Abstract

Present international monetary arrangements permit the fluctuation of exchange rates and movements that are sometimes wide and erratic. Exchange rate behavior is extremely difficult to predict. Problems are created for the parties whose activities are affected. These parties can be official or nonofficial. Both international and national law have had to respond in order to mitigate the difficulties and hardships created by fluctuating exchange rates. Modifications of earlier law and innovations of considerable importance have taken place, and the process continues.