The Experts below are selected from a list of 294 Experts worldwide ranked by ideXlab platform

Edwin M. Truman - One of the best experts on this subject based on the ideXlab platform.

  • The End of the Bretton Woods International Monetary System
    2017
    Co-Authors: Edwin M. Truman
    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.

  • john williamson and the evolution of the International Monetary System
    2012
    Co-Authors: Edwin M. Truman
    Abstract:

    Throughout his brilliant career, John Williamson has frequently focused his considerable analytical skills and powers of persuasion on reform of the International Monetary System. This paper examines two principal areas of his concern: (1) exchange rates and the adjustment process, and (2) International liquidity, seigniorage, and the stability of the System. With respect to exchange rates, I find that there has been a moderate reduction in variability, but over the past 40 years external imbalances have, if anything, worsened. The adjustment process has malfunctioned. With respect to International liquidity, reserves have expanded rapidly, but their expansion has been demand-determined, has not involved a remonetization of gold or an increase in inflation. I find that concerns about the size and maldistribution of seigniorage are misplaced. Moreover, we are seeing a steady evolution toward a multicurrency International Monetary and financial System. However, reserve diversification does not appear to have adversely affected exchange rate volatility to date. I conclude that the principal benefits of the Bretton Woods International Monetary System remain and the principal weaknesses remain. But the System is evolving. It could be improved with respect to the adjustment process and the role of the International Monetary Fund as the International lender of last resort.

  • The Outlook for International Monetary System Reform in 2011: A Preliminary Report
    Policy briefs, 2011
    Co-Authors: Edwin M. Truman
    Abstract:

    Reform of the International Monetary System was placed on the agenda of the Group of 20 (G-20) a year ago at the initiative of the incoming French leadership of the G-20. On November 4, 2011 in Cannes, France, the G-20 leaders will announce their conclusions and agreements after a year and half of intense dialogue and debate. The discussions cover (1) surveillance of the global economy and financial System, (2) International lender of last resort mechanisms, (3) capital flows and financial pressures, (4) the currency and reserve asset System, and (5) governance of the International Monetary System. While the governance issue, in the form of governance of the International Monetary Fund (IMF), is not explicitly on the agenda of the G-20 leaders, the resignation of Dominique Strauss-Kahn as managing director of the IMF has placed it on the agenda with high priority. Based on the evidence to date, Truman expects that by the end of 2011, the result will produce a barely passing grade on substance—below B on the inflated scale of grades today—but an A for effort. As long as the process achieves the A for effort via a thorough examination of the full range of reform issues, the shortfall on substance is not crucial, and he welcomes being proved wrong on substance. More would be desirable, but the International Monetary System will continue to evolve.

Eugene N White - One of the best experts on this subject based on the ideXlab platform.

  • An Overplayed Hand: France and the Bretton Woods International Monetary System
    1996
    Co-Authors: Eugene N White, Michael D Bordo, Dominique Simard
    Abstract:

    We 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.

  • france and the bretton woods International Monetary System 1960 1968
    National Bureau of Economic Research, 1994
    Co-Authors: Michael D Bordo, Dominique Simard, Eugene N White
    Abstract:

    We 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 cooperative gold-exchange standard regime.

Dominique Simard - One of the best experts on this subject based on the ideXlab platform.

  • An Overplayed Hand: France and the Bretton Woods International Monetary System
    1996
    Co-Authors: Eugene N White, Michael D Bordo, Dominique Simard
    Abstract:

    We 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.

  • france and the bretton woods International Monetary System 1960 1968
    National Bureau of Economic Research, 1994
    Co-Authors: Michael D Bordo, Dominique Simard, Eugene N White
    Abstract:

    We 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 cooperative gold-exchange standard regime.

David Rosenblatt - One of the best experts on this subject based on the ideXlab platform.

  • Reform of the International Monetary System: A Jagged History and Uncertain Prospects - Reform of the International Monetary System : A Jagged History and Uncertain Prospects
    Policy Research Working Papers, 2012
    Co-Authors: Shahrokh Fardoust, David Rosenblatt
    Abstract:

    This paper analyzes the historical evolution of the International Monetary System in the context of the rising role of developing countries in the world economy and the emerging multi-polar growth setting. It evaluates the stability of the current"non-System"and how the global economic context is likely to affect that stability in the coming years with potential adverse effects on both advanced and developing economies. Given the likely trend toward a multi-polar reserve currency System, the paper evaluates the stability of the emerging System, as well as the current proposals for reform of the International Monetary System. The paper concludes that more ambitious reforms of the System may be needed to meaningfully reduce future global economic and financial instability.

  • reform of the International Monetary System a jagged history and uncertain prospects
    2012
    Co-Authors: Shahrokh Fardoust, David Rosenblatt
    Abstract:

    This paper analyzes the historical evolution of the International Monetary System in the context of the rising role of developing countries in the world economy and the emerging multi-polar growth setting. It evaluates the stability of the current"non-System"and how the global economic context is likely to affect that stability in the coming years with potential adverse effects on both advanced and developing economies. Given the likely trend toward a multi-polar reserve currency System, the paper evaluates the stability of the emerging System, as well as the current proposals for reform of the International Monetary System. The paper concludes that more ambitious reforms of the System may be needed to meaningfully reduce future global economic and financial instability.

Michael D Bordo - One of the best experts on this subject based on the ideXlab platform.

  • An Overplayed Hand: France and the Bretton Woods International Monetary System
    1996
    Co-Authors: Eugene N White, Michael D Bordo, Dominique Simard
    Abstract:

    We 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.

  • france and the bretton woods International Monetary System 1960 1968
    National Bureau of Economic Research, 1994
    Co-Authors: Michael D Bordo, Dominique Simard, Eugene N White
    Abstract:

    We 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 cooperative gold-exchange standard regime.