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5. The Bretton Woods System

verfasst von : Giovanni Battista Pittaluga, Elena Seghezza

Erschienen in: Building Trust in the International Monetary System

Verlag: Springer International Publishing

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Abstract

As the end of World War II approached, the Allies, and in particular the USA, were determined to create a new international monetary order. Many believed that, in the 1930s, the worldwide transmission of deflation and the frequent recourse by countries to competitive devaluations had contributed to the Great Depression.

The goal of the USA and Great Britain was to develop a new international monetary system. The crucial aspect of the system, based on the Bretton Woods Agreements of 1944, lies in the fact that, for the first time, it was an attempt at a “legalization” of international monetary affairs: a set of rules and institutions, shared and accepted by a large number of countries, that aimed at ensuring the functioning of an international payment system.

This made it possible to introduce, at the international level, innovative payment systems based, rather than on commodity money, as in the gold standard, on a fiat money, the dollar. Over time, the changing dynamics of inflation and productivity made the Bretton Woods system less attractive to the advanced countries, in particular the USA. On August 15, 1971 President Nixon suspended the convertibility of the dollar and the Bretton Woods system ended.

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Vorheriges Kapitel The Gold-Exchange Standard, Its Collapse and the Interwar Lack of an International Money

Nächstes Kapitel The Dollar Standard

It was a form of multilateral clearing. For a detailed illustration of the European Payments Union and its operating procedures, see Martinez-Oliva and Stefani (2001).

Thanks to this Plan, between 1948 and 1952, about 13 billion dollars flowed into Europe.

See Mundell (1969).

For an examination of the reasons and effects of this Plan, see De Long and Eichengreen (1991).

It, as highlighted by Menger (1892) and confirmed in the search-theoretic models, is the result of a market selection process of the various payment methods.

See Cesarano (2006).

In Germany the instability of capital flows caused a sudden stop and, because of this, a hyperinflation. See Morelli and Seghezza (2020).

See Nurkse (1944, p. 137-138).

There were, however, albeit minority ones, expression of supports for the adoption of a system of flexible exchange rates, such as those of Graham and Whittlesey (1934).

See Keynes (1923 [1980, vol. 21, p. 501]).

See Williams (1936, p. 163). Critical of this compromise position was Hayek who argued that the adoption of fixed but adjustable rates would allow governments a discretionary management of the currency, or what he termed “monetary nationalism”. Therefore, he held that “instead of flexible parities or a widening of the gold points, absolute fixity of the exchange rates should be secured by a system of international par clearance”. See Hayek (1937, p. 84). Hayek’s rigid position was shared by Robbins (1937, 1943).

See Irwin (2017).

See James (2012).

See Horsefield (1969, vol. III, p. 31).

In recent years, the belief in the preferability of fixed exchange rates to flexible ones has been questioned by several scholars. In particular, Friedman (1953) challenged the idea that speculation has a destabilizing effects in flexible exchange rates, that is, that it tends to distance exchange rates from their equilibrium value. Eichengreen (1982), examining the case of the 1923–24 French franc crisis, found that speculative operation was extraneous to it.

See Nurkse (1944).

See James (2012).

See Steil (2013).

See Keynes (1942).

See Keynes (1943).

In illustrating the advantages of his Plan, Keynes (1943 [1969, p. 27]) writes: “It should be much easier, and surely more satisfactory for all of us, to enter into a general and collective responsibility, applying to all countries alike, that a country finding itself in a creditor position against the rest of the world as a whole should enter into an arrangement not to allow this credit balance to exercise a contractionist pressure against world economy”.

For many of these scholars, generally British like Keynes, the great attention paid to the problem of asymmetric adjustments stemmed from their interpretation of the collapse of the gold-exchange standard. This collapse, according to this interpretation, was to be attributed exclusively to the behaviour of France and the USA, more specifically the abnormal accumulation of gold reserves of these countries and the sterilization policies implemented by them. Unlike these scholars, others, mainly American, traced the collapse of the gold-exchange standard to the inability of deficit countries to correct their foreign imbalances and, ultimately, to their lack of monetary discipline.

