France And The Breakdown Of The Bretton Woods International Monetary System
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Ms.Dominique Simard,Michael D. Bordo,Mr.Eugene Nelson White
Author : Ms.Dominique Simard,Michael D. Bordo,Mr.Eugene Nelson White Publisher : International Monetary Fund Page : 58 pages File Size : 48,9 Mb Release : 1994-10-01 Category : Business & Economics ISBN : 9781451935363
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.
Michael D. Bordo,Dominique Simard,Eugene Nelson White
Author : Michael D. Bordo,Dominique Simard,Eugene Nelson White Publisher : Unknown Page : 56 pages File Size : 46,7 Mb Release : 1994 Category : France ISBN : UCSD:31822016766784
France and the Bretton Woods International Monetary System, 1960 to 1968 by Michael D. Bordo,Dominique Simard,Eugene Nelson White Pdf
We reinterpret the commonly held view in the U.S. that France, by following a policy from 1965 to 1968 of deliberately converting their dollar holdings into gold helped perpetuate the collapse of the Bretton Woods International Monetary System. We argue that French international monetary policy under Charles de Gaulle was consistent with strategies developed in the interwar period and the French Plan of 1943. France used proposals to return to an orthodox gold standard as well as conversions of its dollar reserves into gold as tactical threats to induce the United States to initiate the reform of the international monetary system towards a more symmetrical and cooperative gold-exchange standard regime.
Author : Michael D. Bordo,Barry Eichengreen Publisher : University of Chicago Press Page : 692 pages File Size : 48,8 Mb Release : 2007-12-01 Category : Business & Economics ISBN : 9780226066905
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.
International Monetary Cooperation Since Bretton Woods by Mr.Harold James Pdf
This comprehensive history, published jointly by the IMF and Oxford University Press, was written to mark the fiftieth anniversary of international monetary cooperation. From the establishment of the postwar international monetary system in 1944 to how the framework functions in a vastly expanded world economy, historian Harol James describes the tensions, negotiations, challenges, and progress of international monetary cooperation. This narrative offers a global perspective on the events and decisions that have shaped the world economy during the past fifty years.
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.
Global Imbalances and the Lessons of Bretton Woods by Barry Eichengreen Pdf
Why the current Bretton Woods-like international financial system, featuring large current account deficits in the center country, the United States, and massive reserve accumulation by the periphery, is not sustainable. In Global Imbalances and the Lessons of Bretton Woods, Barry Eichengreen takes issue with the argument that today's international financial system is largely analogous to the Bretton Woods System of the period 1958 to 1973. Then, as now, it has been argued, the United States ran balance of payment deficits, provided international reserves to other countries, and acted as export market of last resort for the rest of the world. Then, as now, the story continues, other countries were reluctant to revalue their currencies for fear of seeing their export-led growth slow and suffering capital losses on their foreign reserves. Eichengreen argues in response that the power of historical analogy lies not just in finding parallels but in highlighting differences, and he finds important differences in the structure of the world economy today. Such differences, he concludes, mean that the current constellation of exchange rates and payments imbalances is unlikely to last as long as the original Bretton Woods System. Two of the most salient differences are the twin deficits and low savings rate of the United States, which do not augur well for the sustainability of the country's international position. Such differences, he concludes, mean that the current constellation of exchange rates and payments imbalances is unlikely to last as long as the original Bretton Woods System. After identifying these differences, Eichengreen looks in detail at the Gold Pool, the mechanism through which European central banks sought to support the dollar in the 1960s. He shows that the Pool was fragile and short lived, which does not bode well for collective efforts on the part of Asian central banks to restrain reserve diversification and support the dollar today. He studies Japan's exit from its dollar peg in 1971, drawing lessons for China's transition to greater exchange rate flexibility. And he considers the history of reserve currency competition, asking if it has lessons for whether the dollar is destined to lose its standing as preeminent international currency to the euro or even the Chinese renminbi.
The International Monetary System by E. Hoffmeyer Pdf
This book interprets the historical evolution of how and why the international monetary system has been transformed. The strategies of the major decision-makers are defined and described, and an analysis made of how these strategies were adapted. The structure of the analysis differs from other such contributions, in that it does not concentrate on the way in which disturbances have developed, but rather on describing the pattern of reaction of policy makers to disturbances, and in particular on the political element in the decisions. This structure of analysis makes relevance criteria somewhat different from most academic literature on the international monetary system. A substantial amount of evidence is presented that has hitherto been largely neglected by experts; for example the sterling support schemes, the gold pool transactions, the use of the swap network, Schiller's preparation of the German block floating, the intervention pattern among key currencies, and the views arising from the minutes of the Federal Open Market Committee. In order to facilitate comparison with other presentations careful documentation is provided of the points made. Apart from the literature referred to in the Bibliography, all material used - comprising documents, memoranda, publications and communiqués - has been organized in a computer index containing about 500 entries. Background material covered by one or more of these entries is available to the interested reader.
International Financial History in the Twentieth Century by Marc Flandreau,Carl-Ludwig Holtfrerich,Harold James Pdf
The essays, written by leading experts, examine the history of the international financial system in terms of the debate about globalization and its limits. In the nineteenth century, international markets existed without international institutions. A response to the problems of capital flows came in the form of attempts to regulate national capital markets (for instance through the establishment of central banks). In the inter-war years, there were (largely unsuccessful) attempts at designing a genuine international trade and monetary system; and at the same time (coincidentally) the system collapsed. In the post-1945 era, the intended design effort was infinitely more successful. The development of large international capital markets since the 1960s, however, increasingly frustrated attempts at international control. The emphasis has shifted in consequence to debates about increasing the transparency and effectiveness of markets; but these are exactly the issues that already dominated the nineteenth-century discussions.
International Monetary Systems in Historical Perspective by Jaime Reis Pdf
After a century and a half of efforts at constructing arrangements and rules for international monetary interaction, present-day national authorities do not seem to have come much closer to achieving the aim of enduring exchange rate stability combined with a good macroeconomic performance. A distinguished group of economists and economic historians offers new insights into the working of the most important of such experiences, including nineteenth century bimetallism, the 'classical' gold standard, Bretton Woods and the European Monetary System.
Paper comprising an analysis of economic problems besetting the present international monetary system and outlining proposals for reform of monetary policy and economic relations.
An examination of the role of the dollar in the global financial system which presents a long-term historical perspective on the international monetary system in this century. The main focus is on the evaluation of the global financial system in the post-war period.
