växelkurssystem

A växelkurssystem, or exchange rate system, refers to the way a country manages its currency in relation to other currencies. These systems determine how the value of a nation's currency is set and how it fluctuates in the foreign exchange market.

There are generally two main types of exchange rate systems: fixed and floating. In a fixed exchange rate system, a country pegs its currency to another currency, a basket of currencies, or a specific commodity like gold. The central bank intervenes in the foreign exchange market to maintain this predetermined value. This can provide stability and predictability but requires significant foreign exchange reserves and can limit a country's ability to conduct independent monetary policy.

A floating exchange rate system, also known as a flexible exchange rate system, allows a currency's value to be determined by market forces of supply and demand. The exchange rate fluctuates freely without direct intervention from the central bank, although central banks may sometimes intervene to smooth out excessive volatility. This system allows for greater monetary policy independence but can lead to greater exchange rate uncertainty and potential inflation or deflation.

Intermediate systems, such as managed floats or crawling pegs, also exist, combining elements of both fixed and floating systems. These aim to balance the benefits of stability with the flexibility of market determination. The choice of an exchange rate system is a significant economic policy decision with implications for trade, investment, and economic stability.