The Foreign Exchange Market

  • Giancarlo Gandolfo


As soon as one comes to grips with the actual problems of international monetary economics it becomes indispensable to account for the fact that virtually every country (or group of countries forming a monetary union) has its own monetary unit (currency) and that most international trade is not barter trade but is carried out by exchanging goods for one or another currency. Besides, there are international economic transactions of a purely financial character, which, therefore, involve different currencies.


Exchange Rate Foreign Exchange Real Exchange Rate Foreign Currency Foreign Exchange Market 
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Selected Further Reading

  1. Davis, E.P., 1992, Euromarkets, in The New Palgrave Dictionary of Money and Finance, Macmillan: London.Google Scholar
  2. Steinherr, A., 1998, Derivatives: The Wild Beast of Finance, New York: Wiley.Google Scholar

Copyright information

© Springer-Verlag Berlin Heidelberg 2004

Authors and Affiliations

  • Giancarlo Gandolfo
    • 1
  1. 1.Faculty of EconomicsUniversity of Rome La SapienzaRomaItaly

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