Converting figures at market exchange rates is misleading because currencies can lurch around wildly.
Purchasing power in the international market, whether it is for flour or oil, occurs through market exchange rates.
And America will only really be eclipsed when China's GDP outstrips it in plain dollar terms, converted at market exchange rates.
In 2009, 40% of global investment (at market exchange rates) took place in Asia, as much as in America and Europe combined.
Asia accounts for about a quarter of global GDP at market exchange rates, and is expected to grow to nearly 30 percent by 2015.
GDP, converted at market exchange rates, was still smaller than France's.
In comparing America's economy with China's, for instance, whether you convert yuan into dollars at market exchange rates or after adjusting for purchasing power matters a lot.
Brazil is the largest national economy in Latin America, the world's tenth largest economy at market exchange rates and is big in agriculture, mining, manufacturing and service sectors.
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Measured in current dollars at market exchange rates, it has boosted per capita income by 67 percent in the latest ten years, versus a rise of just 34 percent for the United States.
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If we are interested in distribution from the point of view of issues such as migration, the marginalisation of developing countries and capacity to repay foreign debts, we should compare incomes with market exchange rates.
China currently has only 3% of the total vote, not much more than Belgium (with 2.2%), even though China's economy is seven times larger at market exchange rates and a lot bigger still at purchasing-power parity.
Unfortunately, once you sort through how much more China can actually spend in the near term, and take into account that--at market exchange rates--China's economy is only around 6% of world gross domestic product, the effect on global growth will be small.
China's economy is still less than a third the size of America's at market exchange-rates.
"I think what they will talk about is not the exchange rate per se, but the importance in allowing market determination of exchange rates, " says Baily, who added that it is his opinion that the dollar probably needs to decline by another 15% to 20% in order to make a serious dent in the deficit.
Publicly listed fortunes were calculated using Nov. 3 market prices and exchange rates.
It is thought that it will reaffirm its commitment to market-determined exchange rates.
For people with fortunes in publicly tradeD companies, net worths were calculated using Nov. 6 market prices and exchange rates.
The weak stock market and uncertain exchange rates are driving at least part of the pursuit from Europe and America.
"The G20 needs to deliver on the commitment to move to market-determined exchange rates and refrain from competitive devaluation, " said Ms Brainard.
Net worths were calculated using Nov. 2 market prices and exchange rates.
Swap-market participants exchange fixed rates for floating ones.
By holding trillions of dollars of low-yielding foreign debt, China deprives its citizens of the wealth that could be created by relaxing capital controls and encouraging imports by allowing market-determined exchange rates and freely determined interest rates.
The government has long allowed market forces to determine exchange rates, intervening only to smooth wild fluctuations.
The controls created a two-tier market, with different exchange rates quoted on-and off-shore.
This is because the biggest impediment to a global capital market is not volatile exchange rates, nor timid investors, nor even the present Asian crisis.
And key, of course, to achieving this, among other things, is for China and other surplus emerging market economies to take fiscal and other measures to support domestic consumption as well as allowing exchange rates to reflect market forces.
S. housing market, taking advantage of favorable exchange rates, weaker prices and, in some cases, record-low mortgage rates.
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It has led to an increase in currency sales on the black market - but Paypal's exchange rates are better.
Now given we live in a globalised financial market, with free-floating exchange rates and no capital controls, how would you "do" financial repression?
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