See Keynes (1943 [1969, p. 25]).

As Boughton (2002, p. 14) writes: “[Keynes] envisaged the Clearing Union primarily as an agreement between the two ‘founder-states’ with other countries joining it as they wished by complying with specified conditions”. Also on this occasion Keynes confirmed himself as the defender of a declining England, which Skidelsky (2003) portrayed in the second volume of his monumental biography.

With considerably experience in economics. See on this aspect Harrod (1951), Stein (1969) and Flanders (1990).

See IMF Records Office, April 1942, quoted in Asher and Mason (1973, p. 15).

See Gardner (1956).

In particular, the Stabilization Fund was given the responsibility of determining the parities of the member countries: these parities could only be changed in the presence of a fundamental imbalance. In the International Clearing Union the member countries agreed on the initial parity of their currency with the Bancor. They could change this parity only in the presence of a persistent current account deficit and up to a maximum of 5%.

Preface to Proposals for an International Clearing Union.

See Article IV, section 5(a).

See Article XII, section 8.

Commission I was on the Fund, and was chaired by Harry Dexter White, Commission II was on the Bank and was chaired by John Maynard Keynes, Commission III was on the international financial cooperation and was chaired by Eduardo Suarez of Mexico.

The work of the Commissions was carried out by Committee on specific topics.

Thanks to the cooperation between states, the fund would have had the task “to facilitate the expansion and balanced growth of international trade, and to contribute thereby to the promotion and maintenance of high levels of employment and real income…” See Horsefield (1969, vol. III, p. 187).

On this aspect, see Block (1977).

“The role of the dollar in the post-war monetary regime, in short, conferred upon the USA a greater degree of freedom in domestic and foreign security policy than was available to other states participating in the regime” See Gowa (1983, p. 44).

See, among others Gilpin (2002, p. 167): “In subsequent years the original Bretton Woods system has been significantly modified in response to economic and political realities beginning immediately after the end of World War”.

See on this aspect Gowa (1983, p 37): “Over time, the member states of the Bretton Woods regime come to rely not only on the Fund and gold but also on a variety of ad hoc arrangements and, increasingly, on US payments deficits for supply of international liquidity. Thus, the system evolved into a full-fledged gold-dollar standard; the USA was its key currency country”.

See Keohane (1984).

See Ikenberry (1993, p. 157).

See Seghezza (2018, pp. 167–168).

See Bordo (2017).

See Triffin (1957).

See De Long and Eichengreen (1991).

See Finger (1979).

See Kaplan and Schleimnger (1989).

See Bordo (1993).

Between 1946 and 1949 the US current account balance recorded positive balances between 6 and 11 billion of dollars.

See Newton (1984).

The British delegation that concluded the negotiations with the American counterpart was led by Keynes.

See, among others, Burnham (1992).

See, among others, Brett (1985), Lipietz (1987) and Tomlinson (1990).

Furthermore, the British government was under the impression that it would be possible to persuade some countries to cancel their sterling balances to offset their war debts.

See Cairncross and Eichengreen (1983).

In 1949, the gold reserves of Britain fell from 318.2 million pounds to 190.2 million pounds.

See Einzig (1968).

This is an example of financial statecraft in international relations between states. See Kirshner (1995).

See Strange (1971) and James (1996).

See Schenk (2010, p. 36).

The use of British currency in international trade decreased significantly, from about 50% in 1945 to 30% in 1967. See Dam (1982).

See Johnson (1972).

See Mundell (1968) and McKinnon (1993).

$ 35 for an ounce of gold.

See McKinnon (2013).

See Mundell (2003).

See McKinnon (2013, p. 39).

There were very few exchange adjustments between 1958 and 1967: two devaluations of France in 1957 and 1958 and the revaluations of Germany and Holland in 1961.

Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, the United Kingdom, the USA, Sweden and Switzerland.

See Bird (1998).

See Lacouture (1992, p. 381).

See Eichengreen (2011).

See Kissinger (1994).

See Bordo and James (2012).

For an illustration of the characteristics of the SDRs, see Williamson (2009).

See Eichengreen (2019).

