A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform
Michael D. Bordo, Barry Eichengreen
University of Chicago Press, Dec 1, 2007 - Business & Economics - 690 pages
At the close of the Second World War, when industrialized nations faced serious trade and financial imbalances, delegates from forty-four countries met in Bretton Woods, New Hampshire, in order to reconstruct the international monetary system. In this volume, three generations of scholars and policy makers, some of whom participated in the 1944 conference, consider how the Bretton Woods System contributed to unprecedented economic stability and rapid growth for 25 years and discuss the problems that plagued the system and led to its eventual collapse in 1971.
The contributors explore adjustment, liquidity, and transmission under the System; the way it affected developing countries; and the role of the International Monetary Fund in maintaining a stable rate. The authors examine the reasons for the System's success and eventual collapse, compare it to subsequent monetary regimes, such as the European Monetary System, and address the possibility of a new fixed exchange rate for today's world.
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adjustment Agreement American assets balance of payments Bordo Bretton Woods period Bretton Woods system British capital controls capital mobility central banks collapse convertibility cooperation credibility crisis currency current account demand deutsche mark devaluation discussion dollar standard effect Eichengreen equilibrium estimates Eurodollar European evidence exchange-rate financial markets fiscal fixed exchange rate flexible floating foreign exchange France Germany gold reserves gold standard gold stock increase inflation rate interest differentials interest rates International Financial Statistics international liquidity International Monetary Fund international monetary system international reserves international transmission interwar Keynes liquid dollar claims macroeconomic ment monetary authorities monetary gold monetary policy money growth money stock money supply official output par value parity percent political postwar price level price of gold problem real exchange rate relative role rules SDRs shocks stability sterling tion trade U.S. dollar U.S. monetary United Kingdom variables
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