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Post-war International Monetary Arrangements

  • Patrick Collins

Abstract

The history of international monetary arrangements since the second World War falls naturally into two periods. The earlier period, lasting until 1971, was characterised by fixed exchange rates, low rates of inflation and relatively stable economic growth in most countries, combined with low unemployment and rapid growth in international trade. The subsequent period saw the reversal of all these conditions, with floating exchange rates, unprecedentedly rapid inflation, slower and less stable economic growth, rising levels of unemployment and slower growth in international trade (the volume of which actually fell in some years). In order to understand the prospects for improvement of the present situation, and the possibility of governments’ facilitating a return to a more stable and prosperous era through making appropriate changes in existing monetary arrangements, it is necessary to examine in some detail certain aspects of the international economic system which has been in operation over the past four decades.

Keywords

Exchange Rate Monetary Policy Money Supply National Currency Monetary Authority 
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References

  1. 1.
    International Financial Statistics, International Monetary Fund.Google Scholar
  2. 2.
    OECD Economic Outlook, No. 33, (OECD Paris, July 1983), p. 167.Google Scholar
  3. 3.
    C. J. Wright, ‘A Long Look at the Dollar’, Barclays Review, Vol. 57, No. 4, November 1982, pp. 79–83.Google Scholar
  4. 4.
    S. Brittan, ‘A very painful world adjustment’, Foreign Affairs, America & the World 1982, Vol. 61, No. 3, (1983), p. 555.Google Scholar
  5. 5.
    M. Friedman & A. Schwarz, The Monetary History of the U.S. 1867–1960, Princeton University Press, 1973, p. 558.Google Scholar

Copyright information

© Patrick Collins 1985

Authors and Affiliations

  • Patrick Collins
    • 1
  1. 1.Department of Management ScienceImperial College of Science and TechnologyLondonUK

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