BOP Summary: US Transactions & Euro Exchange

Balance of Payments ,[object Object],[object Object]

Balance of Payments ,[object Object]

Merchandise Trade Balance ,[object Object],[object Object],[object Object],[object Object]

Exhibit 1: Relative to GDP, U.S. Imports Have Topped Exports Since 1976, and the Trade Deficit Has Widened

Exhibit 2: U.S. Trade Deficits in 2003 by Country or Region

Balance on Goods and Services ,[object Object],[object Object]

Unilateral Transfers ,[object Object],[object Object]

Balance on Current Account ,[object Object],[object Object],[object Object]

Capital Account ,[object Object],[object Object],[object Object],[object Object]

U.S. Balance of Payments 2003 (billions of dollars)

U.S. Balance of Payments 2003 (billions of dollars) ,[object Object],[object Object]

U.S. Balance of Payments ,[object Object],[object Object],[object Object],[object Object]

Foreign Exchange and Exchange Rates ,[object Object],[object Object]

The Euro and Exchange Rates ,[object Object],[object Object]

Foreign Exchange ,[object Object],[object Object]

Demand for Foreign Exchange ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Demand for Foreign Exchange ,[object Object],[object Object]

Supply of Foreign Exchange ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Exhibit 4: The Foreign Exchange Market 1.10 0 D S Foreign exchange (millions of euros) 800 820 Exchange rate (dollars per euro) ,[object Object],[object Object],1.20 1.00

Exhibit 5: Effect on the Foreign Exchange Market of an Increased Demand for Euros 1.10 0 D S Foreign exchange (millions of euros) 800 $1.12 820 ,[object Object],[object Object],[object Object],Exchange rate (dollars per euro) D'

Arbitrageurs ,[object Object],[object Object],[object Object],[object Object],[object Object]

Speculators ,[object Object],[object Object],[object Object]

Purchasing Power Parity ,[object Object],[object Object],[object Object]

Purchasing Power Parity ,[object Object],[object Object]

Exhibit 6: In May 2004, the U.S. Price of a Big Mac Exceeded Prices in Most Other Countries

Flexible Exchange Rates ,[object Object]

Fixed Exchange Rates ,[object Object],[object Object]

Fixed Exchange Rates ,[object Object],[object Object],[object Object],[object Object]

Fixed Exchange Rates ,[object Object],[object Object],[object Object],[object Object],[object Object]

Development of the International Monetary System ,[object Object],[object Object]

Bretton Woods Agreement ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Demise of the Bretton Woods System ,[object Object],[object Object],[object Object]

Demise of the Bretton Woods System ,[object Object],[object Object]

Current System: Managed Float ,[object Object],[object Object]

Managed Float ,[object Object],[object Object],[object Object],[object Object],[object Object]

BOP Summary: US Transactions & Euro Exchange

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