International economics and international politics: a framework for analysis
C. Fred Bergsten,
Robert O. Keohane and
Joseph S. Nye
International Organization, 1975, vol. 29, issue 1, 3-36
Until August 1971, the United States categorically rejected any notion of devaluing the dollar and championed an international monetary system based on fixed but adjustable exchange rates. From August 1971 through February 1973, the United States aggressively sought massive devaluation of the dollar, and since early 1973, it has actively promoted the adoption of highly flexible exchange rates.
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