See Bordo et al. (2014).

See Strange (1976), Harvey (2013) and Schenk (2013).

See Toniolo and Clement (2005) and Bordo et al. (2019).

Germany, the United Kingdom, France, Italy, Belgium, the Netherlands and Switzerland.

From the empirical evidence it would seem, however, that this choice did not have a noticeable impact on the gold market (see Bordo et al., 2019). Meltzer (1991) has a different opinion.

Gavin (2007) and Schenk (2010) showed that the USA, fearing the repercussions of a devaluation of the pound on gold-dollar parity, had given financial support to Britain and its currency between 1961 and 1967. This had ended up creating a close link between the pound and the dollar. See Strange (1976).

See Bordo et al. (2019), Bordo (1993), Schenk (2010), Toniolo and Clement (2005) and Eichengreen (2010).

See De Grauwe (1989).

See James (1996) and Bordo et al. (2012).

See James (1990).

See Cohen (2008, p. 456).

See Machlup (1966).

See Monnet and Puy (2019).

See Silber (1983), Llewellyn (1992) and Helleiner (1994).

See Strange (1976).

See Wriston (1988) and von Dormael (1997).

See Frieden (1987), Strange (1971) and Helleiner (1994).

See Burn (1999).

See Helleiner (1994, p. 89).

See Helleiner (1994).

See Woods (2006).

See Kapur et al. (1997).

100

See O’Rourke (2018).

101

The importance of this power increased as the number of decisions requiring a special majority increased. See Gold (1977) and Lister (1984).

102

See Woods (2006, p. 29).

103

See Dell (1981, pp. 9–10).

104

See De Vries (1976, pp. 256–257).

105

See Gold (1969, vol. 2, p. 524).

106

See Polak (1957), De Vries (1987) and Frenkel and Goldstein (1991).

107

See Gold (1982, p. 156).

108

Australia, Belgium, Brazil, Burma, Canada, Ceylon, Chile, China, Cuba, Czechoslovakia, France, India, Lebanon, Luxembourg, the Netherlands, New Zealand, Norway, Pakistan, South Africa, Southern Rhodesia, Syria, the United Kingdom, the USA. With the Annecy negotiations of 1949, these first countries were joined by: Colombia, Denmark, Dominican Republic, Finland, Greece, Haiti, Italy, Liberia, Nicaragua, Sweden and Uruguay.

109

See Irwin (1994).

110

For a detailed examination of this aspect, see Eichengreen (1993).

111

The other measures consisted of a 10% surcharge on imports and freezing prices and wages for 90 days.

112

Garber (1993) and De Grauwe (1989) have shown the drawbacks of this explanation.

113

See Bordo (1993) and Darby et al. (1983).

114

See Meltzer (2009, p. 756).

115

See Meltzer (2009, p. 757).

116

See Helleiner (1994).

117

See Zysman (1983). In this context, an irremediable rift arose between, on the one hand, Britain and the USA, in favour of increasing financial openness, and the countries of continental Europe, which wanted an international agreement on capital controls. See Kloss (1972).

118

See Mundell (1963) and Padoa-Schioppa (1982).

119

Similar evidence was found when comparing American inflation with Japanese inflation. Compared to Germany, however, American inflation was higher starting from 1968.

120

See James (1996).

121

See James (1996).

122

See Gowa (1983) and Odell (1982).

123

See Best (2005).

124

See Block (1977), Gilpin (1987) and Keohane and Nye (1977).

125

See Bergsten (1975) and Calleo (1982).

126

See Keohane and Nye (1977, p. 140).

127

See Dornbusch (1993).

128

See Simmons (2000).

129

See Chwieroth (2009), Pauly (2008) and Fioretos and Heldt (2019).

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Titel: The Bretton Woods System
verfasst von: Giovanni Battista Pittaluga
Elena Seghezza
Verlag: Springer International Publishing
Buch: Building Trust in the International Monetary System
Print ISBN: 978-3-030-78490-4

Electronic ISBN: 978-3-030-78491-1

Copyright-Jahr: 2021
DOI: https://doi.org/10.1007/978-3-030-78491-1_5

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