Description
Please write 2 pages using 3 scholarly peer reviewed sources on the following:
Briefly describe the current International Monetary System. How does the
Current systems differ from the system that was in place prior to August 1971.
Explanation & Answer
Attached.
Running head: MONETARY SYSTEM
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Monetary System
Student’s Name
Institutional Affiliation
MONETARY SYSTEM
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Monetary System
The international monetary system denotes the system and regulations that administrate
the usage and interchange of money globally and between nations. Primarily, it facilitates
international economic exchange by forming the rules and standards that facilitate it. Each nation
has its legal tender, and the international monetary system directs the rules for valuing and
exchanging these monies. The unacceptability of various nations ‘currencies as legal tender
beyond their borders is a hindrance that the international monetary system addresses. Therefore,
the efficient operation of the international monetary system is paramount in facilitating the
exchange of goods, services, and capital among nations. Since time in history, the world has
operated on different international monetary systems, all of which have been fueled by distinct
occurrences. The paper describes the modern international monetary system (IMS) and
compares it to the system in place before August 1971.
The contemporary international monetary system ...