The international monetary system--retrospect and prospect
Abstract: During Hayes' tenure as president, the dollar-centered Bretton Woods system of fixed exchange rates matured, then collapsed, prompting a transition to floating exchange rates. In this address, Hayes discusses the development of international cooperation in foreign exchange market intervention and the prospects for reform of the international monetary system. He recommends that countries work together to ensure exchange rate stability, orderly balance-of-payments adjustment, and the financing of imbalances resulting from the first energy crisis.
File(s): File format is application/pdf http://www.newyorkfed.org/research/quarterly_review/75th/75article6.pdf
Provider: Federal Reserve Bank of New York
Part of Series: Quarterly Review
Publication Date: 1989