A Retrospective on the Bretton Woods System: Lessons for by Michael D. Bordo,Barry Eichengreen

By Michael D. Bordo,Barry Eichengreen

At the shut of the second one international conflict, while industrialized international locations confronted critical exchange and monetary imbalances, delegates from forty-four nations met in Bretton Woods, New Hampshire, as a way to reconstruct the foreign financial process. during this quantity, 3 generations of students and coverage makers, a few of whom participated within the 1944 convention, contemplate how the Bretton Woods procedure contributed to remarkable monetary balance and quick development for 25 years and talk about the issues that plagued the method and ended in its eventual cave in in 1971.

The members discover adjustment, liquidity, and transmission less than the process; how it affected constructing nations; and the function of the foreign financial Fund in keeping a good fee. The authors study the explanations for the System's luck and eventual cave in, evaluate it to next financial regimes, comparable to the eu financial method, and tackle the opportunity of a brand new mounted alternate expense for modern day world.

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