The Cloakroom Rule of International Reserves: Reserve Creation and Resources Transfer

Fritz Machlup

The Quarterly Journal of Economics, 1965, vol. 79, issue 3, 337-355

Abstract: The cloakroom theory of commercial banking, 337. — The cloakroom rule for international reserves, 339. — The Bretton Woods Agreements, 339. — The cloakroom function of the IMF, 340. — Expanding the functions of the IMF. 341. — Three fundamental propositions, 342. — The "correct" rate of monetary expansion, 344. — Who gets the money first, 346. — Distributing the new international money, 347. — The first round of spending, 349. — The probability of an early turn-around, 350. — The transfer of real resources to developing countries, 352. — Summary and conclusions, 354.

Date: 1965
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