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1、Chapter1:InternationalMonetarySystemsandtheEuroa.Currentcurrencyregimesb.EMSandMonetaryUnionc.EuroandOptimalcurrencyzonesa.CurrentcurrencyregimesTheinternationalmonetarysystemintoday’sinternationalfinancearenaismadeupofcurrenciesofindividualcountries,compositecurrencies,andthenewlyemergentsi
2、ngleEuropeancurrency,theEuro.Thesecurrenciesarelinkedtooneanotheronacanvasofdifferentcurrencyregimes.ThesecurrencyregimesareclassifiedbytheInternationalMonetaryFund(IMF)intoeightcategoriesforits186membercountries(asofOctober2001).Theseeightcategoriesspanaspectrumwithrigidlyfixedandindependen
3、tlyfloatingcurrenciesatitsextremities.Fouroftheseeightcategoriesmakeupthecurrentcurrencyregimesin163membercountries(asindicatedinbracketsbelow):1.Managedfloatingwithnopreannouncedpathfortheexchangerate(33)2.Exchangearrangementswithnoseparatelegaltender(39)3.Otherconventionalfixedpegarrangeme
4、nts(44)4.Independentfloating(47)Inthefirst,themonetaryauthorityinfluencesexchangeratesthroughforeignexchangemarketinterventionwithoutspecifyingorprecommittingtoanypreannouncedexchangeratepath(e.g.,Algeria,Singapore,Jamaica,Kenya,andNorway).Inthesecond,thecurrencyofanothercountrycirculatesast
5、hesolelegaltender(e.g.,dollarizationasinPanamasince1907,ormorerecentlyinEcuadorsincethebeginningof2000)orthememberbelongstoamonetaryorcurrencyunionwherethesamelegaltenderissharedbyallmembersoftheunion(e.g.,theEuro).Inthethirdregime,thecountrypegsitscurrency(formallyordefacto)atafixedratetoam
6、ajorcurrency(e.g.,Nepal,SaudiArabia,andTurkmenistan)orabasketofcurrencies(acomposite)asinKuwait,Morocco,andVanuatu,wheretheexchangeratefluctuateswithinanarrowmargin,oratmost+or–1%aroundacentralrate.Finally,underindependentfloatingtheexchangerateismarketdetermined,withforeignexchangemarketint
7、erventionaimedatstabilizingtheexchangerateratherthanestablishingalevel(e.g.,India,Japan,NewZealand,Switzerland,andtheUSA).TheremainingminorfourcategoriesoftheeightcategoriesclassifiedbytheIMFarecrawlingpegs(4),exchangerateswithincrawlingpegs(5),peg
