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The influence of US policy on the SDR under post‐Bretton Woods arrangements

Christopher M.D. Wilkie

in Special Drawing Rights (SDRs): The First International Money

Published in print:
2011
Published Online:
January 2012
ISBN:
9780199606467
eISBN:
9780191731648
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199606467.003.0004
Subject:
Economics and Finance, Macro- and Monetary Economics

SDRs could not prop up a Bretton Woods system without US support. And it is true that the SDR was no longer a priority for the US as post‐Bretton Woods arrangements consolidated themselves. ... More


Managing Systemic Risk: The Rationale for International Financial Regulation

Kern Alexander, Rahul Dhumale, and John Eatwell

in Global Governance of Financial Systems: The International Regulation of Systemic Risk

Published in print:
2005
Published Online:
September 2007
ISBN:
9780195166989
eISBN:
9780199783861
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195166989.003.0003
Subject:
Economics and Finance, Financial Economics

This chapter discusses the nature of systemic risk in the international financial system and the dilemmas that face national regulators who seek to protect their economies from the ravages of ... More


The Bretton Woods System: Design and Operation

Peter Kugler

in Money in the Western Legal Tradition: Middle Ages to Bretton Woods

Published in print:
2016
Published Online:
April 2016
ISBN:
9780198704744
eISBN:
9780191774041
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198704744.003.0028
Subject:
Law, Legal History

The System designed at the conference at Bretton Woods in July 1944 (BWS) was the first full attempt to establish an international monetary system with fixed but adjustable exchange rates based on an ... More


The genesis of SDRs and the limitations of the Rio Agreement

Christopher M.D. Wilkie

in Special Drawing Rights (SDRs): The First International Money

Published in print:
2011
Published Online:
January 2012
ISBN:
9780199606467
eISBN:
9780191731648
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199606467.003.0002
Subject:
Economics and Finance, Macro- and Monetary Economics

Since the 1970s, conventional wisdom in both economic and international relations/political economy literature is that the clumsily‐named Special Drawing Rights were a compromise that doomed their ... More


Special Drawing Rights (SDRs): The First International Money

Christopher Wilkie

Published in print:
2011
Published Online:
January 2012
ISBN:
9780199606467
eISBN:
9780191731648
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199606467.001.0001
Subject:
Economics and Finance, Macro- and Monetary Economics

Following the Rio Agreement in 1967, the birth of the Special Drawing Right (SDR) was widely heralded as the first step towards a world international money. The SDR's intended purpose, though, was ... More


Global Macroeconomic Management

Lance Taylor

in Governing Globalization: Issues and Institutions

Published in print:
2002
Published Online:
October 2011
ISBN:
9780199254033
eISBN:
9780191698187
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199254033.003.0003
Subject:
Economics and Finance, Development, Growth, and Environmental

The most important development in the global macroeconomic system over the past few decades has been the liberalisation of international capital markets that got underway in the 1970s. This sea of ... More


Structural Causes and Consequences of the 2008–2009 Financial Crisis

Jomo Kwame Sundaram and Felice Noelle Rodriguez

in Aftermath: A New Global Economic Order?

Published in print:
2011
Published Online:
March 2016
ISBN:
9780814772836
eISBN:
9780814748695
Item type:
chapter
Publisher:
NYU Press
DOI:
10.18574/nyu/9780814772836.003.0005
Subject:
Sociology, Economic Sociology

This chapter takes a broader view of global financial architecture. It first discusses the 1944 creation of the Bretton Woods system of international institutions, explicitly designed to extend the ... More


Lyndon Johnson and the Challenges of Economic Globalization

Daniel Sargent

in Beyond the Cold War: Lyndon Johnson and the New Global Challenges of the 1960s

Published in print:
2014
Published Online:
April 2014
ISBN:
9780199790692
eISBN:
9780199395521
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199790692.003.0001
Subject:
History, American History: 20th Century, Political History

This chapter situates domestic monetary policy during the Johnson administration in the context of international economic changes associated with a renewal of economic globalization. American ... More


Why Not Bancor?: Keynes’s Currency Plan as a Solution to Global Imbalances

Toshiaki Hirai, Maria Cristina Marcuzzo, and Perry Mehrling

in Keynesian Reflections: Effective Demand, Money, Finance, and Policies in the Crisis

Published in print:
2013
Published Online:
May 2013
ISBN:
9780198092117
eISBN:
9780199082506
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198092117.003.0009
Subject:
Economics and Finance, History of Economic Thought

This chapter revisits Keynes’s post-war currency plans as a source of inspiration to address the persistent problem of global imbalances. It shows how the international monetary system established at ... More


Putting the ‘System’ in the International Monetary System

Michael Bordo and Angela Redish

in Money in the Western Legal Tradition: Middle Ages to Bretton Woods

Published in print:
2016
Published Online:
April 2016
ISBN:
9780198704744
eISBN:
9780191774041
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198704744.003.0027
Subject:
Law, Legal History

This chapter traces the evolution of the International Monetary System (IMS) from the early nineteenth century to the present. In the 1850s, the unit of account in each of the major powers was tied ... More


Life on the Tri-Polar Sphere: How Should Interest and Exchange Rates Realign Next?

