The international monetary system, 1945-1976 : an insider's view
TL;DR: The international monetary system, 1945-1976 : an insider's view as discussed by the authors, The International Monetary System, 1945 -1976: an insider view, The international monetary systems, 1945 − 1976 : an outsider's view
Abstract: The international monetary system, 1945-1976 : an insider's view , The international monetary system, 1945-1976 : an insider's view , کتابخانه دیجیتال و فن آوری اطلاعات دانشگاه امام صادق(ع)
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TL;DR: An overview of the Bretton-woods experience can be found in this article, where the authors analyze its performance relative to other international monetary regimes and conclude that it was the most stable regime for nominal and real variables in the past century.
Abstract: This paper presents an overview of the Bretton Woods experience. From an historical perspective. I analyze its performance relative to other international monetary regimes. its origins. its operation. its problems and its demise. In the survey I emphasize both issues deemed important at the time and raise questions which may be of interest for the concerns of the present. Part 2 compares the macro performance of Bretton Woods with preceding and subsequent monetary regimes. The descriptive statistics on nine key macro variables point to one startling conclusion -- the Bretton Woods system. in its full convertibility phase 1959-1971, was the most stable regime for both nominal and real variables in the past century. Part 3 surveys the origins of Bretton Woods: the perceived problems of the inter war period; the plans for a new international monetary order and the steps leading to the outcome -- the Articles of Agreement. Part 4 examines the preconvertibility period from 1946 to 1958: the problems in getting the system started including the dollar shortage and the weakness of the IMF; and how the system evolved to convertibility and the gold dollar standard. Part 5 analyzes the heyday of Bretton Woods 1959 to 1971 in the context of the gold dollar standard and the famous three problems: adjustment. liquidity, and confidence. Part 6 considers the emergence of a "de facto" dollar standard in 1968 and its collapse in the face of a massive U.S. induced inflation. Part 7 considers why Bretton Woods was so stable and yet so short-lived. It also considers the importance of adherence to credible rules in the design of an effective international monetary system.
159 citations
Book•
14 Jan 2010
TL;DR: The role of policy and banking supervision in the light of the credit crisis was discussed in this paper, with a focus on the role of credit rating agencies (CRAs) in financial regulation.
Abstract: 1. Introduction PART I: THE CRISIS IN THE UNITED STATES 2. The Financial Crisis of 2007-2008 and its Macroeconomic Consequences 3. Subprime Finance: Yes, We are Still in Kansas 4. Background Considerations to a Re-regulation of the U.S. Financial System: Third time a Charm? Or Strike Three? 5. Responding to the Crisis PART II: REFORMING FINANCIAL REGULATION 6. Central Banks, Liquidity and the Banking Crisis 7. Agenda and Criteria for Financial Regulatory Reform 8. The Role of Policy and Banking Supervision in the Light of the Credit Crisis 9. How, If at All, should Credit Rating Agencies (CRAs) be Regulated? 10. Credit Default Swaps (CDSs): The Keys to Financial Reform 11. Governing the Regulatory System PART III: DEVELOPING COUNTRY PERSPECTIVES 12. The Management of Capital Flows and Financial Vulnerability in Asia 13. Regulation of Financial Sector in Developing Countries: Lessons from the 2008 Financial Crisis 14. Economic Development and the International Financial System 15. The Accumulation of International Reserves as a Defense Strategy PART IV: REFORMING THE GLOBAL MONETARY SYSTEM 16. Reforming the Global Reserve System 17. A Modest Proposal for International Monetary Reform
101 citations
Book•
01 Jan 2011
TL;DR: Farhi and Gourinchas as discussed by the authors gratefully acknowledge financial support from the International Growth Center (grant RA•2009•11•002) for translating this paper into English.
Abstract: We thank Franklin Allen, Olivier Blanchard, Ricardo Caballero, Benoit Coeuré, Barry Eichengreen, Jean‐ Pierre Landau, Maurice Obstfeld, Richard Portes, and Jean Tirole for their comments and Jeremie Cohen‐ Setton who helped translate this document into English. Farhi and Gourinchas gratefully acknowledge financial support from the International Growth Center (grant RA‐2009‐11‐002). Harvard University and NBER UC Berkeley, NBER and CEPR London Business School, NBER and CEPR
75 citations
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TL;DR: In a future world with a single world currency or three relatively self-contained currency blocs floating against one another, the demand for international reserves would decline or disappear as discussed by the authors, and there is no compelling argument for an SDR allocation to avert a pending global liquidity shortage or to remove an intrinsic instability in the reserve-supply process.
Abstract: Thus, neither the total supply nor the total demand for reserves is likely to change dramatically. There is no compelling argument for an SDR allocation to avert a pending global liquidity shortage or to remove an intrinsic instability in the reserve-supply process. There is a consistent argument for an SDR allocation to provide the resources needed to manage national financial crises with international implications--but there are more direct and desirable means of underwriting the relevant facility. European monetary unification, if and when it occurs, will have major implications for the demand and supply of reserves, but there is little reason to think that they will create a significant excess demand for international reserves or destabilize the reserve-supply process. In a future world with a single world currency or three relatively self-contained currency blocs floating against one another, the demand for international reserves would decline or disappear. While there would be a role for the SDR or an instrument like it if the IMF is the world central bank that issues the single world currency, any such scenario is exceedingly remote.
66 citations
TL;DR: In a recent survey, the authors found sharply contrasting views among leading scholars on almost every key issue in positive international political economy, such as: how strong are international as opposed to domestic influences on policy, how important are issues of national security versus economic considerations, what role do institutions play in influencing and constraining the behavior of governments, why is international cooperation rare but not unheard of?
Abstract: As the twentieth century draws to a close, one can find sharply contrasting views among leading scholars on almost every key issue in positive international political economy. How strong are international as opposed to domestic influences on policy? How important are issues of national security (”high politics”) versus economic considerations(”low politics”)? What role do institutions—international and domestic—play in influencing and constraining the behavior of governments? Why is international cooperation rare but not unheard of? The list goes on and on.
65 citations