International monetary systems

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The gold standard widely adopted in this era rested on the conversion of paper notes into pre-set quantities of gold.

International monetary systems are sets of internationally agreed rules, conventions and supporting institutions, that facilitate international trade, cross border investment and generally the reallocation of capital between nation states. They provide means of payment acceptable between buyers and sellers of different nationality, including deferred payment.


  • The international monetary system is the glue that binds national economies together.

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