A Retrospective On The Bretton Woods System

Author : Michael D. Bordo,Barry Eichengreen
Publisher : University of Chicago Press
Page : 692 pages
File Size : 41,6 Mb
Release : 2007-12-01
Category : Business & Economics
ISBN : 9780226066905

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A Retrospective on the Bretton Woods System by Michael D. Bordo,Barry Eichengreen Pdf

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.

Author : Michael D. Bordo,Anna J. Schwartz
Publisher : University of Chicago Press
Page : 694 pages
File Size : 53,7 Mb
Release : 2009-02-15
Category : Business & Economics
ISBN : 9780226066929

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A Retrospective on the Classical Gold Standard, 1821-1931 by Michael D. Bordo,Anna J. Schwartz Pdf

This is a timely review of the gold standard covering the 110 years of its operation until 1931, when Britain abandoned it in the midst of the Depression. Current dissatisfaction with floating rates of exchange has spurred interest in a return to a commodity standard. The studies in this volume were designed to gain a better understanding of the historical gold standard, but they also throw light on the question of whether restoring it today could help cure inflation, high interest rates, and low productivity growth. The volume includes a review of the literature on the classical gold standard; studies the experience with gold in England, Germany, Italy, Sweden, and Canada; and perspectives on international linkages and the stability of price-level trends under the gold standard. The articles and commentaries reflect strong, conflicting views among hte participants on issues of central bank behavior, purchasing-power an interest-rate parity, independent monetary policies, economic growth, the "Atlantic economy," and trends in commodity prices and long-term interest rates. This is a thoughtful and provocative book.

Author : Ms.Dominique Simard,Michael D. Bordo,Mr.Eugene Nelson White
Publisher : International Monetary Fund
Page : 58 pages
File Size : 45,6 Mb
Release : 1994-10-01
Category : Business & Economics
ISBN : 9781451935363

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France and the Breakdown of the Bretton Woods International Monetary System by Ms.Dominique Simard,Michael D. Bordo,Mr.Eugene Nelson White Pdf

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.

Author : Robert Triffin
Publisher : Unknown
Page : 104 pages
File Size : 45,5 Mb
Release : 1964
Category : Business & Economics
ISBN : UOM:49015001169599

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The Evolution of the International Monetary System by Robert Triffin Pdf

Author : Michael D. Bordo,Mark A. Wynne
Publisher : Cambridge University Press
Page : 345 pages
File Size : 44,6 Mb
Release : 2016-04
Category : Business & Economics
ISBN : 9781107141445

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The Federal Reserve's Role in the Global Economy by Michael D. Bordo,Mark A. Wynne Pdf

Leading academics and senior policy makers provide an international perspective on the changing role of the US Federal Reserve System.

Author : Mr.Kenneth Rogoff,Mr.Ashoka Mody,Nienke Oomes,Mr.Robin Brooks,Mr.Aasim M. Husain
Publisher : International Monetary Fund
Page : 85 pages
File Size : 42,5 Mb
Release : 2003-12-01
Category : Business & Economics
ISBN : 9781451875843

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Evolution and Performance of Exchange Rate Regimes by Mr.Kenneth Rogoff,Mr.Ashoka Mody,Nienke Oomes,Mr.Robin Brooks,Mr.Aasim M. Husain Pdf

Using recent advances in the classification of exchange rate regimes, this paper finds no support for the popular bipolar view that countries will tend over time to move to the polar extremes of free float or rigid peg. Rather, intermediate regimes have shown remarkable durability. The analysis suggests that as economies mature, the value of exchange rate flexibility rises. For countries at a relatively early stage of financial development and integration, fixed or relatively rigid regimes appear to offer some anti-inflation credibility gain without compromising growth objectives. As countries develop economically and institutionally, there appear to be considerable benefits to more flexible regimes. For developed countries that are not in a currency union, relatively flexible exchange rate regimes appear to offer higher growth without any cost in credibility.

