J. Harvey
Abstract
Because each country has its own currency: ( a ) sufficient foreign currency has to be obtained to pay for imports; ( b ) a rate has to be established at which one currency will exchange for another.
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Because each country has its own currency: ( a ) sufficient foreign currency has to be obtained to pay for imports; ( b ) a rate has to be established at which one currency will exchange for another.
Key concepts: Balance of payments, Currency, Exchange rate, Monetary economics, Economics, Balance (ability), International economics, Payment