Journal Article

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.

Keywords: International Monetary Fund; Swaps (Finance); Federal Reserve System - History;

Bibliographic Information

Provider: Federal Reserve Bank of New York

Part of Series: Quarterly Review

Publication Date: 1989

Issue: Special

Pages: 29-34