A basic change in the international monetary system from the fixed exchange rate requirements of Bretton Woods that existed until the early s to the floating exchange rate system of today. A tidal wave of financial deregulation throughout the world, with massive elimination of government controls and restrictions in nearly all countries, resulting in greater freedom for national and international financial transactions, and in greatly increased competition among financial institutions, both within and across national borders. A fundamental move towards institutionalization and internationalization of savings and investment, with funds managers and institutions having vastly larger sums available, which they are investing and diversifying across borders and currencies in novel ways.
A broadening and deepening trend towards international trade liberalization, within a framework of multilateral trade agreements, such as the Tokyo and the Uruguay Rounds of the General Agreement on Tariffs and Trade, the North American Free Trade Agreement and U. Major advances in technology, making possible instantaneous real-time transmission of vast amounts of market information worldwide, immediate and sophisticated manipulation of that information in order to identify and exploit market opportunities, and rapid and reliable execution of financial transactions.
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Authors Authors and affiliations Christian Ullrich. Google Scholar.
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Permissions Icon Permissions. Abstract Policy-makers often justify their choice of fixed exchange rate regimes as a shelter against nonfundamental influences in the foreign exchange market. You do not currently have access to this article. Download all slides.
Foreign exchange market
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