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National Monetary Sovereignty and International Financial Order
Published online by Cambridge University Press: 17 August 2016
Extract
Over the last few years extensive negotiations have been undertaken to improve international financial arrangements. The agreement signed by the Finance Ministers of the Group of Ten in London in August and the proposals at the Rio meeting of the International Monetary Fund represent the culmination of governmental discussions continuing over most of a decade. Professor Robert Triffin's articles on “Gold and the Dollar Crisis”, which developed the ideas presented by John Maynard Keynes prior to the Bretton Woods Conference of 1944, concluded that a new international reserve asset was badly needed. In 1958 the United States began to incur large balance-of-payments deficits which soon seem persistent. The apparent dilemma was that the world's need for international reserves could be satisfied as long as the United States incurred deficits, while U.S. deficits weakened the U.S. reserve position.
- Type
- Problèmes Monétaires Internationaux
- Information
- Recherches Économiques de Louvain/ Louvain Economic Review , Volume 34 , Issue 2 , May 1968 , pp. 143 - 156
- Copyright
- Copyright © Université catholique de Louvain, Institut de recherches économiques et sociales 1968
References
(1) In this paper, the concern is with developments in systems of fixed exchange rates. This is not because flexible exchange rates might not be desirable in certain arrangements, nor because some individual countries may not adopt a flexible exchange system for an interim period. Rather that it seems exceedingly unlikely that a substantial number of countries are likely to move to a system of flexible exchange rates at the same time.