DEVIZNI KURS, DEVIZNO TRŽIŠTE I POSTOJEĆI ARANŽMANI DEVIZNIH KURSEVA
EXCHANGE RATE, FOREIGN EXCHANGE MARKET AND ACTUAL EXCHANGE RATE ARRANGEMENTS

Summary/Abstract: With the passage of time, there was a change in the adopted monetary systems, as well as the gradual development of the international foreign exchange market (FOREX). FOREX is the most accessible and liquid global currency market based on current and investment transactions. FOREX began to develop more significantly with the abolition of fixed exchange rates, the emergence of fluctuating exchange rates and the growth of currency convertibility. Hence, FOREX is essential for international transactions of goods, services and financial assets. In addition, today the international foreign exchange market is considered the largest decentralized market in the world with an estimated daily turnover of 6.6 trillion US dollars (USD) in 2022. This paper is dedicated to the study of the spot and forward foreign exchange market, as well as existing exchange rate arrangements based on their de facto classification and their possible impact on economic performance. However, there are also points of view based on which it is claimed that neither the officially proclaimed exchange rate regime, nor the de facto exchange rate policy speak fully about the exchange rate policy of a country. Therefore, when studying the effects of the chosen exchange rate regime on economic performance...

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