Download International monetary systems

International monetary systems
International monetary systems
International monetary systems are sets of internationally agreed rules, conventions and supporting institutions
that facilitate international trade, cross border investment and generally the reallocation of capital between nation
states. They provide means of payment acceptable between buyers and sellers of different nationality, including
deferred payment. To operate successfully, they need to inspire confidence, to provide sufficient liquidity for
fluctuating levels of trade and to provide means by which global imbalances can be corrected. The systems can grow
organically as the collective result of numerous individual agreements between international economic actors spread
over several decades. Alternatively, they can arise from a single architectural vision as happened at Bretton Woods
in 1944.
Currency trading with floating exchange rates at
the Foreign exchange market is a key part of the
post 1971 financial system.
Historical overview
Throughout history, precious metals such as gold and silver have been
used for trade, termed bullion, and since early history the coins of
various issuers – generally kingdoms and empires – have been traded.
The earliest known records of pre - coinage use of bullion for monetary
exchange are from Mesopotamia and Egypt, dating from the third
millennium BC.[1] Its believed that at this time money played a
relatively minor role in the ordering of economic life for these regions,
compared to barter and centralised redistribution - a process where the
population surrendered their produce to ruling authorities who then
redistrubted it as they saw fit. Coinage is believed to have first
developed in China in the late 7th century, and independently at around
the same time in Lydia, Asia minor, from where its use spread to
nearby Greek cities and later to the rest of the world.[1]
Sometimes formal monetary systems have been imposed by regional
Christ drives the Usurers out of the Temple, a
rules. For example scholars have tentatively suggested that the ruler
woodcut by Lucas Cranach the Elder
Servius Tullius created a primitive monetary system in the archaic
period of what was to become the Roman Republic. Tullius reigned in the sixth century BC - several centuries before
Rome is believed to have developed a formal coinage system.[2]
As with bullion, early use of coinage is believed to have been generally the preserve of the elite. But by about the 4th
century they were widely used in Greek cities. Coins were generally supported by the city state authorities, who
endeavoured to ensure they retained their values regardless of fluctuations in the availability of whatever base
precious metals they were made from.[1] From Greece the use of coins spread slowly westwards throughout Europe,
and eastwards to India. Coins were in use in India from about 400BC, initially they played a greater role in religion
than trade, but by the 2nd century had become central to commercial transactions. Monetary systems developed in
1
International monetary systems
India were so successful they continued to spread through parts of Asia well into the Middle Ages.[1]
As multiple coins became common within a region, they have been exchanged by moneychangers, which are the
predecessors of today's foreign exchange market. These are famously discussed in the Biblical story of Jesus and the
money changers. In Venice and the Italian city states of the early Middle Ages, money changes would often have to
struggle to perform calculations involving six or more currencies. This partly led to Fibonacci writing his Liber
Abaci where he popularised the use of Arabic numerals which displaced the more difficult roman numerals then in
use by western merchants.[3]
When a given nation or empire has achieved regional hegemony, its
currency has been a basis for international trade, and hence for a de
facto monetary system. In the West – Europe and the Middle East – an
early such coin was the Persian daric, of the Persian empire. This was
succeeded by Roman currency of the Roman empire, such as the
denarius, then the Gold Dinar of the Muslim empire, and later – from
the 16th to 20th centuries, during the Age of Imperialism – by the
currency of European colonial powers: the Spanish dollar, the Dutch
Gilder, the French Franc and the British Pound Sterling; at times one
currency has been pre-eminent, at times no one dominated. With the
growth of American power, the US Dollar became the basis for the
international monetary system, formalized in the Bretton Woods
Historic international currencies. From top left:
agreement that established the post–World War II monetary order,
crystalline gold, a 5th century BCE Persian daric,
an 8th century English mancus, and an 18th
with fixed exchange rates of currencies to the dollar, and convertibility
century Spanish real.
of the dollar into gold. Since the breakdown of the Bretton Woods
system, culminating in the Nixon shock of 1971, ending convertibility,
the US dollar has remained the de facto basis of the world monetary system, though no longer de jure, with various
European currencies and the Japanese Yen being used. Since the formation of the Euro, the Euro has gained use as a
reserve currency and a unit of transactions, though the dollar has remained the primary currency.
