Rise And Fall Of The Bretton Woods System
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Rise And Fall Of The Bretton Woods System
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Author : Michael Kandiah
language : en
Publisher:
Release Date : 2001
Rise And Fall Of The Bretton Woods System written by Michael Kandiah and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Great Britain categories.
The International Monetary System
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Author : Dennis Pfeiffer
language : de
Publisher:
Release Date : 2012
The International Monetary System written by Dennis Pfeiffer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
Project Report from the year 2011 in the subject Economics - Monetary theory and policy, grade: 1,0, Heilbronn University, language: English, abstract: The international monetary system is the framework that unifies individual economies in the modern world. Its function is to guarantee regulation and stability, to settle financial embarrassment and to provide international monetary resources in case of economic disruptions within the system. (Eichengreen, 2000) Without understanding how the international monetary order works it is impossible to comprehend the mechanisms of the world economic system. This term paper therefore describes the history of the international monetary system from 1870 up to 1973. Additionally it examines the advantages and disadvantages of an alternative floating exchange rate system, as well as the phenomenon of the so called Bretton Woods II between China and the USA.
Exorbitant Privilege
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Author : Barry Eichengreen
language : en
Publisher: Oxford University Press
Release Date : 2011-01-07
Exorbitant Privilege written by Barry Eichengreen and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-01-07 with Business & Economics categories.
It is, as a critic of U.S.
The Rise And Fall Of A Barbarous Relic
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Author : Michael D. Bordo
language : en
Publisher:
Release Date : 1998
The Rise And Fall Of A Barbarous Relic written by Michael D. Bordo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Gold standard categories.
In this paper we analyze the changing role of gold in the international monetary system, in particular the persistence of gold holdings by monetary authorities for 20 years following the breakdown of the Brettone Woods system system and the Second Amendment to the Articles of Agreement of the International Monetary Fund which severed the formal link to gold. We stress four points. First, the gold-exchange standard was a recent arrangement that emerged only around 1900 in response to a set of historically-specific factors which also help to account for it smooth operation. How long those factors would have continued to support it will never be known, due to a great war and then a great depression. Second, a system which relied on inelastically supplied precious metal and elastcially suppled foreign exchange to meet the the world economy's demand for reserves was intrinsically fragile, prone to confidence problems, and a transmission belt for policy mistakes. Third, network externalities, statutory restrictions and habit all contributed to the persistence of the practice of holding gold reserves. But the hold of even factors as powerful as these inevitably weakens with time and the effects of their erosion are reinforced by the rise of international capital mobility, which increases the ease of holding other forms of reserves, both unborrowed and borrowed, and by the shift to greater exchange-rate flexibility, which according to our results diminishes the demand for reserves in general. Fourth and finally, network externalities, in conjunction with central bankers' collective sense of responsibility for the stability of the price of what remains an important reserve asset, suggest that the same factors which have long held in place the practice of holding gold reserves, when they come unstuck, may become unstuck all at once.
Exorbitant Privilege
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Author : Barry Eichengreen
language : en
Publisher: Oxford University Press
Release Date : 2011-01-07
Exorbitant Privilege written by Barry Eichengreen and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-01-07 with Business & Economics categories.
For more than half a century, the U.S. dollar has been not just America's currency but the world's. It is used globally by importers, exporters, investors, governments and central banks alike. Nearly three-quarters of all $100 bills circulate outside the United States. The dollar holdings of the Chinese government alone come to more than $1,000 per Chinese resident. This dependence on dollars, by banks, corporations and governments around the world, is a source of strength for the United States. It is, as a critic of U.S. policies once put it, America's "exorbitant privilege." However, recent events have raised concerns that this soon may be a privilege lost. Among these have been the effects of the financial crisis and the Great Recession: high unemployment, record federal deficits, and financial distress. In addition there is the rise of challengers like the euro and China's renminbi. Some say that the dollar may soon cease to be the world's standard currency--which would depress American living standards and weaken the country's international influence. In Exorbitant Privilege, one of our foremost economists, Barry Eichengreen, traces the rise of the dollar to international prominence over the course of the 20th century. He shows how the greenback dominated internationally in the second half of the century for the same reasons--and in the same way--that the United States dominated the global economy. But now, with the rise of China, India, Brazil and other emerging economies, America no longer towers over the global economy. It follows, Eichengreen argues, that the dollar will not be as dominant. But this does not mean that the coming changes will necessarily be sudden and dire--or that the dollar is doomed to lose its international status. Challenging the presumption that there is room for only one true global currency--either the dollar or something else--Eichengreen shows that several currencies have shared this international role over long periods. What was true in the distant past will be true, once again, in the not-too-distant future. The dollar will lose its international currency status, Eichengreen warns, only if the United States repeats the mistakes that led to the financial crisis and only if it fails to put its fiscal and financial house in order. The greenback's fate hinges, in other words, not on the actions of the Chinese government but on economic policy decisions here in the United States. Incisive, challenging and iconoclastic, Exorbitant Privilege, which was shortlisted for the FT Goldman Sachs 2011 Best Business Book of the Year, is a fascinating analysis of the changes that lie ahead. It is a challenge, equally, to those who warn that the dollar is doomed and to those who regard its continuing dominance as inevitable.
