1. Foreign Exchange Rate
... demand for imports and exports caused moderate changes in an exchange rate about an equilibrium value. In 1934, the United States devaluated its currency of gold from $35 an ounce to $20.67 an ounce. During the years of 1924 to the end of World War II, the exchange rates ... were determined by each currency's value in terms of gold. During the war and the aftermath, many main currencies lost their convertibility. The United States dollar remained the only major trading currency that was convertible ... currency. The countries that participated agreed to try to maintain currency values ...
- Word Count: 1177
- Approx Pages: 5