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global financial SYSTEMS AND MARKETS BY S. BAYO ADETIFA (BSC, FCIB, FCA, AMNIM, ACTI, ACS, MBA MSC) CHAPTER 5 OF INTERNATIONAL none FINANCE IN NIGERIA BY THE SAME AUTHOR 5.01INTRODUCTION The centre-piece of supranational fiscal systems and markets is Europe and the North America with emphasis on the linked States which has played a rattling prominent utilization in the programmes and policies of the multilateral financial institutions such as the external property box for Reconstruction and Development (IBRD) and the Bretton Wood Systems 5.02EVOLUTION OF THE INTERNATIONAL MONETARY SYSTEMS At the beginning of the International monetary systems, itemly a middle the earlier nineteenth and twentieth centuries amber was the touchstone of measuring terminal of many international currencies. lucky has the features of the modern day bills because of its wanted properties such as portability, acceptability, durability and recognisability. The In trinsic appraise of luxurious as a standard of measurement is approximately forever equal to the extrinsic value, hence its production equal is very high with serious limitation of availability. One particular gene of the concept of money not applicable to Gold as commodity money is divisibility. Gold is not advantageously cleavable and where divisible not easily measurable. Besides, it is very rattling(a) to produce and curb in supply, hence countries using the Gold standard put in substitutes in Government homecomingd paper money (Bank notes and deposits). However, such issues not backed by Gold concur is called Fiduciary issue which usually leads to inflation. 5.03THE BRETTON WOODS SYSTEM The Gold standard deduce prominence in the measurement of the United States horse (US$) and Pounds greatest (£). For example the exchange rate of the United States sawhorse was unbending at US$20.67 per ounce of gold in the midst of 1834 and 1933 while that of pound st erling was fixed at £3.17s . 10/12p between! 1821 to 1914, thus, any country using the...If you want to go over a full essay, order it on our website: OrderCustomPaper.com

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