This paper examines the behavior of the exchange rate over the long term from the perspective of the purchasing power parity theory (PPP) model developed empirically by Cassel and of the model proposed by Basso originating from the Marxist benchmark, which emphasizes prices and productivities to...

The study proposes an alternative theory for determining the exchange rate with a basis on the currency value concept formulated by Rudolf Hilferding. The currency value is defined as the ratio between the Gross Domestic Product (GDP) and the number of working hours spent to produce it. The...