国际货币体系历史事件英文介绍

The content of the bretton woods system
The establishment of an international monetary fund (IMF), and in the international monetary affairs among member states, together for short-term balance of payments deficit providing credit support; With gold link up $currency and the dollar, member states, execute adjustable fixed exchange rate system; Cancel the current account transactions of foreign exchange control. "The bretton woods system" set up two big international financial institutions that the international monetary fund (IMF) and the World Bank (World somebody). The former is responsible for short-term borrowing funds offered to members, the purpose to ensure the stability of the international monetary system; The latter providing long-term credit to promote members economic recovery. The essence of the bretton woods system with the dollar is the building of a center for international monetary system. Its basic content is dollars with gold link up with, in terms of other currencies are pegged to a fixed exchange rate system.The bretton woods system establishedWhite plan is U.S. Treasury secretary assistant white puts forward "UN trued fund plan", the main content is: international financial 1. Based on fund system. Funds for at least 50 billion dollars, according to regulations by member states share pay. According to the member states of the share of gold how payments of foreign exchange reserves, national income and factors. 2 fund currency against the dollar and gold hooks. The monetary unit of use fund set for "the love-in it" (Unita), each "the love-in it" equals $10 or contain pure gold 137 grain (1 grain = 0.0648 grams of pure gold). 3. Vote share depends on member states pay. The member states of the fund with its pay with voting rights say the fund share proportional. 4. Stable currency. Member states with the money to keep the love-in it "" without fixed rate of exchange," fund "member states three-quarters of voting rights through, member states shall not be devalued currency. 5. Cancel the foreign exchange control, bilateral settlement and complex as discriminatory measures exchange rate. 6 adjust the balance of payments. Provide short-term credit on member states, in order to solve the unfavorable balance of international payments. 7 "fund" agency in the country have most share. White by the American control plan attempt "UN trued fund", through "fund" make member states of the currency "peg" dollars. The plan also based on foreign exchange control and countries to cancel the international capital transfer limit. (2) Keynes plan the bretton woods system Keynes plan is the British Treasury consultant John Maynard Keynes statement of "international settlement alliance plan", the content is mainly: (l) establish "international settlement alliance", equivalent to the world bank. (2) member states central bank in "alliance" to open a current account, countries official foreign debts with transfer through the account to conduct liquidation. (3) ShunChaGuo will deposit account, deficit countries surplus according to related provisions share asked "alliance" application overdraft or the deposit. (4) "alliance" account for "class families accounting units Bancor)," (count value in gold. Member states available for "class families" gold, but you can't use a "class families" exchange for gold. (5) currencies with "class families without the approval of the" price "alliance" the board approved may not be changed. (6) member states in "alliance" with pre-war share and three years in import and export trade of 75% to calculate the average amount. (7) "alliance" is headquartered in London and New York, the council meeting in both the UK and the us held two countries take turns. Keith si program is based on the plight of the UK was down, try the role of gold. The plan actually advocate restore multilateral liquidation, cancelled bilateral settlement. Of course, also exposed British attempt to share with the United States international financial leadership intention. (3) the establishment of the bretton woods system arms hold plans and to set up though Keynesian plan international financial institutions, a stable exchange rate, expanding international trade, promote the development of the world economy for the purpose, but both operation is different. Because the British economy, military strength as America, both parties in April 1944 reached an essential reflection on the establishment of "plan white gb monetary fund experts common statement". 1 July 1944 in the U.S. state of New Hampshire, bretton woods has 44 countries representatives held the United Nations monetary and financial meeting (hereinafter referred to as the bretton woods conference). After three weeks of discussions, meeting, signed the agreement of the international monetary fund and the international bank for reconstruction and development agreement), regulates the bretton woods agreement, established in dollar as the center of the international monetary system, namely the bretton woods system.
The breakdown of the bretton woods system reasonsSystem oneself defects.
With the dollar as the center of the international monetary system, is the root cause of collapse the system itself exists not liberation of conflict. In this system, the us dollar as international means of payment and international reserves means, plays a world currency functions. On the one hand, dollar as international means of payment and the international reserve currency stability means $, requirements, will be paid by other countries in international that generally accepted. And the dollar stable, requires not only the United States has enough gold reserves, and requirements of the United States payments must keep surplus, thus make gold increased continuously flow into the United States its gold reserves. Otherwise, people in international payments do not willing to accept dollars. On the other hand, the world will get plenty of foreign exchange reserves, asked the United States international balance of the deficit, but otherwise keep the world faces a shortage of foreign exchange reserves, international circulation channels appeared international means of payment shortage. But with the increase of U.S. deficit, the dollar and gold guarantee $dwindling, and will constantly devaluation. The second world war to $$from flooding the shortage of this paradox, is an inevitable outcome of the development.
United States dollar crisis and economic crisis broke out frequently.
Capitalist world economic interweavement dollar crisis is causing, the breakdown of the bretton woods system directly responsible. (1) the United States gold reserve decrease. The United States launched the Korean war in 1950, overseas military huge increase, the balance of payments in successive years deficit, gold reserve keeps outflow. In 1960, American yellow gold reserves fell to $17.8 billion already enough to offset, was the flow of 210.3 billion dollars of debt, the emergence of a dollar for the first time crisis. In the 1960s, American involvement in the Vietnam war interim payments further deterioration, and gold reserve keeps decreasing. In March 1968, American gold reserves has dropped to $121 million, at the same time foreign short-term debt for 331 billion dollars, sparked a second dollar crisis. To 1971, American gold reserves (102.1 million dollars) is that it only foreign current liabilities (678 million dollars) in 15.05%. At this time the United States has completely lost the bear ability of foreign exchange gold dollar. So, President Nixon in 1971 have announced on August 15, stop bear the obligation of dollars into gold. In 1973, the United States broke out of the worst economic crisis, gold reserves from the postwar already 245.6 billion dollar fell to $11 billion. 'no sufficient gold reserves as the foundation, severely shaken dollars prestige. (2) American inflation. The United States launched QinYue war, the budget deficit huge, had to rely on currency to make up, causing inflation. Plus two oil crisis, oil prices and increase spending; At the same time, because of increased unemployment benefits. Labor productivity, cause the government spending increased dramatically. U.S. consumer price index for 1.6 percent in 1960, 1970, 1974 5.9% rise to 11% to rise again, this gives us dollar brought huge impact. (3) the United States continued deficit payments. At the end of the second world war, the United States in the war by swell economic strength and other countries weakened by a war to Western Europe, opportunity, sweeping Japan and around the world, and make America's output goods payments continued with huge surplus, other countries large inflow of American gold reserves. Countries generally feel "waste" (selling $Shortage). As western European nations economic growth, export trade expansion, its international revenue generated by the deficit to surplus, the dollar and gold reserves increased. The United States as the external expansion and wars of aggression, by surplus to deficit payments, the U.S. capital outflows, form "of $Gult superfluous" (selling). This makes the dollar exchange rate inherit the huge impact and the pressure, appear constantly widened fluctuations. The collapse of the bretton woods system, is a foundation with gold that the single reserve currency system is not stable: single reserve currency countries in maintaining domestic equilibrium and need for the world, providing liquidity negotiated between the result of its choose will bring economic fluctuation; With gold this a single commodity as the foundation of system of global currency, although has the advantages of short-term stability, but in gold output growth lags behind economic development situation, will eventually for gold itself cannot stable and make monetary system toward chaos and collapse