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According to monetary approach under flexible exchange rates, a surplus in the nation’s balance of payments results from an excess in the stock of money demanded that is not satisfied by an increase in the domestic component of the nation’s monetary base, while a deficit in the nation’s balance of payments results from an excess in the stock of the money supply of the nation that is not eliminated by the nation’s monetary authorities but is corrected by an outflow of reserves. ()

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Whereas under flexible exchange rates, the nation has no control over its money supply in the long run, under fixed exchange rate system, the nation retains dominant control over its money supply and domestic monetary policy. ()

Arbitrage refers to the purchase of a currency in the monetary center where it is cheaper, for immediate resale in the monetary center where it is more expensive, in order to make a profit. ()

A forward transaction involves an agreement today to buy or sell a specified amount of a foreign currency at the forward rate. ()

If the forward rate is above the present spot rate, the foreign currency is said to be at a forward discount with respect to the domestic currency. ()