The Gold Pool (1961–1968) and the Fall of the Bretton Woods System: Lessons for Central Bank Cooperation
Eric Monnet
- Fonction : Auteur
- PersonId : 743081
- IdHAL : eric-monnet
- ORCID : 0000-0003-1445-8883
- IdRef : 127336184
Résumé
The Gold Pool was probably the most ambitious case of central bank cooperation in history. Major central banks pooled interventions to stabilize the dollar price of gold. Why did it collapse? From at least 1964, the fate of the Pool was, in fact, tied to sterling, the first line of defense for the dollar. Sterling’s devaluation in November 1967 eventually spurred speculation and unbearable losses for the Pool. Inflationary U.S. policies were weakening confidence in the dollar. The demise of the Pool provides a striking example of contagion between reserve currencies and the limits of central bank cooperation.
Domaines
Economies et financesFormat du dépôt | Notice |
---|---|
Type de dépôt | Article dans une revue |
Titre |
en
The Gold Pool (1961–1968) and the Fall of the Bretton Woods System: Lessons for Central Bank Cooperation
|
Résumé |
en
The Gold Pool was probably the most ambitious case of central bank cooperation in history. Major central banks pooled interventions to stabilize the dollar price of gold. Why did it collapse? From at least 1964, the fate of the Pool was, in fact, tied to sterling, the first line of defense for the dollar. Sterling’s devaluation in November 1967 eventually spurred speculation and unbearable losses for the Pool. Inflationary U.S. policies were weakening confidence in the dollar. The demise of the Pool provides a striking example of contagion between reserve currencies and the limits of central bank cooperation.
|
Auteur(s) |
Michael Bordo
1, 2
, Eric Monnet
3, 4, 5
, Alain Naef
6
1
Rutgers -
Rutgers University System
( 566577 )
- Camden, Newark, New Brunswick, New Jersey
- États-Unis
2
NBER -
The National Bureau of Economic Research
( 340636 )
- Main Office National Bureau of Economic Research
NBER
1050 Massachusetts Avenue
Cambridge, Massachusetts, MA 02138
- États-Unis
3
Centre de recherche de la Banque de France
( 171776 )
- 31 rue Croix des petits champs 75001 PARIS - France
- France
4
PSE -
Paris School of Economics
( 301309 )
- 48 boulevard Jourdan 75014 Paris
- France
5
PJSE -
Paris Jourdan Sciences Economiques
( 578027 )
- 48 boulevard Jourdan 75014 Paris
- France
6
UC Berkeley -
University of California [Berkeley]
( 563719 )
- Berkeley, CA
- États-Unis
|
Langue du document |
Anglais
|
Nom de la revue |
|
Vulgarisation |
Non
|
Comité de lecture |
Oui
|
Audience |
Internationale
|
Date de publication |
2019-12
|
Volume |
79
|
Numéro |
4
|
Page/Identifiant |
1027-1059
|
Domaine(s) |
|
DOI | 10.1017/S0022050719000548 |
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