A dominant currency may be used directly or indirectly by other nations – for example, English kings minted gold
mancus, presumably to function as dinars to exchange with Islamic Spain, and more recently, a number of nations
have used the US dollar as their local currency, a custom called dollarization.
Until the 19th century, the global monetary system was loosely linked at best, with Europe, the Americas, India and
China (among others) having largely separate economies, and hence monetary systems were regional. European
colonization of the Americas, starting with the Spanish empire, led to the integration of American and European
economies and monetary systems, and European colonization of Asia led to the dominance of European currencies,
notably the British pound sterling in the 19th century, succeeded by the US dollar in the 20th century. Some, such as
Michael Hudson, foresee the decline of a single basis for the global monetary system, and instead the emergence of
regional trade blocs, citing the emergence of the Euro as an example of this phenomenon. See also Global financial
systems , world-systems approach and polarity in international relations. It was in the later half of the 19th century
that a monetary system with close to universal global participation emerged, based on the gold standard.
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International monetary systems
3
History of modern global monetary orders
The pre WWI financial order: 1870–1914
From the 1870s to the outbreak of World War I in 1914, the world
benefited from a well integrated financial order, sometimes known as
the First age of Globalisation.[4] [5] Money unions were operating
which effectively allowed members to accept each others currency as
legal tender including the Latin Monetary Union (Belgium, Italy,
Switzerland, France) and Scandinavian monetary union (Denmark,
Norway and Sweden). In the absence of shared membership of a union,
transactions were facilitated by widespread participation in the gold
standard, by both independent nations and their colonies. Great Britain
was at the time the world's pre-eminent financial, imperial, and
industrial power, ruling more of the world and exporting more capital
as a percentage of her national income than any other creditor nation
has since.[6]
The gold standard widely adopted in this era
rested on the conversion of paper notes into
pre-set quantities of gold.
While capital controls comparable to the Bretton Woods System were not in place, damaging capital flows were far
less common than they were to be in the post 1971 era. In fact Great Britain's capital exports helped to correct global
imbalances as they tended to be counter cyclical, rising when Britain's economy went into recession, thus
compensating other states for income lost from export of goods.[7] Accordingly, this era saw mostly steady growth
and a relatively low level of financial crises. In contrast to the Bretton Woods system, the pre–World War I financial
order was not created at a single high level conference; rather it evolved organically in a series of discrete steps. The
Gilded Age, a time of especially rapid development in North America, falls into this period.
Between the World Wars: 1919–1939
This era saw periods of world wide economic
hardship. The image is Dorothea Lange's Migrant
Mother depiction of destitute pea-pickers in
California, taken in March 1936.
The years between the world wars have been described as a period of
de-globalisation, as both international trade and capital flows shrank
compared to the period before World War I. During World War I
countries had abandoned the gold standard and, except for the United
States, returned to it only briefly. By the early 30's the prevailing order
was essentially a fragmented system of floating exchange rates .[8] In
this era, the experience of Great Britain and others was that the gold
standard ran counter to the need to retain domestic policy autonomy.
To protect their reserves of gold countries would sometimes need to
raise interest rates and generally follow a deflationary policy. The
greatest need for this could arise in a downturn, just when leaders
would have preferred to lower rates to encourage growth. Economist
Nicholas Davenport [9] had even argued that the wish to return Britain
to the gold standard, "sprang from a sadistic desire by the Bankers to
inflict pain on the British working class."
