The Bretton Woods International Monetary System

An Historical Overview

The Bretton Woods International Monetary Syst...
Michael D. Bordo, National Bur...
The Bretton Woods International Monetary System by Michael D. Bordo, National Bureau of Economic Research, Michael D. Bordo, National Bureau of Economic Research
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The Bretton Woods International Monetary System

An Historical Overview

This paper presents an overview of the Bretton Woods experience. From an historical perspective. I analyze its performance relative to other international monetary regimes. its origins. its operation. its problems and its demise. In the survey I emphasize both issues deemed important at the time and raise questions which may be of interest for the concerns of the present. Part 2 compares the macro performance of Bretton Woods with preceding and subsequent monetary regimes. The descriptive statistics on nine key macro variables point to one startling conclusion -- the Bretton Woods system. in its full convertibility phase 1959-1971, was the most stable regime for both nominal and real variables in the past century. Part 3 surveys the origins of Bretton Woods: the perceived problems of the inter war period; the plans for a new international monetary order and the steps leading to the outcome -- the Articles of Agreement. Part 4 examines the preconvertibility period from 1946 to 1958: the problems in getting the system started including the dollar shortage and the weakness of the IMF; and how the system evolved to convertibility and the gold dollar standard. Part 5 analyzes the heyday of Bretton Woods 1959 to 1971 in the context of the gold dollar standard and the famous three problems: adjustment. liquidity, and confidence. Part 6 considers the emergence of a "de facto" dollar standard in 1968 and its collapse in the face of a massive U.S. induced inflation. Part 7 considers why Bretton Woods was so stable and yet so short-lived. It also considers the importance of adherence to credible rules in the design of an effective international monetary system.

Publish Date
Language
English
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Cover of: The Bretton Woods International Monetary System
The Bretton Woods International Monetary System: An Historical Overview
1993, National Bureau of Economic Research
electronic resource in English

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March 1993.

Access restricted to subscribers.

Hardcopy version available to institutional subscribers.

System requirements: Adobe [Acrobat] Reader required for PDF files.

Mode of access: World Wide Web.

Published in
Cambridge, Mass
Series
NBER working paper series -- no. w4033, Working paper series (National Bureau of Economic Research) -- no. w4033

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[electronic resource]

Edition Identifiers

Open Library
OL62725934M

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Work ID
OL46192041W

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