gold-exchange standard

gold-exchange standard
/gohld"iks chaynj'/
a monetary system in one country in which currency is maintained at a par with that of another country that is on the gold standard.

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▪ monetary system
      monetary system under which a nation's currency may be converted into bills of exchange drawn on a country whose currency is convertible into gold at a stable rate of exchange. A nation on the gold-exchange standard is thus able to keep its currency at parity with gold without having to maintain as large a gold reserve as is required under the gold standard.

      The gold-exchange standard came into prominence after World War I because of an inadequate supply of gold for reserve purposes. British sterling and the U.S. dollar have been the most widely recognized reserve currencies. The requirement of a fixed rate of exchange for the reserve currency has the effect of limiting the freedom of the reserve-currency country's monetary policy to solve domestic economic problems. The use of gold reserves is now limited almost exclusively to the settlement of international transactions, on rare occasions.

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Universalium. 2010.

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