
Contents
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I. Introduction I. Introduction
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II. Fixed Exchange Rates before Bretton Woods II. Fixed Exchange Rates before Bretton Woods
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III. The Design of the Bretton Woods System III. The Design of the Bretton Woods System
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IV. The Development of the Bretton Woods System IV. The Development of the Bretton Woods System
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V. Summary and Conclusion V. Summary and Conclusion
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Appendix A Appendix A
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Appendix B Appendix B
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28 The Bretton Woods System: Design and Operation
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Published:January 2016
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Abstract
The System designed at the conference at Bretton Woods in July 1944 (BWS) was the first full attempt to establish an international monetary system with fixed but adjustable exchange rates based on an international treaty. The International Monetary Fund (IMF) was created for financing temporary deficits, and its members were obligated to fix their exchange rates and refrain from any restrictions on current international transactions but were allowed capital controls. The system was short-lived and collapsed in 1971. The possibility of exchange rate adjustment led to speculative capital flows which were not successfully controlled. In addition, the fixed link of the US dollar to gold with a falling real price of gold—led to substitution of gold for US dollars in international reserve and a convergence towards a dollar standard. This privileged role of the dollar and its use as an instrument for financing the Vietnam war was no longer accepted by economically successful countries in Western Europe and Japan.
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