By the end of World War I, Great Britain was heavily indebted to the
United States, allowing the USA to largely displace her as the worlds
number one financial power. The United States however was reluctant
International monetary systems
to assume Great Britain's leadership role, partly due to isolationist influences and a focus on domestic concerns. In
contrast to Great Britain in the previous era, capital exports from the US were not counter cyclical. They expanded
rapidly with the United States's economic growth in the twenties up to 1928, but then almost completely halted as the
US economy began slowing in that year. As the Great Depression intensified in 1930, financial institutions were hit
hard along with trade; in 1930 alone 1345 US banks collapsed. [10] During the 1930s the United States raised trade
barriers, refused to act as an international lender of last resort, and refused calls to cancel war debts, all of which
further aggravated economic hardship for other countries. According to economist John Maynard Keynes another
factor contributing to the turbulent economic performance of this era was the insistence of French premier
Clemenceau that Germany pay war reparations at too high a level, which Keynes described in his book The
Economic Consequences of the Peace.
The Bretton Woods Era: 1945–1971
British and American policy makers began to plan the
post war international monetary system in the early
1940s. The objective was to create an order that
combined the benefits of an integrated and relatively
liberal international system with the freedom for
governments to pursue domestic policies aimed at
promoting full employment and social wellbeing.[11]
The principal architects of the new system, John
Maynard Keynes and Harry Dexter White, created a
plan which was endorsed by the 42 countries attending
the 1944 Bretton Woods conference. The plan involved
nations agreeing to a system of fixed but adjustable
exchange rates where the currencies were pegged
against the dollar, with the dollar itself convertible into
gold. So in effect this was a gold – dollar exchange
standard. There were a number of improvements on the
old gold standard. Two international institutions, the
International Monetary Fund (IMF) and the World
Bank were created; A key part of their function was to
replace private finance as more reliable source of
Harry Dexter White (left) and John Maynard Keynes (right) at
lending for investment projects in developing states. At
Bretton Woods
the time the soon to be defeated powers of Germany
and Japan were envisaged as states soon to be in need of such development, and there was a desire from both the US
and Britain not to see the defeated powers saddled with punitive sanctions that would inflict lasting pain on future
generations. The new exchange rate system allowed countries facing economic hardship to devalue their currencies
by up to 10% against the dollar (more if approved by the IMF) – thus they would not be forced to undergo deflation
to stay in the gold standard. A system of capital controls was introduced to protect countries from the damaging
effects of capital flight and to allow countries to pursue independent macro economic policies [12] while still
welcoming flows intended for productive investment. Keynes had argued against the dollar having such a central
role in the monetary system, and suggested an international currency called Bancor be used instead, but he was
overruled by the Americans. Towards the end of the Bretton Woods era, the central role of the dollar became a
problem as international demand eventually forced the US to run a persistent trade deficit, which undermined
confidence in the dollar. This, together with the emergence of a parallel market for gold where the price soared
4
International monetary systems
5
above the official US mandated price, led to speculators running down the US gold reserves. Even when
convertibility was restricted to nations only, some, notably France,[13] continued building up hoards of gold at the
expense of the US. Eventually these pressures caused President Nixon to end all convertibility into gold on 15
August 1971. This event marked the effective end of the Bretton Woods systems; attempts were made to find other
mechanisms to preserve the fixed exchange rates over the next few years, but they were not successful, resulting in a
system of floating exchange rates.[13]
The post Bretton Woods system: 1971 – present
An alternative name for the post Bretton Woods system is the
Washington Consensus. While the name was coined in 1989, the
associated economic system came into effect years earlier: according to
economic historian Lord Skidelsky the Washington Consensus is
generally seen as spanning 1980–2009 (the latter half of the 1970s
being a transitional period).[14] The transition away from Bretton
Woods was marked by a switch from a state led to a market led
system.[4] The Bretton Wood system is considered by economic
historians to have broken down in the 1970s:[14] crucial events being
Nixon suspending the dollar's convertibility into gold in 1971, the
United states abandonment of Capital Controls in 1974, and Great
Britain's ending of capital controls in 1979 which was swiftly copied
by most other major economies.
The New York Stock Exchange. The current era
has seen huge and turbulent flows of capital
between nations.
In some parts of the developing world, liberalisation brought
significant benefits for large sections of the population – most
prominently with Deng Xiaoping's reforms in China since 1978 and the
liberalisation of India after her 1991 crisis.
