Bordo, Michael D. Library of Economics and Liberty. Article published Schwartz, " U. Eichengreen, Barry. New York: Oxford University Press, Kenen, Peter. Durlauf and Lawrence E. Palgrave Macmillan, Meltzer, Allan H. Policy in the Bretton Woods Era. Louis Review 73, no. Patinkin, Don.
Marriner S. Eccles Governor. Szymczak Member. Current Fed leaders. Classroom resources About this site Our authors Related resources. They include the Asian Financial Crisis, the tech bubble, the U. The Fed views these shocks as isolated developments that can be contained by regulatory policies. But I maintain that asset bubbles have become more prevalent because central banks allow credit to be readily available at low interest rates when inflation is tame.
The problem has become even more acute since the GFC, as central banks undertook large-scale purchases of government debt and mortgage-backed securities.
The Fed has been unable to wean itself off unorthodox monetary policies for the past 13 years. My view is that the Fed may tolerate higher inflation in the near term. But it is unlikely to make the same mistake as in the s when inflation spiraled out of control. Nicholas Sargen, Ph. View the discussion thread. Skip to main content. A must-read political newsletter that breaks news and catches you up on what is happening.
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Delivered to your inbox every weekday evening, our politics and policy newsletters are a daily digest of today's news and what's expected to break tomorrow. National Security. Agency Insider. The World Bank, initially called the International Bank for Reconstruction and Development, was established to manage funds available for providing assistance to countries that had been physically and financially devastated by World War II.
Tandemly, the World Bank helps to promote these efforts through its loans and grants to governments. In , concerned that the U.
Nixon devalued the U. Countries were then free to choose any exchange arrangement for their currency, except pegging its value to the price of gold.
They could, for example, link its value to another country's currency, or a basket of currencies, or simply let it float freely and allow market forces to determine its value relative to other countries' currencies. The Bretton Woods Agreement remains a significant event in world financial history.
Federal Reserve History. International Monetary Fund. Department of State, Office of the Historian. Monetary Policy. Your Privacy Rights. To change or withdraw your consent choices for Investopedia. At any time, you can update your settings through the "EU Privacy" link at the bottom of any page. These choices will be signaled globally to our partners and will not affect browsing data.
We and our partners process data to: Actively scan device characteristics for identification. I Accept Show Purposes. Your Money. Personal Finance. Your Practice. Popular Courses. Economics Macroeconomics. Key Takeaways The Bretton Woods Agreement and System created a collective international currency exchange regime that lasted from the mids to the early s.
The Bretton Woods System required a currency peg to the U. The Bretton Woods System collapsed in the s but created a lasting influence on international currency exchange and trade through its development of the IMF and World Bank. Article Sources.
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