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Gaining CurrencyThe Rise of the Renminbi$
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Eswar S. Prasad

Print publication date: 2016

Print ISBN-13: 9780190631055

Published to Oxford Scholarship Online: October 2016

DOI: 10.1093/acprof:oso/9780190631055.001.0001

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Currency Concepts

Currency Concepts

(p.23) Chapter 2. Currency Concepts
Gaining Currency

Eswar S. Prasad

Oxford University Press

This chapter provides an analytical foundation for a discussion of currency concepts. It describes terms such as capital account convertibility, exchange rate flexibility, and purchasing power parity. It also explains the differences between an international currency, one that is used widely in international trade and finance transactions, and a reserve currency, one that is used by foreign central banks to store their foreign exchange reserves.

Keywords:   international currency, reserve currency, capital account convertibility, exchange rate regime, foreign exchange market intervention, real and nominal effective exchange rates

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