2. There are two major types of exchange rate sys tems: flexible- or floating-exchange-rate systems, in which
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2. There are two major types of exchange rate sys tems: flexible- or floating-exchange-rate systems, in which the value of the nominal exchange rate is determined by market forces; and fixed-exchange-rate systems, in which the value of the exchange rate is officially set by a government or group of governments. In a flexible-exchange-rate system, an exchange rate increase is called an appreciation, and an exchange rate decrease is called a depreciation.
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Related Book For 
Macroeconomics Plus Myeconlab With Pearson Global Edition
ISBN: 377221
9th Canadian Edition
Authors: Andrew B. Abel ,Ben Bernanke ,Dean Croushore
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