France and the Breakdown of the Bretton Woods International Monetary System
France and the Breakdown of the Bretton Woods International Monetary System

Author: Ms.Dominique Simard

Publisher: International Monetary Fund

Published: 1994-10-01

Total Pages: 58

ISBN-13: 1451935366

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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.

Resetting the International Monetary (Non)System
Resetting the International Monetary (Non)System

Author: José Antonio Ocampo

Publisher: Oxford University Press

Published: 2017

Total Pages: 296

ISBN-13: 019871811X

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This volume provides an analysis of the global monetary system and proposes a comprehensive yet evolutionary reform of the system aimed at creating better monetary cooperation for the twenty-first century.

International Monetary Cooperation Since Bretton Woods
International Monetary Cooperation Since Bretton Woods

Author: Mr.Harold James

Publisher: International Monetary Fund

Published: 1996-06-15

Total Pages: 780

ISBN-13: 1475506961

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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.

A Retrospective on the Bretton Woods System
A Retrospective on the Bretton Woods System

Author: Michael D. Bordo

Publisher: University of Chicago Press

Published: 2007-12-01

Total Pages: 692

ISBN-13: 0226066908

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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.

Do Old Habits Die Hard? Central Banks and the Bretton Woods Gold Puzzle
Do Old Habits Die Hard? Central Banks and the Bretton Woods Gold Puzzle

Author: Eric Monnet

Publisher: International Monetary Fund

Published: 2019-07-24

Total Pages: 32

ISBN-13: 1498326773

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Why did monetary authorities hold large gold reserves under Bretton Woods (1944–1971) when only the US had to? We argue that gold holdings were driven by institutional memory and persistent habits of central bankers. Countries continued to back currency in circulation with gold reserves, following rules of the pre-WWII gold standard. The longer an institution spent in the gold standard (and the older the policymakers), the stronger the correlation between gold reserves and currency. Since dollars and gold were not perfect substitutes, the Bretton Woods system never worked as expected. Even after radical institutional change, history still shapes the decisions of policymakers.

Introduction to Central Banking
Introduction to Central Banking

Author: Ulrich Bindseil

Publisher: Springer Nature

Published: 2021-05-18

Total Pages: 128

ISBN-13: 3030708845

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This open access book gives a concise introduction to the practical implementation of monetary policy by modern central banks. It describes the conventional instruments used in advanced economies and the unconventional instruments that have been widely adopted since the financial crisis of 2007–2008. Illuminating the role of central banks in ensuring financial stability and as last resort lenders, it also offers an overview of the international monetary framework. A flow-of-funds framework is used throughout to capture this essential dimension in a consistent and unifying manner, providing a unique and accessible resource on central banking and monetary policy, and its integration with financial stability. Addressed to professionals as well as bachelors and masters students of economics, this book is suitable for a course on economic policy. Useful prerequisites include at least a general idea of the economic institutions of an economy, and knowledge of macroeconomics and monetary economics, but readers need not be familiar with any specific macroeconomic models.

Central Banking in Latin America
Central Banking in Latin America

Author: Mr.Luis Ignacio Jácome

Publisher: International Monetary Fund

Published: 2015-03-17

Total Pages: 57

ISBN-13: 1484303180

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This paper provides a brief historical journey of central banking in Latin America to shed light on the debate about monetary policy in the post-global financial crisis period. The paper distinguishes three periods in Latin America’s central bank history: the early years, when central banks endorsed the gold standard and coped with the collapse of this monetary system; a second period, in which central banks turned into development banks under the aegis of governments at the expense of increasing inflation; and the “golden years,” when central banks succeeded in preserving price stability in an environment of political independence. The paper concludes by cautioning against overburdening central banks in Latin America with multiple mandates as this could end up undermining their hard-won monetary policy credibility.