This paper examines the impact of major exchange rate adjustment theories on the global monetary system. The reasons of the previous organization forms of monetary relations collapse at the global level are defined. The main achievements and failures of major exchange rate theories are described.

This paper examines the impact of productivity shocks on real exchange rate fluctuations in a dynamic international general equilibrium model with nontraded goods. The model predicts a close association between relative technology shocks and bilateral real exchange rate movements. Empirical...

The gold standard was a monetary system based on fixed exchange rates, whereby domestic prices were pegged to the international price level and a high level of control had to be exercised over the money supply. This meant that fiscal discipline also had to be maintained for a country to remain...