Twenty-five years of post-Bretton Woods experience: some lessons

Hossein Askari ()

Banca Nazionale del Lavoro Quarterly Review, 1999, vol. 52, issue 208, 3-38

Abstract: In 1971 many academic economists were predicting that the Bretton Woods system of fixed parities would collapse. Some, most notably Milton Friedman, became excited about the possibility of a floating system because the benefits of international capital mobility can only be achieved through the flexibility in the exchange rate. These economists argued that a floating exchange rate system can ensure positive results more than the fixed parities system. Twenty-five years later, however, there is still no consensus on the matter. The author reviews the post-Bretton Woods experience to highlight some policies and approaches that might be helpful for the future.

Keywords: Foreign Currency Management; Analysis; Economic aspects; Foreign exchange; Foreign exchange market (search for similar items in EconPapers)
JEL-codes: F00 F31 (search for similar items in EconPapers)
Date: 1999
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Citations: View citations in EconPapers (3)

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