The Economics of Money, Banking, and Financial Markets 10th Edition by Frederic Mishkin

Exercise 4

The Federal Reserve publishes information online that explains the workings of the foreign exchange market. One such publication can be found at www.ny.frb.org/ education/addpub/usfxm. Review the table of contents and open Chapter 10, the evolution of the international monetary system. Read this chapter and write a one page summary that discusses why each monetary standard was dropped in favor of the succeeding one.