Smithsonian Agreement

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A revision to the Bretton Woods international monetary system that was signed at the Smithsonian Institution in Washington, D.C., in December 1971. Included were a new set of par values, widened bands to +/- 2.25% of par, and an increase in the official value of gold to US$38.00 per ounce.

Smithsonian Agreement

A December 1971 agreement between 10 nations that effectively ended the Bretton Woods System. Because of high government spending due to the Vietnam War and the Great Society program, the U.S. dollar became overvalued and was under significant inflationary pressure. In August 1971, President Richard Nixon unilaterally devalued the dollar and ended the ability to exchange it for gold. The Smithsonian Agreement formalized this act as the participating nations agreed to allow their currencies to appreciate relative to the dollar. While this Agreement kept the Bretton Woods System in place, the precedent led to its final abandonment in 1973.

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No references found			President Richard Nixon hailed the 1971 Smithsonian agreement as "the most significant monetary agreement in the history of the world. The new monetary disorder by Daily News Egypt (Egypt) At the time of the December 1971 Smithsonian Agreement, 308 yen to the dollar was supposed to do the trick. How high should China appreciate its currency? Lessons from 1970s ... by DeWeaver, Mark A. / The International Economy 8) The starting date of 1971 has been chosen based on data availability and does not attempt to point out the relevance of the Smithsonian agreement in 1971. IMF programmes in emerging countries by Evrensel, Ayse Y. / Comparative Economic Studies			SM SMA Small Business Administration Small Business Issuer Small Business Policy Small Cap small claims court Small Firm Effect Small Investor Small Issues Exemption Small Order Execution System Small Trader small-bay retail Small-Cap Small-capitalization Small-Capitalization Fund Small-Capitalization Stock Small-Firm Effect Small-Issue Bond smart building smart home Smart Money SMBS Smeergeld Smidge Smithsonian Agreement SML smokestack industry Smoking Gun Smoot-Hawley Act SMSA Smuggling Smurf Smurfing SN Snail Mail Snake Snowballing SO Sobre la par Sobrecalentamiento Sobrecomprado Sobreemision Sobresuscripcion Sobrevaluado Sobrevendido Soccer Mom Indicator Social Capital Social Democratic Party Social Investing Social Justice			Smithing Smithing Smithing Smithing Smithing forges Smithing forges Smithing forges Smithing forges smithite SmithKline Beecham Smithkline Beecham Clinical Laboratories SmithKline Beecham Consumer Healthcare SmithKline Beecham Quality of Life Smithornithinae Smiths Smiths Smiths Smiths Falls and District Collegiate Institute Smiths Falls Railway Museum of Eastern Ontario Smiths Falls Water Commission Smithson Smithson Smithson Tenant Smithson Tennant Smithson Valley High School Smithson Valley Middle School Smithson, Robert Smithsonian Smithsonian Smithsonian Affair Smithsonian Agreement Smithsonian American Art Museum Smithsonian Astrophysical Observatory Smithsonian Astrophysical Observatory Smithsonian Business Ventures Smithsonian Center for Archives Conservation Smithsonian Center for Education and Museum Studies Smithsonian Center for Folklife and Cultural Heritage Smithsonian Center for Folklife and Cultural Heritage Smithsonian Center for Latino Initiatives Smithsonian Center for Materials Research and Education Smithsonian conspiracy Smithsonian conspiracy Smithsonian Contributions to Astrophysics Smithsonian Environmental Research Center Smithsonian Insitute Smithsonian Insitute Smithsonian Institute Smithsonian Institute Smithsonian Institute Washington Smithsonian Institute Washington Smithsonian Institution Smithsonian Institution Smithsonian Institution Smithsonian Institution Building Smithsonian Institution Global Earth Observatories Smithsonian Institution Libraries Smithsonian Institution Libraries Smithsonian Institution Research Information System Smithsonian Institution Traveling Exhibition Service Smithsonian Institution/Man and the Biosphere Biodiversity Program

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