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Journal Article
50 years after Bretton Woods: what is the future for the international monetary system?
On March 18, 1994, the Eastern Economic Association sponsored a roundtable discussion at the Federal Reserve Bank of Boston, to examine the future of the international monetary system in light of the aims of the Bretton Woods agreement of 1944. The title of the roundtable captured the central concern of each speaker: to what extent can the ideals of the founders of the Bretton Woods system be implemented today? ; It was agreed that a return to a fixed-rate system, as envisioned by the founders of the Bretton Woods system, is not possible today given the changes in underlying economic ...
Conference Paper
The revived Bretton Woods system: alive and well
Working Paper
Bretton Woods, swap lines, and the Federal Reserve’s return to intervention
This paper describes the United States? first line of defense against shortcomings in the Bretton Woods system, which threatened the system?s continuation as early as 1960. The exposition describes the Federal Reserve?s use of swap lines both to provide cover for central banks? unwanted dollar exposures, thereby forestalling claims on the U.S. gold stock, and to supply dollar liquidity to countries facing temporary balance-of-payments deficits, thereby bolstering confidence in their parities. As suggested by the expansion and growing use of the swap lines, the operations failed to distinguish ...
Conference Paper
An essay on the revived Bretton Woods system
Working Paper
U.S. intervention during the Bretton Wood Era:1962-1973
By the early 1960s, outstanding U.S. dollar liabilities began to exceed the U.S. gold stock, suggesting that the United States could not completely maintain its pledge to convert dollars into gold at the official price. This raised uncertainty about the Bretton Woods parity grid, and speculation seemed to grow. In response, the Federal Reserve instituted a series of swap lines to provide central banks with cover for unwanted, but temporary accumulations of dollars and to provide foreign central banks with dollar funds to finance their own interventions. The Treasury also began intervening in ...
Journal Article
Monetary and credit agreements entered into at Bretton Woods
Conference Paper
Revived Bretton Woods system: a new paradigm for Asian development?
a symposium sponsored by the Center for Pacific Basin Monetary and Economic Studies (Federal Reserve Bank of San Francisco) and the Clausen Center for International Business and Policy (University of California, Berkeley), February 4, 2005
Journal Article
Do industrialized countries hold the right foreign exchange reserves?
That central banks should hold foreign currency reserves is a key tenet of the post-Bretton Woods international financial order. But recent growth in the reserve balances of industrialized countries raises questions about what level and composition of reserves are ?right? for these countries. A look at the rationale for reserves and the reserve practices of select countries suggests that large balances may not be needed to maintain an effective exchange rate policy over the medium and long term. Moreover, countries may incur an opportunity cost by holding funds in currency and asset ...
Conference Paper
Dollars and deficits: where do we go from here?
Journal Article
Bretton Woods agreements