Author : Michael D. Bordo,William Roberds
Publisher : Cambridge University Press
Page : 453 pages
File Size : 40,9 Mb
Release : 2013-03-25
Category : Business & Economics
ISBN : 9781107328402

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The Origins, History, and Future of the Federal Reserve by Michael D. Bordo,William Roberds Pdf

This book contains essays presented at a conference held in November 2010 to mark the centenary of the famous 1910 Jekyll Island meeting of leading American financiers and the US Treasury. The 1910 meeting resulted in the Aldrich Plan, a precursor to the Federal Reserve Act that was enacted by Congress in 1913. The 2010 conference, sponsored by the Federal Reserve Bank of Atlanta and Rutgers University, featured assessments of the Fed's near 100-year track record by prominent economic historians and macroeconomists. The final chapter of the book records a panel discussion of Fed policy making by the current and former senior Federal Reserve officials.

Author : Giovanni Battista Pittaluga,Elena Seghezza
Publisher : Springer Nature
Page : 274 pages
File Size : 41,5 Mb
Release : 2021-07-15
Category : Business & Economics
ISBN : 9783030784911

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Building Trust in the International Monetary System by Giovanni Battista Pittaluga,Elena Seghezza Pdf

This book presents the evolution of the international monetary system from the gold standard to the monetary system in force today. It adopts a political economy approach, emphasizing the economic and political conditions under which an international monetary system can come into existence and be maintained over time. This approach highlights how the gradual transition in the international context from commodity money to fiat money has been led by the need for greater elasticity of money supply and smooth adjustments. This transition, however, raises the issue of how to guarantee, over time, the value of a money devoid of intrinsic value. By presenting a historical evolution, the book explains how the existence of an international monetary system based on money without intrinsic value can only occur when a particular balance of power exists at the international level that allows for the production of trust in a fiat money. The book is a must-read for scholars, researchers, and students in the fields of economic history and international monetary economics, interested in better understanding the evolution of the international monetary system.

Author : Rawi Abdelal
Publisher : Harvard University Press
Page : 250 pages
File Size : 45,9 Mb
Release : 2009-09-30
Category : Business & Economics
ISBN : 9780674034556

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Capital Rules by Rawi Abdelal Pdf

"The rise of global financial markets in the last decades of the twentieth century was premised on one fundamental idea: that capital ought to flow across country borders with minimal restriction and regulation. Freedom for capital movements became the new orthodoxy. In an intellectual, legal, and political history of financial globalization, Rawi Abdelal shows that this was not always the case. Transactions routinely executed by bankers, managers, and investors during the 1990s—trading foreign stocks and bonds, borrowing in foreign currencies—had been illegal in many countries only decades, and sometimes just a year or two, earlier. How and why did the world shift from an orthodoxy of free capital movements in 1914 to an orthodoxy of capital controls in 1944 and then back again by 1994? How have such standards of appropriate behavior been codified and transmitted internationally? Contrary to conventional accounts, Abdelal argues that neither the U.S. Treasury nor Wall Street bankers have preferred or promoted multilateral, liberal rules for global finance. Instead, European policy makers conceived and promoted the liberal rules that compose the international financial architecture. Whereas U.S. policy makers have tended to embrace unilateral, ad hoc globalization, French and European policy makers have promoted a rule-based, “managed” globalization. This contest over the character of globalization continues today."

Author : Ivo Maes
Publisher : Oxford University Press, USA
Page : 263 pages
File Size : 41,5 Mb
Release : 2021-01-26
Category : Biography & Autobiography
ISBN : 9780190081096

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Robert Triffin by Ivo Maes Pdf

