2. This would make a countries export more competitive which might lead to a disagreement between countries as they might see it as an unfair trade advantage.Flexible Advantages As the exchange rate . (10 Marks) 3.a. This brings both advantages and. The role of the authorities is only to be ready to intervene and prevent undue and violent fluctuations in it. Saudi Arabia did that because its primary export, oil, is priced in U.S. dollars. Then, it also requires the central bank to have an active trading desk 24 by7! On the basis of information given below, calculate National Income (5 Marks) 3.b. Under the latter system, the exchange rate is pegged at a certain level and does not move. When there exchange rates are highly volatile, the risk faced by financial market participants face is greatly increased. Fixed exchange rate and flexible exchange rate are two exchange rate systems, differ in the sense that when the exchange rate of the country is attached to the another currency or gold prices, is called fixed exchange rate, whereas if it depends on the supply and demand of money in the market is called flexible exchange rate. 2. The basic disadvantage is that you do not control the value of your currency. 10,000. Explain how the flexible exchange rate may be used to correct disequilibrium within an economy. Advocates of flexible exchange rates disagree. It goes up or down according to the laws of supply and demand. From the five basic positions — from which all ballet moves emanate — to the (mostly French) language of ballet, there's lots to master. On the other hand, when a currency is in short supply or in high demand, the . Exports weaken and imports strengthen. Independent Monetary Policy: Under flexible exchange rate system, a country is free to adopt an independent policy to conduct properly the domestic economic affairs. Instruments of Quantitative Credit Control (5 Marks) Nmims June 2022 Customized Assignments - Is the fixed or flexible exchange rate more advantageous for an economy Discuss the advantages and disadvantages of fixed exchange rate. The exchange rate system (also known as the exchange rate regime) is the way in which an exchange rate, i.e. Accordingly, what are the advantages of a floating exchange rate? Instability - floating exchange rates can be prone to large fluctuations in value and this can cause uncertainty for firms. A floating exchange rate is based on market forces. . For example, in the below-mentioned diagram, when there is an increase in the pound's demand, the pound to dollar increases from 1 Pound = Dollar 1.45 to 1 . Fixed exchange rates stimulate international trade and offer much greater stability for the enterprisers. Disadvantage of Flexible Exchange Rates. A floating exchange rate is the relative value of one currency concerning another country's currency, driven by the speculation and supply and demand forces prevailing in the market. Flexible exchange rate regimes were rare before the late twentieth century. If you believe a central bank should inflate your currency to stimulate your economy, or to discourage imports, you lose that ability. Merchants have a clear idea of the price they will pay for foreign currency, ahead of time, which makes planning for foreign purchases easier. Exchange rate is also undertaking long term changes as per relative countries. The renminbi has become more flexible over time but is still carefully managed, and depth and liquidity in the onshore FX market is relatively low compared to other countries with floating exchange rates. Floating exchange rates have the following advantages: Automatic Stabilisation: Any disequilibrium in the balance of payments would be automatically corrected by a change in the exchange rate. The foreign exchange market is busy at all times by changes in the exchange rate. This provides a case for a fixed exchange rate for the UAE since its economy and exports are highly . The floating exchange rate system is an exchange rate system in which the government let the domestic currency to fluctuate in response to demand and supply in the foreign exchange market. Discuss the advantages and disadvantages of fixed exchange rate? A floating exchange rate is highly volatile. After a few experiences with flexible exchange rates during the 1920s . 13) Explain how trade may reduce pressure for immigration. Fixed exchange rate system attracts foreign capital because a stable currency does not involve any uncertainties about exchange rate that may cause capital loss. It helps smaller and less developed countries to attract foreign investment. Devaluation Devaluation is a downward adjustment to the country's value of money relative to a foreign currency or . Promotes International Trade: Fixed or stable exchange rates ensure certainty about the foreign payments and inspire confidence among the importers and exporters. However, by devaluing, government . The disadvantage is that this creates uncertainty for importers and exporters when it comes to planning for future trades. Promotes International Trade: Fixed or stable exchange rates ensure certainty about the foreign payments and inspire confidence among the importers and exporters. 