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Erschienen in:

2013 | OriginalPaper | Buchkapitel

2. What Is Driving the Financial World Today?

verfasst von : William H. Wallace

Erschienen in: The American Monetary System

Verlag: Springer International Publishing

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Abstract

We survived the 1930s only to find that different kinds of economic problems waited for us in the 1940s. World War II devastated the economies of nations all over the world. In 1944, after it had become clear that the Allied powers would win, representatives of 44 free nations, not including Germany and Japan, gathered at the invitation of the United States to a conference in Bretton Woods, New Hampshire, to discuss and plan for the world economy after the war.

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Vorheriges Kapitel What Gives Money Its Value? From Gold to Paper

Nächstes Kapitel How Are Banks Funded?

For an interesting and detailed account of the discussions at Bretton Woods, see Benn Steil [1].

The Southeast Asian Financial Crisis of 1997–1998 illustrated this fact quite clearly. The affected countries had remained on exchange rates that were fixed in that they were tied to other currencies such as the Dollar and the Yen. This made it more difficult for them to deal with the financial crisis that occurred because the market was unable to adjust their currencies on a gradual basis to ease the impact of the very substantial withdrawals of capital from the countries when the crisis hit. More discussion of this is in Chap. 9.

See Federal Reserve System balance sheet, pages 184–185.

See table, “Membership in the European Union,” pages 104–105.

Steil B (2013) The battle of Bretton Woods: John Maynard Keynes, Harry Dexter White, and the making of a new world order. Princeton University Press, Princeton

Volcker PA (1992) Changing fortunes. Times Books, New York

Smith RC, Walter I (2003) Global banking, 2nd edn. Oxford University Press, New York, p 20

Bernanke BS. (2007) Testimony before the Joint Economic Committee of Congress. http://www.federalreserve.gov/boarddocs/speeches/2004

U.S. Central Intelligence Agency (2010) World Factbook, U.S. Central Intelligence Agency, Washington, DC

Lind M (2012) Land of promise: an economic history of the United States. Harper Collins, New York, p 9

Titel: What Is Driving the Financial World Today?
verfasst von: William H. Wallace
Verlag: Springer International Publishing
Buch: The American Monetary System
Print ISBN: 978-3-319-02906-1

Electronic ISBN: 978-3-319-02907-8

Copyright-Jahr: 2013
DOI: https://doi.org/10.1007/978-3-319-02907-8_2