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Additional info for Money in International Exchange: The Convertible Currency System
S. dollars in order to dampen (quite successfully) short-run movements in the exchange rate. S. 3 Moreover, governments may intervene indirectly by manipulating domestic rates of interest and providing special forward contracts to induce their own commercial banks to buy or sell foreign currencies. The pros and cons of those interventions are considered later on; here it suffices to note that a consistent parity system serves to formalize certain rules of the intervention game—a version of which is still implicitly required in the no-par system observed so far.
Cit. p. 329. 4. S. S. dollars remaining unchanged. Then the maximum range of variation between guilders and Canadian dollars would widen to six percent. Recourse to more intervention currencies would permit an even wider spectrum of possible variations in cross rates. 34 MONEY IN INTERNATIONAL EXCHANGE The Choice of the Nth Currency We now address a more controversial question: Is the asymmetrical selection of an Nth currency an arbitrary choice for accounting convenience— finding a numeraire for our system of N(N— 1)V2 exchange rates—or must it necessarily devolve on a particular convertible currency with peculiar international characteristics?
2676 (3. 003322 0. 003378 0. 003491 NOTE: Figures in parentheses are percent per annum discount or premium over spot offer rate. "C indicates central rate under the short-lived Smithsonian System. S. 5845 2. 55D) 2. 5445 Canadian dollar 1. 3912 0. 3690 0. 001675 (2. 3292 0. 3358 (4. 003937 2. 84D) 1. 22P) 0. 84P) 0. 65P) 0. 38P) 0. 23P) 0. 07P) 0. 83P) 0. 71P) NOTE: Figures in parentheses are percent per annum discount or premium over spot offer rate. S. 57D) 2. 0116 1. 0113 1. 023380 0. 1946 0.