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The End of the Bretton Woods International Monetary System

Author

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  • Edwin M. Truman

    (Peterson Institute for International Economics)

Abstract

This paper examines two episodes of international economic policy coordination: the efforts to modify the Bretton Woods international monetary system in the 1960s and early 1970s and to reform the system after the closing of the US official gold window on August 15, 1971. The paper examines the diagnoses of the problem in each episode, the treatments applied, and the results in the short run and longer run. In the short run, both episodes were failures. The international monetary system that emerged in the mid-1970s, while less systemic than some would like, has nevertheless stood the test of time, although proposals for its reform continue to be discussed.

Suggested Citation

  • Edwin M. Truman, 2017. "The End of the Bretton Woods International Monetary System," Working Paper Series WP17-11, Peterson Institute for International Economics.
    • Handle: RePEc:iie:wpaper:wp17-11
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    File URL: https://www.piie.com/publications/working-papers/end-bretton-woods-international-monetary-system
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    Cited by:

    1. Izunna Chima Anyikwa & Lehlohonolo Domela, 2022. "Asymmetric effects of exchange rate volatility on trade flows in BRICS economies," Studies in Economics and Econometrics, Taylor & Francis Journals, vol. 46(3), pages 224-247, July.

    More about this item

    Keywords

    balance of payments; Bretton Woods; capital flows; Committee of Twenty; exchange rates; gold; International Monetary Fund; international monetary system; special drawing rights;
    All these keywords.

    JEL classification:

    • F30 - International Economics - - International Finance - - - General
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F38 - International Economics - - International Finance - - - International Financial Policy: Financial Transactions Tax; Capital Controls
    • F53 - International Economics - - International Relations, National Security, and International Political Economy - - - International Agreements and Observance; International Organizations

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