File Name: rise and fall of bretton woods system .zip
John J. International Security 1 April ; 43 4 : 7—
On August 15, , President Richard M. Under the Bretton Woods system, the external values of foreign currencies were fixed in relation to the U. By the s, a surplus of U. Presidents John F. Kennedy and Lyndon B. Johnson adopted a series of measures to support the dollar and sustain Bretton Woods: foreign investment disincentives; restrictions on foreign lending; efforts to stem the official outflow of dollars; international monetary reform; and cooperation with other countries. Nothing worked.
Barry Eichengreen, Exorbitant Privilege. It reads like a novel. The first chapter begins with the story of World War II concentration camp survivor Salomon Sorowitsch sitting on a beach holding a suitcase full of dollars of dubious provenance, which he hopes to launder and enlarge, in the casinos of Monte Carlo, as depicted in the movie The Counterfeiters. The second chapter begins with the story of English religious dissidents landing in Massachusetts in , bringing with them insufficient stocks of European monies. This book brilliantly weaves six centuries of stories into a coherent and cogent account of the international monetary system.
More about this item Keywords gold ; gold standard ; currency ; exchange rate ; devaluation ; bretton woods system ; international monetary fund ; All these keywords. JEL classification: A - General Economics and Teaching Statistics Access and download statistics Corrections All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions.
The International Adjustment Mechanism pp Cite as. On 15 August the international monetary arrangements that hadprevailed since the end of the Second World war ceased to function. Onthat day the golden anchor was cut loose from the system by theUnited States announcement that it was no longer prepared to buy andsell gold freely in transactions with foreign monetary authorities.
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