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Essay / Research Paper Abstract
This 10-page paper deals with discussion of changes in the relative values of the yen, euro, dollar and sterling, as well as any future considerations. Bibliography lists 7 sources.
Page Count:
10 pages (~225 words per page)
File: D0_MTglocur.rtf
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Unformatted sample text from the term paper:
the truth of the matter is, as it stands now, international trade is dependent on not only many markets, but many currencies as well. Its true that there are "major"
currencies against which others might benchmark trade and other activities. But in the long run, understanding the relative value of the important currencies, how theyve fluctuated in the past few
years and what the future expectations are is an important key when it comes to a strong understanding of international financial markets. In this paper, well attempt to analyze the
dollar, euro, yen and sterling in such a light, discuss their relative values and expectations. Norris (2000) points out that though none
of the worlds currencies are tied any longer to a gold standard, there exists a "hierarchy of currencies" that are not necessarily based on relative value, but on their world
economic function. Looking at it this way he contends, the U.S. dollar ranks first in this hierarchy (Norris, 2000). He also points out that because there is no "backed standard"
in precious metals for currency (such as a gold standard), its up to the central banks that actually control and maintain the relative value of currencies through their monetary policies
(Norris, 2000). Dollar Though Norris acknowledges that the dollar continues to reign supreme (despite the growing strength of the euro and
despite the fact that its been trading weaker lately), he does acknowledge that the "current supremacy" of this currency doesnt necessarily "reflect a brilliant record as a store of value"
(Norris, 2000, p. 1). Why is this? Norris points out that using consumer price inflation as a measure, a 1999 U.S. dollar is worth about a nickel in 1900 money
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