Download PDF by Michael D. Bordo, Barry Eichengreen: A Retrospective on the Bretton Woods system

By Michael D. Bordo, Barry Eichengreen

ISBN-10: 0226065871

ISBN-13: 9780226065878

ISBN-10: 0226066908

ISBN-13: 9780226066905

At the shut of the second one international battle, whilst industrialized international locations confronted severe alternate and monetary imbalances, delegates from forty-four nations met in Bretton Woods, New Hampshire, in an effort to reconstruct the overseas financial method. during this quantity, 3 generations of students and coverage makers, a few of whom participated within the 1944 convention, think about how the Bretton Woods process contributed to extraordinary fiscal balance and quick development for 25 years and speak about the issues that plagued the approach and ended in its eventual cave in in 1971. The individuals discover adjustment, liquidity, and transmission below the procedure; how it affected constructing international locations; and the position of the overseas financial Fund in preserving a strong expense. The authors research the explanations for the System's good fortune and eventual cave in, evaluate it to next financial regimes, resembling the ecu financial process, and tackle the potential for a brand new mounted trade fee for present day international.

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Sample text

B During their press conference that immediately follows the monthly monetary policy meeting, the President and Vice-President of the ECB may provide, by way of answers to questions from reporters, some indication of the probable future move of official short-term interest rates. These views are repeated in the ‘Editorial’ section of the ECB Monthly Bulletin.

9 billion in gold, equal to 750 tonnes) which represents the maximum allowable amount of C50 billion authorised by the ‘Treaty’ and adjusted downwards for the ‘out’ NCBs by deducting their share, approximately 20 per cent. 1). 4935 per cent of C50 billion). When Greece joined the eurozone on 1 January 2001, the Bank of Greece, which became the 12th participating NCB, transferred to the ECB foreign reserve assets, also composed of gold, US dollars and Japanese yen, with a total value equivalent to C1,278,260,161.

Overstating of price rises in the price statistics (because of substitution effects and quality changes are not taken into consideration, and because of the inevitable incompleteness of the range of prices covered). 1 of the ‘Treaty’). 2 of the ‘Treaty’3). Like the pre-euro Deutsche Bundesbank, the ECB defines ‘price stability’ as the year-on-year price increase of a maximum of 2 per cent over the medium term. The ECB, like the Bundesbank, only explicitly stipulates the upper bound of a price increase range that implicitly has a lower bound of 0 per cent.

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

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