Chapter 16: Exchange Rates

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5 Terms

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Exchange Rate

The value of a currency expressed in terms of another currecny.

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Floating Exchange Rate System

When exchange rates are determined by the market forces of demand and supply.

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Appreciation

An increase in the value of a currency in a floating exchange rate system.

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Depreciation

A fall in the value of a currency in a floating exchange rate system.

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Fixed Exchange Rate System

Exchange rates are fixed by the central bank of each country at a particular level (or narrow range), and are not permitted to change freely in response to changes in currency supply and demand.