Bretton Woods Agreement

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Bretton Woods Agreement

An agreement signed by the original United Nations members in 1944 that established the International Monetary Fund (IMF) and the post-World War II international monetary system of fixed exchange rates.

Bretton Woods Agreement

An international agreement on monetary and currency policy for the period following World War II. Initially crafted in 1944 while the war was ongoing, it came into effect the following year. Among other things, the Bretton Woods Agreement created the International Monetary Fund and the International Bank for Reconstruction and Development. The latter organization was created to finance post-war reconstruction, while the IMF was intended to stabilize exchanges rates between currencies and to serve as a country's lender of last resort.

A key component of the Bretton Woods Agreement was the requirement that all countries peg their currencies to a certain amount of gold. In practice, most currencies were pegged to the U.S. dollar, which was itself pegged to gold. This helped the IMF accomplish its stated goals to stabilize currencies that had experienced a large amount of wartime inflation. The Agreement worked relatively well until the United States unilaterally depegged from gold in 1971. See also: Keynesian economics, Nixon shock.
References in periodicals archive ?
Protectionist trade policies in Australia and New Zealand during the Bretton Woods era were introduced, maintained, and legitimated in different ways.
Yet in many respects, Bretton Woods was a rout for Keynes and the British.
Bretton Woods provided the platform for the economic powers (particularly Western) to be the dominant players in the world economy.
Caliari said he does not expect to see the Rethinking Bretton Woods project's goals achieved in his lifetime.
In an interview with Bloomberg News during Bretton Woods II, Soros said, "The big question is whether the U.
Of all the periods examined, Bretton Woods clearly has the lowest real exchange rate volatility.
This paper examines the future prospects of the financial regime that has been dubbed Bretton Woods II and which has at its core commercial and financial relations between China and the United States.
The aim of this article is to fill part of this gap by focusing on Argentina's exclusion from the foundational event of these prominent institutions--the Bretton Woods Conference held on July 1944 in New Hampshire.
ENDANGERED: spotted flycatcher TREE-MENDOUS: Peter Earnshaw and Sam Cooper in Bretton Woods
Still, it is worth looking back to the Bretton Woods conference, which responded to the interwar backlash against globalization by treating poverty, autarky, and war as causally interlinked phenomena.
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Indeed, the multilateral institutions on which global governance rests do not look all that different today than they did in 1944, when Britain's John Maynard Keynes and America's Harry Dexter White convened representatives from 44 countries in in Bretton Woods, New Hampshire, to design the post-WWII international order.