Generally the industrial nations experienced much slower growth and higher unemployment than in the previous era,
and according to Professor Gordon Fletcher in retrospect the 1950s and 60s when the Bretton Woods system was
operating came to be seen as a golden age. [15] Financial crises have been more intense and have increased in
frequency by about 300% – with the damaging effects prior to 2008 being chiefly felt in the emerging economies.
On the positive side, at least until 2008 investors have frequently achieved very high rates of return, with salaries and
bonuses in the financial sector reaching record levels.
The "Revived Bretton Woods system" identified in 2003
From 2003, economists such as Michael P. Dooley, Peter M. Garber, and David Folkerts-Landau began writing
papers[16] describing the emergence of a new international system involving an interdependency between states with
generally high savings in Asia lending and exporting to western states with generally high spending. Similar to the
original Bretton Woods, this included Asian currencies being pegged to the dollar, though this time by the unilateral
intervention of Asian governments in the currency market to stop their currencies appreciating. The developing
world as a whole stopped running current account deficits in 1999 [17] – widely seen as a response to unsympathetic
treatment following the 1997 Asian Financial Crisis. The most striking example of east-west interdependency is the
relationship between China and America, which Niall Ferguson calls Chimerica. From 2004, Dooley et al. began
using the term Bretton Woods II to describe this de facto state of affairs, and continue to do so as late as 2009.[18]
Others have described this supposed "Bretton Woods II", sometimes called "New Bretton Woods",[19] as a "fiction",
and called for the elimination of the structural imbalances that underlie it, viz, the chronic US current account
deficit.[20]
International monetary systems
6
However since at least 2007 those authors have also used the term "Bretton Woods II" to call for a new de jure
system: for key international financial institutions like the IMF and World Bank to be revamped to meet the demands
of the current age,[21] and between 2008 to mid 2009 the terms Bretton Woods II and New Bretton Woods was
increasingly used in the latter sense. By late 2009, with less emphases on structural reform to the international
monetary system and more attention being paid to issues such as re-balancing the world economy, Bretton Woods II
is again frequently used to refer to the practice some countries have of unilaterally pegging their currencies to the
dollar.
Calls for a "New Bretton Woods"
Leading financial journalist Martin Wolf has reported
that all financial crises since 1971 have been preceded
by large capital inflows into affected regions. While
ever since the seventies there have been numerous calls
from the global justice movement for a revamped
international system to tackle the problem of unfettered
capital flows, it wasn't until late 2008 that this idea
began to receive substantial support from leading
politicians. On September 26, 2008, French President
Nicolas Sarkozy, then also the President of the
European Union, said, "We must rethink the financial
system from scratch, as at Bretton Woods."[22]
On October 13, 2008, British Prime Minister Gordon Brown
economic system:
“
G-20 leaders at Summit on Financial Markets and the World
Economy.
[23]
said world leaders must meet to agree to a new
We must have a new Bretton Woods, building a new international financial architecture for the years ahead.
”
However, Brown's approach was quite different to the original Bretton Woods system, emphasising the continuation
of globalization and free trade as opposed to a return to fixed exchange rates.[24] There were tensions between Brown
and Sarkozy, who argued that the "Anglo-Saxon" model of unrestrained markets had failed.[25] However European
leaders were united in calling for a "Bretton Woods II" summit to redesign the world's financial architecture.[26]
President Bush was agreeable to the calls, and the resulting meeting was the 2008 G-20 Washington summit.
