An Overplayed Hand: France and the Bretton Woods International Monetary System
AbstractWe reinterpret the commonly held view in the U.S. that France, by following a policy from 1965 to 1968 of deliberately converting their dollar holdings into gold helped perpetuate the collapse of the Bretton Woods International Monetary System. We argue that French international monetary policy under Charles de Gaulle was consistent with strategies developed in the interwar period and the French Plan of 1943. France used proposals to return to an orthodox gold standard as well as conversions of its dollar reserves into gold as tactical threats to induce the United States to initiate the reform of the international monetary system towards a more symmetrical and co-operative gold-exchange standard regime.
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Bibliographic InfoPaper provided by Rutgers University, Department of Economics in its series Departmental Working Papers with number 199420.
Date of creation: 04 Oct 1996
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Bretton Woods; France; international monetary system;
Find related papers by JEL classification:
- E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
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- Kathryn M.E. Dominguez, 1993.
"The Role of International Organizations in the Bretton Woods System,"
in: A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform, pages 357-404
National Bureau of Economic Research, Inc.
- Kathryn M. Dominguez, 1992. "The Role of International Organizations in the Bretton Woods System," NBER Working Papers 3951, National Bureau of Economic Research, Inc.
- Matthew B. Canzoneri & Dale W. Henderson, 1991. "Monetary Policy in Interdependent Economies: A Game-Theoretic Approach," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262031787, June.
- Diskussion:Bretton-Woods-System in Wikipedia (German)
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