Abstract:

With an analysis and comparison of the value basis of money under different monetary standards, we find that the goods that form the value basis of credit money hold the same or different characters; thus the arrangement of the international exchange rate regime is determined. Under the modern credit monetary standard, the value basis of credit money appears to be flexible and unstable and is easily affected by many factors. So we can take the modem credit money as an information system. Different kinds of credit money are different in their value basis, which is an ultimate determination of the floating international exchange rate regime.

Key words: credit money, monetary standard, value basis, floating exchange rate regime