DID CONFIDENCE KILL THE TRIFFIN PLAN?

Carol M Connell

Review of Business and Finance Studies, 2011, vol. 2, issue 1, 79-87

Abstract: I examine two competing proposals for reforming and reviving confidence in the international monetary regime. Robert Triffin introduced and championed the proposal for centralized reserves. Fritz Machlup championed the proposal for flexible rates originally introduced by Milton Friedman. Triffin claimed that Fritz Machlup did more than anyone to ensure that floating exchange rates won the policy debate because of his influence on academic economists and policy makers. I examine Machlup’s influence on these opinion molders through his leadership of the Bellagio Group conferences.

Keywords: Triffin Plan; world monetary regime reform; confidence, liquidity and adjustment (search for similar items in EconPapers)
JEL-codes: B22 B23 B31 E42 (search for similar items in EconPapers)
Date: 2011
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