International agreement was achieved for the common adoption of Keynesian fiscal stimulus [27] , an area where the
US and China were to emerge as the worlds leading actors.[28] Yet there was no substantial progress towards
reforming the international financial system, and nor was there at the 2009 meeting of the World Economic Forum at
Davos [29]
Despite this lack of results leaders continued to campaign for Bretton Woods II. Italian Economics Minister Giulio
Tremonti said that Italy would use its 2009 G7 chairmanship to push for a "New Bretton Woods." He had been
critical of the U.S.'s response to the global financial crisis of 2008, and had suggested that the dollar may be
superseded as the base currency of the Bretton Woods system.[30] [31] [32]
Choike, a portal organisation representing southern hemisphere NGOs, called for the establishment of "international
permanent and binding mechanisms of control over capital flows" and as of March 2009 had achieved over 550
signatories from civil society organisations. [33]
March 2009 saw Gordon Brown continuing to advocate for reform and the granting of extended powers to
international financial institutions like the IMF at the April G20 summit in London, [34] and was said to have
president Obama's support .[35] Also during March 2009, in a speech entitled Reform the International Monetary
International monetary systems
System, Zhou Xiaochuan, the governor of the People's Bank of China came out in favour of Keynes's idea of a
centrally managed global reserve currency. Dr Zhou argued that it was unfortunate that part of the reason for the
Bretton Woods system breaking down was the failure to adopt Keynes's Bancor. Dr Zhou said that national
currencies were unsuitable for use as global reserve currencies as a result of the Triffin dilemma - the difficulty faced
by reserve currency issuers in trying to simultaneously achieve their domestic monetary policy goals and meet other
countries' demand for reserve currency. Dr Zhou proposed a gradual move towards increased used of IMF Special
Drawing Rights (SDRs) as a centrally managed global reserve currency [36] [37] His proposal attracted much
international attention.[38] In a November 2009 article published in Foreign Affairs magazine, economist C. Fred
Bergsten argued that Dr Zhou's suggestion or a similar change to the international monetary system would be in the
United States' best interests as well as the rest of the world's.[39]
Leaders meeting in April at the 2009 G-20 London summit agreed to allow $250 Billion of SDRs to be created by
the IMF, to be distributed to all IMF members according to each countries voting rights. In the aftermath of the
summit, Gordon Brown declared "the Washington Consensus is over".[40] However in a book published during
September 2009, Professor Robert Skidelsky, an international expert on Keynesianism, argued it was still too early
to say whether a new international monetary system was emerging.[14]
On Jan 27, in his opening address to the 2010 World Economic Forum in Davos, President Sarkozy repeated his call
for a new Bretton Woods, and was met by wild applause by a sizeable proportion of the audience.[41]
References
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136 , 136 ,. ISBN 0 7141 0885 5.
[2] Raaflaub, Kurt (2005). Social Struggles in Archaic Rome. WileyBlackwell. pp. 59–60. ISBN 1405100613.
[3] "The Ascent of Money , episode 1" (http:/ / www. pbs. org/ wnet/ ascentofmoney/ ). PBS. .
[4] Ravenhill, John (2005). Global Political Economy. Oxford University Press. pp. 7, 328.
[5] Occaisionally also called the golden age of capitalism in older sources, and also the first golden age of capitalism in later sources that
recognise golden age that spanned approx 1951 - 73. A few economists such as Barry Eichengreen date the first age of globalisation as
starting in the early 1860s with the laying of the first transatlantic cables between Great Britain and the USA.
[6] Harold James. The End of Globalization (http:/ / books. google. co. uk/ books?id=SnXDHXz-DPQC& dq=The+ end+ of+ globalization:+
lessons+ from+ the+ great+ depression& printsec=frontcover& source=bn& hl=en& ei=ANm8SZChN9TIjAeEj5WTCA& sa=X&
oi=book_result& resnum=4& ct=result#PPA12,M1). Harvard University Press / google books. p. page 12. . Retrieved 2009-03-17.
[7] Helleiner, Eirc (2005). "chpt. 6". In John Ravenhill. Global Political Economy. Oxford University Press. p. p154.
[8] Helleiner, Eirc (2005). "6". In John Ravenhill. Global Political Economy. Oxford University Press. pp. p156.
[9] Skidelsky, Robert (2003). "22". John Maynard Keynes: 1883-1946: Economist,Philosopher, Statesman. McMillan. p. p346.
