A brief history of the international monetary system since Bretton Woods

This paper provides a historical background to contemporary debates on the international monetary system: their genesis, similarities, and differences of problems it has faced at different times. It looks sequentially at the design of the Bretton Woods system; the tensions it faced since the 1960s a...

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Bibliographic Details
Main Author: Ocampo Gaviria, José Antonio
Format: Report
Language:English
Published: Helsinki: The United Nations University World Institute for Development Economics Research (UNU-WIDER) 2016
Subjects:
ddc:330
F02
F31
F33
F34
F42
Bretton Woods agreement
gold reserves
foreign exchange reserves
exchange rate system
payments imbalances
IMF credit lines
North Atlantic
Online Access:http://hdl.handle.net/10419/161481
https://doi.org/10.35188/UNU-WIDER/2016/141-3
Description
Summary:This paper provides a historical background to contemporary debates on the international monetary system: their genesis, similarities, and differences of problems it has faced at different times. It looks sequentially at the design of the Bretton Woods system; the tensions it faced since the 1960s and its collapse in the early 1970s; the management of the collapse, the failure to agree on a new system, and the resulting non-system that followed; the maturing of these ad hoc arrangements, and the reforms after the North Atlantic financial crisis and debates on how to build up a broader global 'financial safety net'.

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