Hostname: page-component-78c5997874-mlc7c Total loading time: 0 Render date: 2024-11-08T00:20:35.308Z Has data issue: false hasContentIssue false
  • English
  • Français

REVIVING CONFIDENCE

Published online by Cambridge University Press:  13 August 2012

CAROL M. CONNELL
Get access Rights & Permissions [Opens in a new window]

Abstract

This paper examines two competing proposals for reforming and reviving confidence in the world monetary system, and the two economists, Robert Triffin and Fritz Machlup, who led the charge, one for centralized reserves, and the other for flexible exchange rates. Triffin would later claim that no one did more to ensure that floating exchange rates emerged the winner in the policy debate than Machlup because of his influence on academic economists and policy makers through the Bellagio Group conferences. The Bellagio Group conferences and Machlup’s leadership role are examined.

Type
Research Articles
Information
Journal of the History of Economic Thought , Volume 34 , Issue 3 , September 2012 , pp. 293 - 320
Copyright
Copyright © The History of Economics Society 2012

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

REFERENCES

Altman, Oscar. 1961. “Professor Triffin on International Liquidity and the Role of the Fund.” International Monetary Fund Staff Papers 8 (2): 151–191.CrossRefGoogle Scholar
Bergsten, C. Fred. 1994. “Exchange Rate Policy.” In Feldstein, M., ed., American Economics Policy in the 1980s. Chicago: University of Chicago Press, pp. 341–348.Google Scholar
Blaug, Mark. 1985. Great Economists since Keynes. Totowa, NJ: Barnes & Noble.Google Scholar
Bordo, Michael, Simard, Dominique, and White, Eugene. 1994. “France and the Bretton Woods International Monetary System: 1960 to 1968.” NBER Working Paper No. 4642, pp. 1–35. .CrossRefGoogle Scholar
Bordo, Michael, and Eichengreen, Barry. 1998. “The Rise and Fall of a Barbarous Relic: The Role of Gold in the International Monetary System.” NBER Working Paper No. 6436: 1–87.CrossRefGoogle Scholar
Cooper, Richard. 1999. “Exchange Rate Choices.” In Little, J. and Olivei, G., eds., Rethinking the International Monetary System. Conference Series, No. 43. Boston, MA: Federal Reserve Bank, pp. 99–123.Google Scholar
Dequech, David. 1999. “Expectations and Confidence under Uncertainty.” Journal of Post Keynesian Economics 21 (3): 415–430.CrossRefGoogle Scholar
Devries, Margaret. 1987. Balance of Payments Adjustment. Washington, DC: International Monetary Fund.Google Scholar
Dyson, Kenneth, and Featherstone, Kenneth. 1999. The Road to Maastricht. Oxford, UK: Oxford University Press.CrossRefGoogle Scholar
Eichengeen, Barry. 2008. Globalizing Capital. Princeton, NJ: Princeton University Press.CrossRefGoogle Scholar
Eichengreen, Barry, and James, Harold. 2003. “Monetary and Financial Reform in the Two Eras of Globalization.” In Bordo, Michael, Taylor, Anthony, and, Williamson, John, eds., Globalization in Historical Perspective. Chicago: University of Chicago Press, pp. 515–548.CrossRefGoogle Scholar
Emminger, Oscar. 1977. “The D-Mark in the Conflict Between Internal and External Equilibrium, 1948–75.” Essays in International Finance No. 3. Princeton, NJ: International Finance Section, Princeton University, pp. 1–54.Google Scholar
Endres, Anthony. 2005. Great Architecture of International Finance. London: Routledge.Google Scholar
Fellner, William, Machlup, Fritz, and Triffin, Robert. 1966. Maintaining and Restoring Balance in International Payments. Princeton, NJ: Princeton University Press.Google Scholar
Flandreau, Marc. 2003. Money Doctors: The Experience of International Financial Advising 1850–2000. London: Routledge.Google Scholar
Frieden, Jeffry. 1996. “The Impact of Goods and Capital Market Integration on European Monetary Politics.” Comparative Political Studies 29: 193–222.CrossRefGoogle Scholar
Friedman, Milton. 1953. “The Case for Flexible Exchange Rates.” In Essays in Political Economics. Chicago: University of Chicago Press, pp. 157–203.Google Scholar
Furth, Josef. 1962. “Professor Triffin and the Problem of International Monetary Reform.” Journal of Economics 21 (3–4): 415–425.Google Scholar
Gavin, Francis. 2004. Gold, Dollars and Power. London: University of North Carolina.Google Scholar
Hefeker, Carson. 1996. “The Political Choice and Collapse of Fixed Exchange Rates.” Journal of Institutional and Theoretical Economics 152: 360–379.Google Scholar
Helleiner, Eric. 2003. “Dollarization Diplomacy: US Policy Toward Latin America Coming Full Circle.” Review of International Political Economy 10 (3): 406–429.CrossRefGoogle Scholar
Johnson, Harry. 1969. “The Case for Flexible Exchange Rates.” Hobart Papers No. 46. London: The Institute for Economic Affairs.Google Scholar