Michael P. Dooley, David Folkerts-Landau, and Peter Garber (eds)

in International Financial Issues in the Pacific Rim: Global Imbalances, Financial Liberalization, and Exchange Rate Policy

Published in print:
2008
Published Online:
February 2013
ISBN:
9780226386829
eISBN:
9780226387086
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226387086.003.0002
Subject:
Economics and Finance, South and East Asia

This chapter sets out in greater detail what the authors think about the dynamic forces emanating from the emergence of China and Asia as major players in world capital and foreign exchange markets. ... More


The 1960s: High Growth, High Hopes, and Looming Structural Imbalances

Samuel Wangwe and Hiroshi Kawamura

in The World Economy through the Lens of the United Nations

Published in print:
2018
Published Online:
April 2018
ISBN:
9780198817345
eISBN:
9780191858864
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198817345.003.0003
Subject:
Economics and Finance, International, Development, Growth, and Environmental

The global climate in the 1960s was one of excitement and hope brought by the independence of many countries from colonialism, the UN declaration of the First Development Decade, and unprecedented ... More


European Monetary Cooperation, 1945–1974: Background and Debates

Emmanuel Mourlon-Druol

in A Europe Made of Money: The Emergence of the European Monetary System

Published in print:
2012
Published Online:
August 2016
ISBN:
9780801450839
eISBN:
9780801465932
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9780801450839.003.0002
Subject:
Political Science, European Union

This chapter explores several key ideas necessary to understand how monetary coordination works. It first considers the so-called triangle of compatibilities, or trilemma. According to Robert ... More


Exchange Rate Options for East Asia

Ulrich Volz

in Prospects for Monetary Cooperation and Integration in East Asia

Published in print:
2010
Published Online:
August 2013
ISBN:
9780262013994
eISBN:
9780262265980
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262013994.003.0008
Subject:
Economics and Finance, Econometrics

This chapter discusses three possibilities for future exchange rate options for the East Asian economies. The first would be the adoption of freely floating exchange rates throughout the region (or ... More


Managing Flexibility: 1971–90

Shinji Takagi

in Conquering the Fear of Freedom: Japanese Exchange Rate Policy since 1945

Published in print:
2015
Published Online:
May 2015
ISBN:
9780198714651
eISBN:
9780191782893
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198714651.003.0004
Subject:
Economics and Finance, Financial Economics, Macro- and Monetary Economics

Chapter 4 reviews how Japanese authorities managed the flexible exchange rate for the yen in response to external and domestic developments. In particular, the chapter discusses policy actions taken ... More


Wilsonianism: The Construction of an American Vernacular

Tony Smith

in Why Wilson Matters: The Origin of American Liberal Internationalism and Its Crisis Today

Published in print:
2018
Published Online:
January 2019
ISBN:
9780691183480
eISBN:
9781400883400
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691183480.003.0006
Subject:
Political Science, International Relations and Politics

This chapter looks at the achievements of Wilsonianism. The Bretton Woods system that integrated the world's market economies; the occupations of Japan and Germany that democratized them; the ... More


The United States Invents Its Own ILLR, 1961–1962

Daniel McDowell

in Brother, Can You Spare a Billion?: The United States, the IMF, and the International Lender of Last Resort

Published in print:
2017
Published Online:
December 2016
ISBN:
9780190605766
eISBN:
9780190609504
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190605766.003.0003
Subject:
Political Science, Political Economy, International Relations and Politics

In the early 1960s, due to eased restrictions on international capital flows, money was leaving the United States for offshore financial markets in Europe. Consequently, the US dollar became ... More


Bridging the Gap: A New World Economic Order for Development?

Manuel Montes and Vladimir Popov

in Aftermath: A New Global Economic Order?

Published in print:
2011
Published Online:
March 2016
ISBN:
9780814772836
eISBN:
9780814748695
Item type:
chapter
Publisher:
NYU Press
DOI:
10.18574/nyu/9780814772836.003.0006
Subject:
Sociology, Economic Sociology

This chapter takes up the question of whether there is a plausible basis for hope that countries in all world regions and at all levels of wealth might agree to a new world order. Implicitly, the ... More


The World Food Crisis and the End of the Postwar Food System

Bryan L. McDonald

in Food Power: The Rise and Fall of the Postwar American Food System

Published in print:
2017
Published Online:
November 2016
ISBN:
9780190600686
eISBN:
9780190600716
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190600686.003.0007
Subject:
History, American History: 20th Century

The end of the 1960s brought turbulence in American affairs at home and abroad, and sparked a set of changes that resulted in the first global food crisis since the end of World War II. In the early ... More


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