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By Butler, Kirt Charles

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Dealer quotes are available online from services such as Bloomberg and Reuters. com Foreign Exchange and Eurocurrency Markets 39 The London Interbank Bid Rate (LIBID) and the London Interbank Offer Rate (LIBOR) are frequently quoted interest rates. LIBID and LIBOR are the average bid and offer rates of London banks for large transactions with other Euromarket banks. org), which is based on euro-denominated term deposits within the Eurozone. LIBOR is a London-based benchmark offer rate for interbank deposits.

The Bretton Woods system worked well until the late 1960s. Devaluations were common, but by and large, the system facilitated cross-border trade and economic development. S. S. government borrowed money to finance the war in Vietnam. S. inflation caused the price of gold to rise above $35 per ounce and the value of the dollar to fall below the official rate relative to foreign currencies. A run on the dollar ensued as speculators rushed to buy gold with dollars at the $35 per ounce price. On August 15, 1971, President Nixon surrendered to market forces and took the United States off the gold standard.

These changes are summarized in the financial account, which covers cross-border transactions associated with changes in ownership of financial assets and liabilities. , foreign currency deposits and loans). 3 EXCHANGE RATE SYSTEMS Exchange rates play a significant role in a country’s balance of payments and economic growth. When a currency falls in value relative to other currencies, that country’s goods and services cost less in international markets and exports increase. World Trade and the International Monetary System 19 At the same time, importers and consumers must pay more for foreign goods or services.

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