2. Low Elasticities: The elasticities in the international markets are too low for exchange rate, variations to operate successfully in bringing about automatic equilibrating adjustments. Absence of speculation - with a fixed exchange rate, there will be no speculation if people believe that the rate will stay fixed with no revaluation or devaluation. Fixed exchange rated can usefully commit the central bank to low and stable inflation. If BOP deficit arises, there would be an excess supply of home currency leading to a fall in exchange rate simply by the market . Advantages and Disadvantages of Flexible Exchange Rate Systems. In a flexible exchange rate system currency values change on a daily basis. It helps smaller and less developed countries to attract foreign investment. These twin pressures worsen the balance of payment positions as the economy becomes less competitive . Fixed rate is the system where the government decides the exchange rate. The currency of a country won't be affected should there be any economic movement in other nations. A country's macroeconomic fundamentals affect the floating exchange rate in global markets, influencing the flow of portfolios between countries. is a flexible exchange rate system solely determined by market forces of demand and supply . They point out that destabilizing speculation is less likely to occur when exchange rates adjust continuously than when they are prevented Automatic Stabilisation: Any disequilibrium in the balance of payments would be automatically corrected by a change in the exchange rate. (b) It promotes capital movements. NMIMS June 2022 MBA Solutions - Is the fixed or flexible exchange rate more advantageous for an economy . (Chicago: 1953); and Harry Johnson, "The Case for Flexible Exchange Rates, 1969" in Further Essays in Monetary Economics . The high level of demand of currency leads to force up its value means exchange rate. The following are the advantages claimed by the fluctuation of exchange rates system: 1. Instruments of Quantitative Credit Control (5 Marks) Nmims June 2022 Customized Assignments - Is the fixed or flexible exchange rate more advantageous for an economy Discuss the advantages and disadvantages of fixed exchange rate. 2. . Less flexibility. Advantages and disadvantages of fixed and flexible exchange rates Making decisions about exchange rate regime options involves many arguments and counterarguments for application of fixed or flexible exchange rate ar-rangements (Poirson, 2001; Frenkel, 2003; Bergsten, 1999, Haggart, 1999; Sachs and Larrain, 1999; Kenen, 2000; Domac at al., 2001). Fixed exchange rate and flexible exchange rate are two exchange rate systems, differ in the sense that when the exchange rate of the country is attached to the another currency or gold prices, is called fixed exchange rate, whereas if it depends on the supply and demand of money in the market is called flexible exchange rate. It automatically deals with the balance of payments problem. . • Changes in expected future trade balances can also have a large effect on current exchange Advantages of Fixed Exchange Rate Mechanism: 1. FREELY FLOATING EXCHANGE RATE. Flexible exchange rates allow for an independent monetary policy, which can sometimes be managed wisely to avoid depressed output and high unemployment. Wages. Flexible exchange rate is the system which is dependent on the demand and supply of the currency in the market. The monetary policy of a country is not limited or affected by the economic conditions of other countries. . It also helps the smaller countries to avoid devaluation. Floating (flexible) exchange rate. The disadvantages of a fixed exchange rate increases as an economy's integration to the world financial markets increases (Ishfaq 1-21). diversified economies do not need a flexible exchange rate to cushion themselves from shocks. The Gold Standard is a monetary system, mostly used during the period approximately from 1875 to 1914, in which the standard economic unit of account is based on a fixed quantity of gold. Advantages of Flexible Rate: 1. 3. If a currency is widely available on the market - or there isn't much demand for it - its value will decrease. 1. Rs. Flexible exchange rate encourages wide speculation since foreign exchange prices are not known in advance as in fixed exchange rate. Now the bad news: 1). If a currency is widely available on the market - or there isn't much demand for it - its value will decrease. Question: What are the advantages and disadvantages of a flexible exchange rate regime relative to a fixed regime? When supply and demand moves freely, the domestic economy is protected from fluctuations in the world economy. 