Bretton Woods

The monetary regimen of exchange goals can basically then to assume three forms, namely: ) the standard gold-classic, where the currencies presented a fixed value in relation to the gold, and between them a fixed relation interchange. This regimen invigorated between years 1880 and 1914; b) standard gold-dollar or system of Bretton Woods, where the currencies if relate with the dollar, while this age the convertible currency in gold. It invigorated between 1946 and 1971; finally, c) country anchor, where the parity is made in relation to the value of a steady currency, that is, a country with inflation low. Valley to stand out that, in contrast of the two previous standards, the relation enters the currencies is not fixed, and yes flexible, and also it does not have an only standard of conversibilidade, being able, therefore, to adopt a currency more than as anchor, or the substitution of these in opportune times (MODENESI, 2005). EXCHANGE SYSTEMS As we saw previously, the exchange systems vary as its rigidity enter two extremities adopted for the classic theory, fixed exchange the floating exchange. The system of fixed exchange presents a fixed relation enters the tax of exchange effective and determined merchandise or currency. It is established through a governmental decision and the maintenance of the exchange tax is responsibility of the monetary authority.

We will see little ahead that this relation even so fixes, not necessarily hinders periodic readjustments of indeterminate secular degrees (PAULA, 2001). Already the regimen of exchange fluctuation (or perfectly flexible exchange) freely presents a definitive relation for the confrontation enters offers and demand of verge in the exchange market. In the practical one, it would mean an absence of exchange politics, where the proper movement of capitals would instantaneously balance eventual disequilibria of the Rocking of Payments. In the real world these two used exchange systems are little or nothing, but its theoretical conceptions are important for the analysis of the used intermediate exchange systems.