"This book provides an intellectual biography of Robert Triffin. Triffin (1911-1993) played a key role in the international monetary debates in the postwar period. He became famous with trenchant analyses of the vulnerabilities of the international monetary system (the Triffin dilemma), predicting the end of the Bretton Woods system. Triffin was a child of the interwar period, marked by the Great Depression and the rise of fascism. He became not only an eminent academic but also an influential policy advisor. In the mid-1940s he worked at the Federal Reserve, participating in several monetary reform missions in Latin America. Thereafter, Triffin played an important role in the creation of the European Payments Union. In his later academic life, Triffin put forward proposals for reforming the international monetary system. But because he doubted that they would come to fruition, he also developed plans for regional monetary integration, particularly in Europe, where he became the monetary advisor of Jean Monnet. With proposals for a European Reserve Fund and a European currency unit, he became one of the intellectual fathers of Europe's monetary union. Throughout his life Triffin remained faithful to the ideals of his youth. The young Triffin was indignant about the Versailles Treaty, while the old Triffin fulminated against the Vietnam war. For him, economics was a way to contribute to a better world. He was strongly attached to his independence and the pursuit of a better and more peaceful world. He was a monk in economists' clothing"--

Author : Anthony Elson
Publisher : Springer
Page : 278 pages
File Size : 51,9 Mb
Release : 2011-03-28
Category : Business & Economics
ISBN : 9780230118010

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Governing Global Finance by Anthony Elson Pdf

This book deals with the recent problems arising from the growth of financial globalization (i.e. the growing integration of capital markets across national borders), as reflected in the current global financial crisis, and the need to improve what has come to be known as the international financial architecture.

Author : Tamim Bayoumi
Publisher : Unknown
Page : 58 pages
File Size : 41,9 Mb
Release : 1994
Category : Foreign exchange rates
ISBN : UCSD:31822016815946

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Robustness of Equilibrium Exchange Rate Calculations to Alternative Assumptions and Methodologies by Tamim Bayoumi Pdf

Author : Eric Monnet,Mr.Damien Puy
Publisher : International Monetary Fund
Page : 32 pages
File Size : 43,5 Mb
Release : 2019-07-24
Category : Business & Economics
ISBN : 9781498326773

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Do Old Habits Die Hard? Central Banks and the Bretton Woods Gold Puzzle by Eric Monnet,Mr.Damien Puy Pdf

Why did monetary authorities hold large gold reserves under Bretton Woods (1944–1971) when only the US had to? We argue that gold holdings were driven by institutional memory and persistent habits of central bankers. Countries continued to back currency in circulation with gold reserves, following rules of the pre-WWII gold standard. The longer an institution spent in the gold standard (and the older the policymakers), the stronger the correlation between gold reserves and currency. Since dollars and gold were not perfect substitutes, the Bretton Woods system never worked as expected. Even after radical institutional change, history still shapes the decisions of policymakers.

Author : Robert Wade
Publisher : Princeton University Press
Page : 495 pages
File Size : 43,7 Mb
Release : 2018-06-05
Category : Business & Economics
ISBN : 9780691187181

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Governing the Market by Robert Wade Pdf

Published originally in 1990 to critical acclaim, Robert Wade's Governing the Market quickly established itself as a standard in contemporary political economy. In it, Wade challenged claims both of those who saw the East Asian story as a vindication of free market principles and of those who attributed the success of Taiwan and other countries to government intervention. Instead, Wade turned attention to the way allocation decisions were divided between markets and public administration and the synergy between them. Now, in a new introduction to this paperback edition, Wade reviews the debate about industrial policy in East and Southeast Asia and chronicles the changing fortunes of these economies over the 1990s. He extends the original argument to explain the boom of the first half of the decade and the crash of the second, stressing the links between corporations, banks, governments, international capital markets, and the International Monetary Fund. From this, Wade goes on to outline a new agenda for national and international development policy.

Author : Alan S. Milward
Publisher : Taylor & Francis
Page : 568 pages
File Size : 53,6 Mb
Release : 2005-11-03
Category : Business & Economics
ISBN : 0415379229

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The Reconstruction of Western Europe 1945-51 by Alan S. Milward Pdf

First Published in 2005. Routledge is an imprint of Taylor & Francis, an informa company.