Abstract
The efforts made 50 years ago to establish monetary cooperation on a world-wide basis resulted in the formation of the Bretton Woods institutions. The Second Amendment of the Fund’s Articles of Agreement 25 years later, which broadened its responsibilities in the sphere of international liquidity by creating the SDR, expressed the international community’s dissatisfaction with a monetary system in which the main source of liquidity expansion was the balance-of-payments deficits of the United States. It sought to find a more rational mechanism for adjusting the world’s supply of international reserves to the needs of the world economy.
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Buira, A. (1996). International Liquidity and the Needs of the World Economy. In: Helleiner, G.K. (eds) The International Monetary and Financial System. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-24414-0_4
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DOI: https://doi.org/10.1007/978-1-349-24414-0_4
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