The Dollar Standard

Giovanni Battista Pittaluga and Elena Seghezza
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Giovanni Battista Pittaluga: University of Genoa
Elena Seghezza: University of Genoa

Chapter Chapter 6 in Building Trust in the International Monetary System, 2021, pp 169-221 from Springer

Abstract: Abstract In the early 1970s, after the suspension of US dollar convertibility, there were attempts to return to a fixed exchange rate system. These attempts, however, failed. With the end of the fixed exchange rate regime governments’ discretion in managing monetary policy expanded significantly. The result, in the 1970s, was a high level of monetary disorder. The stability of the international monetary system was eventually restored through institutional reforms and changes in the conduct of individual countries’ monetary policy. From the second half of the 1980s onwards, a phase of low output volatility began. In Europe, the need to ensure adequate internal exchange rate stability in an international monetary system of flexible exchange rates led European countries initially to develop an exchange rate agreement, the EMS, and subsequently to create the EMU in 1999. Since the mid-1990s, capital flows between countries have progressively increased and with financial globalization, emerging countries have been exposed, more frequently than in the past, to sudden stops and financial crises.

Date: 2021
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DOI: 10.1007/978-3-030-78491-1_6

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