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Unformatted text preview: Name: _________________________________________________ 1 Brigham Young University Department of Economics Economics 459 - International Monetary Theory Dr. Phillips (section 1) Fall Semester 2009 Tuesday, December 15, 2009 Final Exam key There are 6 questions. Each is worth 10 points Answer each one in the space provided. Write legibly and neatly. Organize your thoughts carefully before writing. 1. Briefly explain the differences between the classic gold standard and the Bretton Woods system. When were each of these systems in place? 2 pts – The classic gold standard was 1871-1913. Bretton Woods ran 1945-1971 or 1973. 8 pts – Under the classic gold standard central banks pegged the value of their currencies to gold and this gave fixed exchange rates as long as the par values remained unchanged. Under Bretton Woods, the US pegged the dollar to gold and all other participating countries pegged their currencies to the dollar....
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This note was uploaded on 02/29/2012 for the course ECON 459 taught by Professor Phillips,k during the Winter '08 term at BYU.
- Winter '08