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Although often seen as a currency for the

As mentioned in the previous section, Travelers Checks have been effectively superseded by bank-issued ATM cards, including a new style of “electronic debit card”. These are like debit cards issued by your bank and linked to your checking account, but a key distinction is that they are not tied to any bank account.Money Transfer agencies can found with a .

Receive emails when we post new items of interest to you. or your profileThere are two ways to organize financial markets—exchange and over the counter (OTC)—although some recent electronic facilities blur the traditional distinctions.

A second problem with the gold standard was that while it did maintain stability over the long run, there were still short-term price shocks that needed to be absorbed by economies. The California gold discovery of 1848 is a prime price shock example. The gold find increased the , which raised expenditures and , creating a short-run of instability. While this could be counteracted with the proper protocol, it should be noted that economic disruptions did occur during gold standard times, and no to sustain

Despite these measures, the federal budget deficit is still projected to reach 3.7 percent of GDP in 2015. Financing the deficit should not cause problems for the government this year, even with limited access to global capital markets, as accumulated fiscal reserves account for about 10 percent of GDP. However, a much more serious challenge awaits the government in planning the budget for 2016-2017. A drop in the ruble at the end of last year was influenced by several factors combined:

While the currency has made remarkable progress in a relatively short period, it is far from assured that it will continue along the same impressive trajectory it has followed for the past few years. And its full potential may remain unrealized unless the Chinese government undertakes a broad range of economic and financial system reforms.Thus, strengthening its financial markets is important both for China’s own economic development and for promoting the international of its currency.

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