The gold standard effectively created a floating exchange-rate system.

Name: The gold standard effectively created a floating exchange-rate system.
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The gold standard was a fixed exchange-rate system where the value of a country's currency was tied to a fixed amount of gold. This meant that the exchange rate between countries was fixed and not allowed to fluctuate freely. It was only after the breakdown of the gold standard that a floating exchange-rate system emerged.

The Gold Standard Effectively Created a Floating Exchange-Rate System