[10] Stephen J. Lee. Aspects of European history, 1789-1980 (http:/ / books. google. co. uk/ books?id=qpIJuv5n3p0C& dq=Aspects+ of+
European+ history,+ 1789-1980& printsec=frontcover& source=bl& ots=usU_4oC0Gs& sig=qOMQmkIb-vLVrONfMW6b9A3I3zE&
hl=en& ei=Ley8SbFKjMiMB_T35aMI& sa=X& oi=book_result& resnum=3& ct=result). Routledge / Google books. p. page 135. . Retrieved
2009-03-17.
[11] Helleiner, Eirc (1996). "2: Bretton Woods and the Endorsement of Capital Controls". States and the reemergence of global finance. Cornell
University Press.
[12] According to Keynes: "In my view the whole management of the domestic economy depends on being free to have the appropriate rate of
interest without reference to rates prevailing elsewhere in the world. Capital control is a corollary to this"
[13] Laurence Copeland. Exchange Rates and International Finance (4th ed.). Prentice Hall. pp. 10–35. ISBN 0273-683063.
[14] Robert Skidelsky (2009). Keynes: The return of the Master. Allen Lane. pp. 116–126. ISBN 9781846142581.
[15] Fletcher, Gordon (1989). "Introduction". The Keynesian Revolution and Its Critics: Issues of Theory and Policy for the Monetary Production
Economy. Palgrave MacMillan. pp. page xx.
[16] Michael P. Dooley, David Folkerts-Landau, Peter Garber (September 2003). "An Essay on the Revived Bretton Woods System" (http:/ /
www. nber. org/ papers/ w9971). National Bureau of Economic Research. .
[17] Wolf, Martin (2009). "3". Fixing Global Finance. Yale University Press. pp. 39.
[18] Michael P. Dooley, David Folkerts-Landau, Peter Garber (February 2009). "Bretton Woods II Still Defines the International Monetary
System" (http:/ / ideas. repec. org/ p/ nbr/ nberwo/ 14731. html). National Bureau of Economic Research. .
[19] *Robert Brenner, "What is Good for Goldman Sachs is Good for America The Origins of the Present Crisis" (October 2, 2009). Center for
Social Theory and Comparative History. Paper 2009-1. (http:/ / repositories. cdlib. org/ cstch/ 2009-1), p 14f.
7
International monetary systems
[20] Renegade Economics: The Bretton Woods II Fiction (http:/ / www. pimco. com/ LeftNav/ Viewpoints/ 2007/ Renegade+ Economics. htm),
by Chris P. Dialynas and Marshall Auerback, PIMCO
[21] Michael P. Dooley, David Folkerts-Landau, Peter Garber (June 2007). "The Two Crises of International Economics" (http:/ / ideas. repec.
org/ p/ nbr/ nberwo/ 13197. html). National Bureau of Economic Research. .
[22] George Parker, Tony Barber and Daniel Dombey (October 9, 2008). "Senior figures call for new Bretton Woods ahead of Bank/Fund
meetings" (http:/ / www. eurodad. org/ whatsnew/ articles. aspx?id=2988). .
[23] Agence France-Presse (AFP) (October 13, 2008). "World needs new Bretton Woods, says Brown" (http:/ / afp. google. com/ article/
ALeqM5iqbjATskwxNr2tyDViM7bbz8J_rg). .
[24] Gordon Brown (October 13, 2008). "PM's Speech on the Global Economy" (http:/ / www. egovmonitor. com/ node/ 21484). eGov monitor. .
[25] James Kirkup, Bruno Waterfield (2008-10-17). "Gordon Brown's Bretton Woods summit call risks spat with Nicholas Sarkozy" (http:/ /
www. telegraph. co. uk/ news/ worldnews/ europe/ france/ 3205033/
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[26] "European call for 'Bretton Woods II'" (http:/ / www. ft. com/ cms/ s/ 0/ 7cc16b54-9b19-11dd-a653-000077b07658. html). Financial Times.
2008-10-16. . Retrieved 2009-03-17.
