A Retrospective on the Bretton Woods system 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 alternate and monetary imbalances, delegates from forty-four international locations met in Bretton Woods, New Hampshire, for you to reconstruct the overseas financial procedure. 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 approach contributed to exceptional financial balance and fast progress for 25 years and talk about the issues that plagued the process and resulted in its eventual cave in in 1971. The members discover adjustment, liquidity, and transmission below the procedure; how it affected constructing international locations; and the position of the overseas financial Fund in retaining a strong expense. The authors research the explanations for the System's luck and eventual cave in, evaluate it to next financial regimes, similar to the eu financial method, and tackle the potential for a brand new fastened trade price for latest international.

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Long-term measures not only must be designed to make another recurrence less likely, but they also must ensure sustainable financing to strengthen the policy response of developing countries. Any inclusive global response will require the participation of the entire international community. To respond to this need, the President of the General Assembly created the present Commission of Experts to identify measures needed to respond to the crisis and to recommend longer-term reforms, paying explicit attention to the needs of developing countries.

Working committees, with representative membership chosen by democratic selection mechanisms and with equitable representativeness, could be limited to a size that would ensure effective decision making and yet also ensure that a wide variety of voices and perspectives are taken into account. The fact that all existing democracies have been able to achieve satisfactory solutions to these problems suggests that they are not irresolvable. POLICY RESPONSES TO THE CRISIS Sustainable responses to the crisis require identifying the factors underlying the crisis and the reasons for its rapid spread around the world.

In addition, some countries had adopted exchange rate stabilization as part of their policies to ensure external balance and stability; some of these countries built up substantial reserves as a result of attempts to prevent exchange rate appreciation, with its adverse effects on economic development (as discussed further in Chapter 5). Moreover, many developing countries, especially those deriving export incomes from the sale of primary commodities, benefited from rising prices due to rising global growth that accompanied the credit expansion before the crisis.

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