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The Cloakroom Rule of International Reserves: Reserve Creation and Resources Transfer

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  • Fritz Machlup

Abstract

The cloakroom theory of commercial banking, 337. — The cloakroom rule for international reserves, 339. — The Bretton Woods Agreements, 339. — The cloakroom function of the IMF, 340. — Expanding the functions of the IMF. 341. — Three fundamental propositions, 342. — The "correct" rate of monetary expansion, 344. — Who gets the money first, 346. — Distributing the new international money, 347. — The first round of spending, 349. — The probability of an early turn-around, 350. — The transfer of real resources to developing countries, 352. — Summary and conclusions, 354.

Suggested Citation

  • Fritz Machlup, 1965. "The Cloakroom Rule of International Reserves: Reserve Creation and Resources Transfer," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 79(3), pages 337-355.
    • Handle: RePEc:oup:qjecon:v:79:y:1965:i:3:p:337-355.
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    Cited by:

    1. Shinichi Yoshikuni, 2008. "Asia as a financial centre — Opportunities and obstacles," Journal of Asset Management, Palgrave Macmillan, vol. 9(2), pages 80-89, July.

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