By Michael D. Bordo, Barry Eichengreen

ISBN-10: 0226065871

ISBN-13: 9780226065878

ISBN-10: 0226066908

ISBN-13: 9780226066905

At the shut of the second one international battle, while industrialized countries confronted severe exchange and fiscal imbalances, delegates from forty-four international locations met in Bretton Woods, New Hampshire, with a purpose to reconstruct the foreign financial method. during this quantity, 3 generations of students and coverage makers, a few of whom participated within the 1944 convention, examine how the Bretton Woods procedure contributed to remarkable fiscal balance and quick progress for 25 years and speak about the issues that plagued the procedure and resulted in its eventual cave in in 1971. The members discover adjustment, liquidity, and transmission less than the approach; how it affected constructing international locations; and the position of the overseas financial Fund in keeping a sturdy expense. The authors research the explanations for the System's good fortune and eventual cave in, evaluate it to next financial regimes, corresponding to the ecu financial approach, and deal with the potential of a brand new mounted alternate expense for ultra-modern global.

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See Cottarelli, Dell'Aricca' and Vladkova-Hollar (2003); Hilbers, Otker-Robe, Pazarbasioglu, and Johnsen (2005); and Maechler and Swinburne (2005). S. Please note that these papers are at this stage the responsibility only of the authors, and do not necessarily reflect an official IMF view. 6. See Sundararajan, Enoch, San Jose, Hilbers, Krueger, Moretti, and Slack (2002). 7. Also, while the pickup may be slight, it could well be significant in determining whether a Euro aspirant meets or breaches the Maastricht criteria.

S. Please note that these papers are at this stage the responsibility only of the authors, and do not necessarily reflect an official IMF view. 6. See Sundararajan, Enoch, San Jose, Hilbers, Krueger, Moretti, and Slack (2002). 7. Also, while the pickup may be slight, it could well be significant in determining whether a Euro aspirant meets or breaches the Maastricht criteria. , G. Dell' Aricca and I. Vladkova-Hollar, 2003, "Early Birds, Late Risers, and Sleeping Beauties: Bank Credit Growth to the Private Sector in Central and Eastern Europe and the Balkans," IMF Working Paper 03/213 (International Monetary Fund).

A variety of measures may be brought into play, and these are examined in the contributions in this volume. While there have been periods of rapid credit growth in the past, the present experience of the region seems new in a number of regards. One important regard is the international dimension, with the dominant role of foreign banks and foreign currencies, and the international constraints on, and interrelationships between, national policy responses. It is this dimension that certainly will add to the value of the exchanges of information and analyses of policy options contained in the remaining papers.

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A Retrospective on the Bretton Woods system by Michael D. Bordo, Barry Eichengreen


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