[27] Chris Giles in London, Ralph Atkins in Frankfurt and,Krishna Guha in Washington. "The undeniable shift to Keynes" (http:/ / www. ft.
com/ cms/ s/ 0/ c4cf37f4-d611-11dd-a9cc-000077b07658. html). The Financial Times. . Retrieved 2009-01-23.
[28] "US and China display united economic stance" (http:/ / www. ft. com/ cms/ s/ 0/ 63165076-7bcd-11de-9772-00144feabdc0. htm). Financial
Times. 2009-07-29. . Retrieved 2009-08-05.
[29] Martin Wolf. "Why Davos Man is waiting for Obama to save him" (http:/ / www. ft. com/ cms/ s/ 4a44f222-f221-11dd-9678-0000779fd2ac.
html). The Financial Times. . Retrieved 2008-02-12.
[30] "Italy queries dollar's role in Bretton Woods reform" (http:/ / www. reuters. com/ article/ euMergersNews/ idUSLG34287520081016).
Reuters. 2008-10-16. . Retrieved 2008-11-16.
[31] Parmy Olson and Miriam Marcus (2008-10-16). "Bringing The Banking Mess To Broadway" (http:/ / www. forbes. com/ home/ 2008/ 10/
16/ europe-summit-investors-update-markets-equity-cx_po_mlm_1016markets39. html). Forbes. . Retrieved 2008-11-16.
[32] Guy Dinmore (2008-10-08). "Giulio Tremonti: A critic demands a new Bretton Woods" (http:/ / us. ft. com/ ftgateway/ superpage.
ft?news_id=fto100920081302015280). Financial Times. . Retrieved 2008-11-16.
[33] various - including Action Aid, War on Want, World Council of Churches. "Let’s put finance in its place!" (http:/ / www. choike. org/
campaigns/ camp. php?5). Choike. . Retrieved 2009-03-18.
[34] Edmund Conway (2009-01-30). "Gordon Brown warns of void left by collapse of global financial system" (http:/ / www. telegraph. co. uk/
finance/ financetopics/ davos/ 4398124/ Gordon-Brown-warns-of-void-left-by-collapse-of-global-financial-system. html). London: The Daily
Telegraph. . Retrieved 2009-03-17.
[35] George Parker and Andrew Ward in Washington (2009-03-04). "Brown wins Obama's support for a shake-up of global regulation" (http:/ /
www. ft. com/ cms/ s/ 0/ 83bf93e0-085b-11de-8a33-0000779fd2ac. html). Financial Times. . Retrieved 2009-03-17.
[36] Jamil Anderlini in Beijing (2009-03-23). "China calls for new reserve currency" (http:/ / www. ft. com/ cms/ s/ 0/
7851925a-17a2-11de-8c9d-0000779fd2ac. html). Financial Times. . Retrieved 2009-04-13.
[37] Zhou Xiaochuan (2009-03-23). "Reform the International Monetary System" (http:/ / www. pbc. gov. cn/ english/ detail. asp?col=6500&
id=178). People's Bank of China. . Retrieved 2009-04-13.
[38] Geoff Dyer in Beijing (2009-08-24). "The dragon stirs" (http:/ / www. ft. com/ cms/ s/ 0/ 671a76ec-a950-11de-9b7f-00144feabdc0.
html?catid=176& SID=google). The Financial Times. . Retrieved 2009-09-18.
[39] C. Fred Bergsten (Nov 2009). "The Dollar and the Deficits" (http:/ / www. foreignaffairs. com/ articles/ 65446/ c-fred-bergsten/
the-dollar-and-the-deficits). Foreign Affairs. . Retrieved 2009-12-15.
[40] "Prime Minister Gordon Brown: G20 Will Pump Trillion Dollars Into World Economy" (http:/ / news. sky. com/ skynews/ Home/ Politics/
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2009. .
[41] Gillian Tett (2010-01-28). "Calls for a new Bretton Woods not so mad" (http:/ / www. ft. com/ cms/ s/ 0/
56dbb854-0c0b-11df-96b9-00144feabdc0. html). Financial Times. . Retrieved 2010-01-29.
