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The Gold Pool (1961–1968) and the Fall of the Bretton Woods System: Lessons for Central Bank Cooperation

Michael Bordo, Eric Monnet and Alain Naef
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Michael Bordo: Rutgers - Rutgers University System, NBER - The National Bureau of Economic Research

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Abstract: The Gold Pool was probably the most ambitious case of central bank cooperation in history. Major central banks pooled interventions to stabilize the dollar price of gold. Why did it collapse? From at least 1964, the fate of the Pool was, in fact, tied to sterling, the first line of defense for the dollar. Sterling's devaluation in November 1967 eventually spurred speculation and unbearable losses for the Pool. Inflationary U.S. policies were weakening confidence in the dollar. The demise of the Pool provides a striking example of contagion between reserve currencies and the limits of central bank cooperation.

Date: 2019-12
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Published in Journal of Economic History, 2019, 79 (4), pp.1027-1059. ⟨10.1017/S0022050719000548⟩

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Journal Article: The Gold Pool (1961–1968) and the Fall of the Bretton Woods System: Lessons for Central Bank Cooperation (2019) Downloads
Working Paper: The Gold Pool (1961–1968) and the Fall of the Bretton Woods System: Lessons for Central Bank Cooperation (2019)
Working Paper: The Gold Pool (1961-1968) and the fall of the Bretton Woods system. Lessons for central bank cooperation (2017) Downloads
Working Paper: The Gold Pool (1961-1968) and the Fall of the Bretton Woods System. Lessons for Central Bank Cooperation (2017) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:hal:pseptp:halshs-02491748

DOI: 10.1017/S0022050719000548

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