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Establishing Marxist Exchange Rate Theory from the Perspective of Value
LI Chong
Teaching and Research
2005, (2):
29-35.
Establishing an exchange rate theory is an unfulfilled will of Marx. This paper explains the virtual value of money on the basis of the value or cost of commodities with the current international monetary system as the point of departure. The author then refers to international trade, international finance and international investment to analyze the virtual value of money, which leads to exchange parity of money as the basis of market exchange rate. Evidence from test of exchange parity of money shows that under circumstances of similar level of economic development, the formation of exchange rate in the market is based on the exchange parity of money.
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