Keynes, John M. 1936. The General Theory of Employment, Interest and Money. Cambridge, UK: Cambridge University Press.Google Scholar
Kindleberger, Charles. 1970. Power and Money: The Economics of International Politics and the Politics of International Economics. New York: Basic Books.CrossRefGoogle Scholar
Koppl, Roger. 1992. “Invisible-hand Explanations and Neoclassical Economics: Toward a Post Marginalist Economics.” Journal of Institutional and Theoretical Economics 148: 292–313.Google Scholar
Langlois, Richard, and Koppl, Roger. 1991. “Fritz Machlup and Marginalism.” Methodus 3: 86–102.Google Scholar
Machlup, Fritz. 1947–1983. Papers. Stanford, CA: Hoover Institution Archives.Google Scholar
Machlup, Fritz. 1958. “Equilibrium and Disequilibrium: Misplaced Concreteness and Disguised Politics.” The Economic Journal 68: 1–24.CrossRefGoogle Scholar
Machlup, Fritz. 1964a. International Monetary Arrangements: The Problem of Choice. Princeton, NJ: International Finance Section, Princeton University.Google Scholar
Machlup, Fritz. 1964b. International Payments, Debts and Gold. New York: Charles Scribners’ Sons.Google Scholar
Machlup, Fritz. 1964c. Plans for Reform of the International Monetary System. Special Papers in International Economics No. 3. Princeton, NJ: International Finance Section, Princeton University.CrossRefGoogle Scholar
Machlup, Fritz. 1966a. International Monetary Systems and the Free Market Economy. Reprints in International Finance No. 3. Princeton, NJ: International Finance Section, Princeton University.Google Scholar
Machlup, Fritz. 1966b. World Monetary Debate—Bases for Agreement. Reprints in International Finance No. 4. Princeton, NJ: International Finance Section, Princeton University.Google Scholar
Machlup, Fritz. 1966c. The Need for Monetary Reserves. Reprints in International Finance No. 5. Princeton, NJ: International Finance Section, Princeton University.Google Scholar
Machlup, Fritz. 1982. “My Work on International Monetary Problems, 1940–1964.” Banca Nazionale del Lavoro Quarterly Review 140: 3–36.Google Scholar
Maes, Ivo. 2004. “Macroeconomic and Monetary Policy-making at the EC, from the Rome Treaties to the Hague Summit.” National Bank of Belgium Working Paper No. 58. Available at SSRN: http://ssrn.com/abstract=1691479.Google Scholar
Ritzmann, Franz. 1999. “Money, a Substitute for Confidence?” American Journal of Economics and Sociology 58 (2): 167–192.CrossRefGoogle Scholar
Solomon, Robert. 1977. The International Monetary System, 1945–1976: An Insider’s View. New York: Harper & Row.Google Scholar
Toniolo, Gianni. 2005. Central Bank Cooperation at the Bank for International Settlements. 1930–1973. New York: Cambridge University Press.Google Scholar
Triffin, Robert. 1934–1978. Papers. Yale University, New Haven.Google Scholar
Triffin, Robert. 1947. “National Central Banking and the International Economy,” The Review of Economic Studies 14 (2): 53–75.CrossRefGoogle Scholar
Triffin, Robert. 1957. Europe and the Money Muddle: From Bilateralism to Near Convertibility, 1947–1956. London: Oxford University Press.Google Scholar
Triffin, Robert. 1959. Statement in Employment, Growth and Price Levels. Hearings before the Joint Economic Committee, Congress of the United States, 86th Congress, First Session, Part 9A, pp. 2905–2954.Google Scholar
Triffin, Robert. 1960. Gold and the Dollar Crisis. New Haven: Yale University Press.Google Scholar
Triffin, Robert. 1965. “Updating the Triffin Plan.” In Triffin, R., The World Money Maze. New Haven, CT: Yale University Press, pp. 346–373.Google Scholar
Triffin, Robert. 1966. “The Balance of Payments and the Foreign Investment Position of the United States.” Essays in International Finance No. 55. Princeton, NJ: International Finance Section, Princeton University.Google Scholar
Triffin, Robert. 1978a. “Gold and the Dollar Crisis: Yesterday and Tomorrow.” Essays in International Finance No. 132. Princeton, NJ: International Finance Section, Princeton University.Google Scholar
Triffin, Robert. 1978b. “The Impact of the Bellagio Group on World Monetary Reform.” In Dreyer, Jacob, ed., Breadth and Depth in Economics. Toronto: Lexington Books, pp. 145–158.Google Scholar
Triffin, Robert. 1981. “An Economist’s Career: What? Why? How?” Banca Nazionale del Lavoro Quarterly Review 138: 239–260.Google Scholar
Williamson, John. 1978. “Machlup and International Monetary Reform.” In Dreyer, Jacob, ed., Breadth and Depth in Economics. Toronto: Lexington Books, pp. 159–172.Google Scholar
Wilson, Jerome. 2004. “Le Group de Bellagio: Origines et Premiers Pas (1960–1964).” In Dumoulin, Michel, ed., Economic Networks and European Integration. Brussels: Peter Lang, pp. 391–410.Google Scholar
Yeager, Leland. 1961. “The Triffin Plan: Diagnosis, Remedy and Alternatives.” Kyklos 14: pp. 285–314.CrossRefGoogle Scholar