Bretton Woods and the U.S. decision to intervene in the foreign-exchange market, 1957-1962
AbstractThe deterioration in the U.S. balance of payments after 1957 and an accelerating loss of gold reserves prompted U.S. monetary authorities to undertake foreign-exchange-market interventions beginning in 1961. We discuss the events leading up to these interventions, the institutional arrangements developed for that purpose, and the controversies that ensued. Although these interventions forestalled a loss of U.S. gold reserves, in the end, they only delayed more fundamental adjustments and, in that respect, were a failure.
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Bibliographic InfoPaper provided by Federal Reserve Bank of Cleveland in its series Working Paper with number 0609.
Date of creation: 2006
Date of revision:
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-10-14 (All new papers)
- NEP-CBA-2006-10-14 (Central Banking)
- NEP-FMK-2006-10-14 (Financial Markets)
- NEP-HIS-2006-10-14 (Business, Economic & Financial History)
- NEP-IFN-2006-10-14 (International Finance)
- NEP-MON-2006-10-14 (Monetary Economics)
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- Michael D. Bordo, 1993.
"The Bretton Woods International Monetary System: A Historical Overview,"
in: A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform, pages 3-108
National Bureau of Economic Research, Inc.
- Michael D. Bordo, 1992. "The Bretton Woods International Monetary System: An Historical Overview," NBER Working Papers 4033, National Bureau of Economic Research, Inc.
- Alfred Broaddus & Marvin Goodfriend, 1996. "Foreign exchange operations and the Federal Reserve," Economic Quarterly, Federal Reserve Bank of Richmond, Federal Reserve Bank of Richmond, issue Win, pages 1-20.
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