ABSTRACT
This chapter focuses on the international monetary system since the Bretton Woods system collapsed in 1973. Since countries have maintained different systems since 1973, the world cannot be classified as being either on fixed or floating exchange rates. Some nations have freely floating currencies while others peg their money to a specific foreign currency such as the French franc or U.S. dollar. Table 21–1 (in the text) describes the various exchange rate structures that currently existed as of early 1994.
