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Monetary Rules and Monetary Reform

  • Robert Z. Aliber

Abstract

For much of the fifteen years, the central concern in international finance has been monetary reform. Numerous proposals were advanced for the production of new international reserve assets and for changes in exchange market arrangements, especially in the mid-1960s. The modifications to the Bretton Woods system were extensive, beginning with The General Arrangements To Borrow and continuing with Special Drawing Rights, central bank swaps, the widening of support limits around parities, and the demonetisation of gold. Yet the Bretton Woods system was not saved; the pegged exchange rates re-established in the Smithsonian Agreement lasted for little more than a year. The negotiations for a new monetary arrangement of the Committee of Twenty (C-20) proved unsuccessful.

Keywords

Central Bank Money Supply Exchange Rate Policy Bretton Wood System Credit Transfer 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Graduate School of Business, University of Chicago 1977

Authors and Affiliations

  • Robert Z. Aliber

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