1000. Pure floating exchange rates contrast with fixed exchange rates. It offers protection from external economic events. Fixed rate is determined by the central government. If you are in doubt as to the suitability of any foreign exchange 14) For each of the following cases indicate the expected change in the equilibrium exchange rate (€/$). Prior to World War II, governments used to purchase and sell foreign and domestic currency in order to maintain a desirable exchange rate, especially in accordance with each country's trade policy. . In a flexible exchange rate system, the value of the currency is allowed to fluctuate freely as per the changes in the demand and supply of the foreign exchange. 1. The following information is available for an economy. Since the exchange rates stay on the equivalent level, the importers and exporters can plan their policy without begin afraid of depreciation or appreciation of the currency. To maintain at the target level, the government actively intervenes in the market. This helps to promote international trade. Flexible exchange rate system is the exchange system where the exchange rate is dependent upon the supply and demand of money in the market. In recent . Managed floating exchange rates allow monetary policy independence. The exchange rate that variates with the variation in market forces is called flexible exchange rate. Instruments of Quantitative Credit Control (5 Marks) NMIMS June 2022 MBA Solutions - Is the fixed or flexible exchange rate more advantageous for an economy Discuss the advantages and disadvantages of fixed exchange rate. Export Price to two alternatives: pegging the exchange rate and pegging the CPI. Advantages of Fixed Exchange Rates. Firms will increase their use of foreign exchange derivatives to hedge against the negative effects of currency risk directly related to their operations (Menon, S., & Viswanathan A fixed exchange rate helps to ensure the smooth flow of money from one country to another. Advantages of fixed exchange rates Certainty - with a fixed exchange rate, firms will always know the exchange rate and this makes trade and investment less risky. The following are the main drawbacks of the system of flexible exchange rates : 1. Advantages and disadvantages. It uses scarce resources to predict exchange rates. Wages. A flexible exchange rate is a rate which, like the price of a commodity, is determined by forces of demand and supply in the foreign exchange market. Definition. Plus, short-run volatility in this kind of market can't be explained by macroeconomic fundamentals. NMIMS June 2022 MBA Solutions - Is the fixed or flexible exchange rate more advantageous for an economy . 3.b. 4. This is a major advantage of this system since holding foreign exchange for trading purposes is an expensive strategy. The main arguments advanced in favor of the system of fixed or stable exchange rates are as follows: 1. It also helps the smaller countries to avoid devaluation. . A freely (clean) floating (or flexible) exchange rate regime, where the monetary authorities refuse any intervention in the exchange rate market, is the simplest type of system. Floating exchange rates also have disadvantages: Higher volatility: Floating exchange rates are highly volatile. » advantages and disadvantages of foreign exchange | Telephone: (305) 251-0777 305) 251-0777 10,000. Investment and trade may be adversely affected. On the other hand, the flexible exchange rate is fixed by demand and supply forces. Advantages and disadvantages of this system are listed below: Merits: Automatic Stabilization: Any . The foreign exchange market is busy at all times by changes in the exchange rate. Firstly, it requires the country to maintain a huge currency reserve. Discuss the advantages and disadvantages of fixed exchange rate? It also makes the country's import competing sector less competitive. It is left to the market forces to do this. A floating exchange rate is based on market forces. In short, a floating exchange rate is never fixed. Click to see full answer. 12) Explain the advantages and disadvantages of fixed and flexible exchange rates. Deciding authority. Flexible rate is determined by demand and supply forces. Flexible exchange rate system is claimed to have the following advantages: 1. Floating (flexible) exchange rate. It is because of speculation there occurs disruptive hot money flows. Flexible exchange rate encourages wide speculation since foreign exchange prices are not known in advance as in fixed exchange rate. 162 views In a system of flexible exchange rates, the liquidity preference is high because the businessmen will like to enjoy wind fall gains from the fluctuating exchange rates. Devaluation Devaluation is a downward adjustment to the country's value of money relative to a foreign currency or . Flexible Exchange Rate Advantages. 3. Automatic Adjustment in BOP: The chief merit of the flexible exchange rate is that the BOP disequilibrium gets corrected automatically with the change in exchange rate. 3. It is because of speculation there occurs disruptive hot money flows. The floating rate system is simply a lot more convenient since it does not . It goes up or down according to the laws of supply and demand. As the rate of GBP is € 4.50 in 1920. Instruments of Quantitative Credit Control (5 Marks) NMIMS June 2022 MBA Solutions - Is the fixed or flexible exchange rate more advantageous for an economy Discuss the advantages and disadvantages of fixed exchange rate. (10 Marks) 3.a. If the speculators can guess that such BOP deficit will persist in the days ahead and the authority may go for a cut in foreign exchange rate then these people will be more enthusiastic to sell domestic currencies in the foreign . Factors affecting floating exchange rate. 9. Clearly outline how the flexible exchange rate is determined. 