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A Retrospective on the Bretton Woods System 5 Contents 9 Preface 13 I. Overviews and Origins 17 1. The Bretton Woods International Monetary System: A Historical Overview 19 2. Bretton Woods and Its Precursors: Rules versus Discretion in the History of International Monetary Regimes 125 3. The Political Origins of Bretton Woods 171 II. Bretton Woods in Operation 215 4. The Adjustment Mechanism 217 5. The Provision of Liquidity in the Bretton Woods System 285 6. International Transmission under Bretton Woods 333 7. The Role of International Organizations in the Bretton Woods System 373 8. Devaluation Controversies in the Developing Countries: Lessons from the Bretton Woods Era 421 9. The Collapse of the Bretton Woods Fixed Exchange Rate System 477 10. Panel Session I: Retrospectives 511 III. The Legacy of Bretton Woods 529 11. Interest Differentials under Bretton Woods and the Post–Bretton Woods Float: The Effects of Capital Controls and Exchange Risk 531 12. Attitudes toward Inflation and the Viability of Fixed Exchange Rates: Evidence from the EMS 563 13. Panel Session II: Implications for International Monetary Reform 603 IV. Conclusion 635 14. Epilogue: Three Perspectives on the
- Author
- Michael D. Bordo
- Language
- EN
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