External links
•
•
•
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The Bretton Woods Project (http://www.brettonwoodsproject.org/index.shtml)
The Rise and Fall of Betton Woods (http://www.mail-archive.com/[email protected]/msg46444.html)
Eurodad: Bretton Woods II conference FAQs (http://www.eurodad.org/whatsnew/articles.aspx?id=3008)
Eurodad: IMF back in business as Bretton Woods II conference announced (http://www.eurodad.org/
whatsnew/articles.aspx?id=3010)
• UN Interactive Panel on the Global Financial Crisis (http://www.un.org/ga/president/63/interactive/gfc.
shtml)
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International monetary systems
• UN Commission of Experts on Reform of the International Financial System (http://www.un.org/ga/president/
63/commission/financial_commission.shtml)
• G20 official website (http://www.g20.org)
• G20 Info Centre (Univ of Toronto) (http://www.g8.utoronto.ca/g20)
• International Monetary System (Banque de France) (http://www.global-currencies.org/smi/gb/home.php)
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Article Sources and Contributors
Article Sources and Contributors
International monetary systems Source: http://en.wikipedia.org/w/index.php?oldid=437142689 Contributors: AK Auto, Alex1011, Alice.haugen, Bcs09, Benlisquare, Bobrayner, By78,
Chkiss, Edward, FeydHuxtable, Good Olfactory, Hmains, John of Reading, Johnor, Joseph Solis in Australia, Jx-10, Ken Gallager, Kwamikagami, LilHelpa, Michael Hardy, Mild Bill Hiccup,
Nbarth, PDCA, Plrk, Rjwilmsi, TreasuryTag, Vedant, Vince Navarro, WereSpielChequers, WikHead, 26 anonymous edits
Image Sources, Licenses and Contributors
File:Forex.svg Source: http://en.wikipedia.org/w/index.php?title=File:Forex.svg License: Public Domain Contributors: RedHotHeat
File:Christus austreibt.JPG Source: http://en.wikipedia.org/w/index.php?title=File:Christus_austreibt.JPG License: Public Domain Contributors: Original uploader was Epiphyllumlover at
en.wikipedia
File:International money montage.jpg Source: http://en.wikipedia.org/w/index.php?title=File:International_money_montage.jpg License: Public Domain Contributors:
GoldNuggetUSGOV.jpg: US Government Achaemenid_coin_daric_420BC_front.jpg: Deflim Offa_king_of_Mercia_757_793_gold_dinar_copy_of_dinar_of_the_Abassid_Caliphate_774.jpg:
PHGCOM Potosi_Real.jpg: DelGranado derivative work: Nils von Barth (nbarth) (talk)
Image:Goldkey logo removed.jpg Source: http://en.wikipedia.org/w/index.php?title=File:Goldkey_logo_removed.jpg License: Public Domain Contributors: Swiss Banker
Image:Lange-MigrantMother02.jpg Source: http://en.wikipedia.org/w/index.php?title=File:Lange-MigrantMother02.jpg License: Public Domain Contributors: w:Dorothea LangeDorothea
Lange, w:Farm Security AdministrationFarm Security Administration / Office of War Information / Office of Emergency Management / Resettlement Administration
Image:WhiteandKeynes.jpg Source: http://en.wikipedia.org/w/index.php?title=File:WhiteandKeynes.jpg License: unknown Contributors: International Monetary Fund
File:NYC NYSE.jpg Source: http://en.wikipedia.org/w/index.php?title=File:NYC_NYSE.jpg License: Creative Commons Attribution-Sharealike 3.0 Contributors: Arnoldius
Image:Cumbre de Washington.jpg Source: http://en.wikipedia.org/w/index.php?title=File:Cumbre_de_Washington.jpg License: Creative Commons AR-Presidency Contributors: No mention
License
Creative Commons Attribution-Share Alike 3.0 Unported
http:/ / creativecommons. org/ licenses/ by-sa/ 3. 0/
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