreign currency exchange markets, and including a 1-page discussion of the gold standard. Currency markets have the ability to touch all aspects of business operation in the global economy, and their involvement in those business transactions will only increase in the future as the global economy continues to expand. Bibliography lists 7 sources.
Page Count:
5 pages (~225 words per page)
File: CC6_KSfinCurMkts.rtf
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Unformatted sample text from the term paper:
exchange markets always have been important in converting one currency to another. This was crucial for travelers in the past, and it always has been necessary to ensure that
businesses involved in cross-border transactions can pay for those transactions in a way that satisfies both parties. The growth of globalization in the
past two decades has increased users dependence on foreign currency exchange markets and has led to the development of various currency risk and management tools. Foreign Currency Exchange Markets
Several years ago, Britains The Economist reported that in the late 1980s, "about $190 billion passed through the hands of currency traders in New
York, London and Tokyo every day. By 1995 daily turnover had reached almost $1.2 trillion" (Capital goes global, 1997; p. 87). Private capital movement increased at much the same
rate. In 1990, about $50 billion in private capital flowing into emerging markets; by 1996 that amount had increased to $336 billion (Capital goes global, 1997). That trend
slowed some after the advent of the Asian currency crisis in 1997, but it slowly recovered to begin its inexorable growth once again. That pattern was repeated in the
recession that followed the terrorist attacks of September 11, 2001. Cetina and Bruegger (2002) speak to the growth of foreign exchange markets from
average daily turnover in traditional global foreign exchange instruments of $36.4 billion in 1974 to $1.5 trillion in 1998. As of April 2007, the Bank for International Settlements estimated
daily global turnover to be $1.88 trillion (Triennial Central Bank Survey, 2007). At least two retail or commercial banks are involved with each of these individual transactions, and the
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