floatingrates that allowed for fluctuation within a limited range. The currencies of Western nations are generally allowed to fluctuate freely, although central banks will intervene in the foreign exchange markets in an attempt to control excessive or undesirable appreciation or depreciation.
See S. W. Arndt et al., ed., Exchange Rates, Trade and the U.S. Economy (1985) N. Abuaf and S. Schoess, Foreign-Exchange Exposure Management (1988).
The Columbia Electronic Encyclopedia, 6th ed. Copyright © 2012, Columbia University Press. All rights reserved.
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