Bretton Woods and the U.S. decision to intervene in the foreign-exchange market, 1957-1962
Michael Bordo (),
Owen Humpage and
No 609, Working Papers (Old Series) from Federal Reserve Bank of Cleveland
The deterioration in the U.S. balance of payments after 1957 and an accelerating loss of gold reserves prompted U.S. monetary authorities to undertake foreign-exchange-market interventions beginning in 1961. We discuss the events leading up to these interventions, the institutional arrangements developed for that purpose, and the controversies that ensued. Although these interventions forestalled a loss of U.S. gold reserves, in the end, they only delayed more fundamental adjustments and, in that respect, were a failure.
Keywords: Foreign exchange administration; Bretton Woods Agreements Act (search for similar items in EconPapers)
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