Bretton Woods System (bretton + wood_system)

Distribution by Scientific Domains


Selected Abstracts


The historical origins of US exchange market intervention policy,

INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, Issue 2 2007
Michael D. Bordo
Abstract This paper examines the historical precedents of US exchange market intervention. Before 1934 we describe operations by the Second Bank of the United States, the US Treasury and the Federal Reserve. We then examine the operations of the Exchange Stabilization Fund, created in 1934 as a Treasury Department agency. Our study, based on unique, unpublished sources, analyses ESF dealings with the Banque de France and the Bank of England before and after the Tripartite Agreement of 1936. Finally, using unique data we discuss US efforts from 1961 through 1972 to defend the dollar's parity under the Bretton Woods System. Copyright 2007 John Wiley & Sons, Ltd. [source]


Downhill from devaluation: The battle for sterling, 1968,721

ECONOMIC HISTORY REVIEW, Issue 3 2007
MICHAEL J. OLIVER
SUMMARY The devaluation of 1967 and the float of 1972 have become two of the key cornerstones in the analysis of sterling under the Bretton Woods system. Sterling's fortunes between 1968 and 1972 have not been so well documented. This article uncovers new evidence about the pound for this period, including the British government's contingency plans for blocking the sterling balances as a means to negate the weakness of sterling following the 1967 devaluation, the discussions with the United States on the reform of the international monetary system, and the preparations made for floating the pound. [source]


Some Thoughts on Monetary Targeting vs.

GERMAN ECONOMIC REVIEW, Issue 3 2001
Inflation Targeting
We offer some empirical evidence on the likely scale of control and indicator problems surrounding alternative monetary targets and a direct inflation target. The links between monetary policy actions and inflation are estimated in dynamic linear models using the Kalman filter. We compare alternative intermediate-target and final-target monetary strategies using German data from the end of the Bretton Woods system until 1997. The estimation results show that broad money dominates narrow money as an intermediate target, while control problems involved in targeting broad money are larger than for direct inflation targets. [source]


Social democracy and globalisation: the limits of social democracy in historical perspective

BRITISH JOURNAL OF POLITICS & INTERNATIONAL RELATIONS, Issue 3 2002
John Callaghan
This article argues that social democratic governments throughout the 20th century faced internal and international constraints arising from the operation of capitalist economies and that the evidence for a qualitative deepening of such constraints since the collapse of the Bretton Woods system is far from unequivocal. Financial markets were already big enough and fast enough to deter such governments from the pursuit of egalitarian policies in the interwar years or to destabilise them if they ignored the warning signs. This article also shows that the efficacy of Keynesian macroeconomic policy in the Golden Age has been exaggerated and that the problem of short,term movements of speculative capital persisted throughout this era in a country such as Britain. Keynesianism never worked in the face of mass unemployment and it is misleading to suggest that its breakdown in the 1970s somehow robbed social democracy of the policy tools that had maintained full employment in the 1950s and 1960s. A host of additional problems have indeed beset social democratic governments since 1973, but the analysis of such problems is hindered rather than helped by much of the literature which invokes economic globalisation. Globalisation theory is in need of further specification before it can be useful and arguments about the economic consequences of globalisation since 1973 need to distinguish its effects from those of the many conjunctural problems of the period as well as the policies that important agencies have pursued in search of solutions to them. [source]