3.2.2--Advantages and disadvantages of fixed exchange rate system. Also known as a flexible exchange rate. However higher interest rates will cause lower aggregate demand (AD) and lower economic growth, If the economy is growing slowly this may cause a recession and rising unemployment. A flexible exchange rate is a rate which, like the price of a commodity, is determined by forces of demand and supply in the foreign exchange market. Use of scarce resources to predict exchange rates: Higher volatility in exchange rates increases the exchange rate risk . Answer: Flexible exchange rate system is claimed to have the following: Flexible Exchange Rates Create a Situation of Instability and Uncertainty. Answer: In a fixed rate system, nobody needs to worry about currency volatility and, to an extent, price volatility. Market efficiency enhances. As such, it abstracts and simplifies from many economic issues that may bear directly on real policymaking. In fixed exchange rate regime, a reduction in the par value of the . The following entry analyzes each type of exchange rate regime, highlighting advantages and disadvantages. Rent. The main arguments advanced in favor of the system of fixed or stable exchange rates are as follows: 1. In your answer, consider the ramifications for fiscal and monetary policy. Flexible Exchange Rate Regime. If you peg it to the dollar, then the US Federal Reserve System determines whether you have inflation or deflation. Not Permanently Fixed: Thus, floating exchange rates enhance the efficiency of the market. If the value of the exchange rate is high, then the price of finished imported goods will be relatively low. This tends to Increase price and hoarding activities in country. The advantages of a fixed exchange rate system are lower uncertainty, the belief that speculation is more likely to be stabilizing, and being less inflationary. 1. Explain which regime you would recommend for a small, developing nation with several underdeveloped industries? It is not determined by the market forces. This helps to promote international trade. Disadvantages of floating exchange rates Instability . On the basis of information given below, calculate National Income (5 Marks) 3.b. 2. Rent. Flexible exchange rates are helpful to do away with barrier to trade and capital movements. (a) Fixed exchange rate prevents the member countries from the economic fluctuation which can weaken the economic policies. What are the advantages and disadvantages of . Under a fixed rate system, if a country faces huge BOP deficit then the possibility of speculation gets brightened. On the basis of information given below, calculate National Income (5 Marks) Items. On the basis of information given below, calculate National Income (5 Marks) Items. Ballet is a beautiful and demanding art form, with positions and moves to memorize and, often, strained muscles to heal. The fixed exchange rate is determined by government or the central bank of the country. the exchange ratio between two currencies, is formed.Two basic forms can be distinguished: If an exchange rate is formed freely by the supply and demand behavior on the foreign exchange market, there is a flexible exchange rate.. A system of fixed exchange rates, on the other hand, is . In a fixed exchange rate system, high inflation in a country makes overseas buyers pay a higher price for that country's exports. Additionally, macroeconomic fundamentals cant explain especially short-run volatility in floating exchange rates. For example, if a country suffers from a deficit in the balance of payments then, other things being equal, the country's currency should depreciate. It allows you to determine how much of one currency you can trade for another. Note, however, that buyers and sellers of currencies can "hedge" against . In a fixed exchange rate, it is difficult to respond to temporary shocks. . 1000. When the supply and demand of currency is equal, it is called as equilibrium exchange rate. In a pure floating system, no intervention is from the governments. 1) Discuss the advantages and disadvantages of the gold standard. I. Pros and Cons of Different Monetary Regimes Much has been written on the arguments for fixed versus flexible exchange rates.2 The Nominal Anchor Argument for Fixing the Value of Currency There are a variety of advantages to fixed exchange rates. Flexible exchange rates eliminate the need for central banks to hold international reserves. The following information is available for an economy. The main advantages of the gold standard are: Under the gold standard, the exchange rate between any two currencies is determined by their . 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