Rethinking The International Monetary System
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Author : Jane Sneddon Little
language : en
Publisher: University Press of the Pacific
Release Date : 1999
Rethinking The International Monetary System written by Jane Sneddon Little and has been published by University Press of the Pacific this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Business & Economics categories.
According to a recent World Bank study, the Asian crisis led to a significant rise in poverty and sharp declines in middle-class living standards in the countries most affected. Real public spending on health and education fell, with poor households experiencing the largest declines in access to these services. The impact of decreased investment in human capital will have consequences for individuals and whole societies for years to come. Because these external shocks occurred very shortly after these countries had liberalized their capital markets, they have engendered a growing distrust of globalization in many parts of the world. We owe it to the people of the developing countries, as well as to ourselves, to consider how institutional or policy changes could moderate such setbacks in the future. For all these reasons, this conference seemed a good time to pause and consider the implications of recent events, institutional changes, and new research for the evolution of the international monetary system. Representing frontline countries and frontline institutions, many of the conference participants had struggled firsthand with the dilemmas posed by the recent crises. Thus, they brought unique perspectives on the issues and offered thoughtful observations and useful ideas that could improve the workings of the international monetary system. It is our hope that this publication of their views will stimulate further discussion, research and, more than partial implementation.
Hegemonic Stability Theory The Rise And Fall Of The Us Leadership In World Economic Relations
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Author : Julia Schubert
language : en
Publisher: GRIN Verlag
Release Date : 2004-02-29
Hegemonic Stability Theory The Rise And Fall Of The Us Leadership In World Economic Relations written by Julia Schubert and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-02-29 with Political Science categories.
Seminar paper from the year 2003 in the subject Politics - General and Theories of International Politics, grade: 1,3 (A), Martin Luther University (GPS), course: International Political Economy, language: English, abstract: In the second half of the 20. century the term of “Hegemonic Stability Theory “ was introduced by political scientists such as Stephen Krasner, Robert Gilpin and Robert Keohane to explain the mechanisms of the new economic world order that had been established after the Second World War.1 The main assumption of the theory that a stable liberal economic world order needs a hegemo n was explained with the examples of the British hegemony in the 18. and 19. century and with the example of American hegemony in the postwar years of the second half of the 20. century. This term paper intends to answer the following questions: What is Hegemonic Stability Theory about? How is the shape of the hegemonic system? Why will it decline? The theoretical assumptions will be extended by a closer look at the UShegemony. How was it possible that the US could establish their leadership in the international economic system? What did they do to create a stable global economic order? Of course, the last questions have to answer why the US weakened and why their hegemony eventually declined? How is the situation today? Is there still a hegemon? To answer these questions, the first part of the paper will summarize the main assumptions of the theory. Then, the international economic situation after the Second World War which enabled the US to become the world ́s hegemon will be shortly presented. The following chapters will deal with the establishment of the UShegemony by creating international regimes such as IMF, IBRD and GATT. Finally, the end of the paper will explain how the American hegemony declined and which role it plays in the present international economy. 1 Reinhard Rode. Weltregieren durch Internationale Wirtschaftsorganisationen. Halle, 2001: 24.
The Rise And Fall Of World Orders
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Author : Torbjørn L. Knutsen
language : en
Publisher:
Release Date : 1999
The Rise And Fall Of World Orders written by Torbjørn L. Knutsen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with History categories.
Overviews past world orders to obtain a greater perspective on and more knowledge of international politics, and seeks to shed light on the cold war and the recent transition to a post-cold war world. Covers the four waves of great wars as defined by Mowat--the Italian wars, the Thirty Years War, the wars of Louis XIV, and the Napoleonic Wars--as well as the two World Wars of the 20th century. Looks at the moral influence which pre-eminent states in world orders exert on other great powers as a factor in their authority, as well as their military force and internal political consensus. Distributed by St. Martin's Press. Paper edition (4058-2), $24.95. Annotation copyrighted by Book News, Inc., Portland, OR
The Battle Of Bretton Woods
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Author : Benn Steil
language : en
Publisher: Princeton University Press
Release Date : 2013-02-24
The Battle Of Bretton Woods written by Benn Steil and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-02-24 with Business & Economics categories.
Recounts the events of the Bretton Woods accords, presents portaits of the two men at the center of the drama, and reveals Harry White's admiration for Soviet economic planning and communications with intelligence officers.
The Bretton Woods Agreements
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Author : Naomi R. Lamoreaux
language : en
Publisher: Yale University Press
Release Date : 2019-07-23
The Bretton Woods Agreements written by Naomi R. Lamoreaux and has been published by Yale University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-07-23 with Banks and banking, International categories.
Commentaries by top scholars alongside the most important documents and speeches concerning the Bretton Woods Conference of 1944 The two world wars brought an end to a long-standing system of international commerce based on the gold standard. After the First World War, the weaknesses in the gold standard contributed to hyperinflation, the Great Depression, the rise of fascism, and ultimately World War II. The Bretton Woods Conference of 1944 arose out of the Allies' desire to design a postwar international economic system that would provide a basis for prosperity, trade, and worldwide economic development. Alongside important documents and speeches concerning the adoption and evolution of the Bretton Woods system, this volume includes lively, readable, original essays on such topics as why the gold standard was doomed, how Bretton Woods encouraged the adoption of Keynesian economics, how the agreements influenced late-twentieth-century ideas of international development, and why the agreements ultimately had to give way to other arrangements.