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Trade Policy and International Finance in the Bretton Woods Era: a Doctrinal Perspective with Reference to Australia and New Zealand

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  • Anthony M. Endres
  • Alan J. Rogers

Abstract

The Bretton Woods system embodied a self-imposed liquidity constraint. Trade policy was subordinated to the maintenance of official foreign reserves used to defend fixed exchange rates. In Australia and New Zealand, reserves were considered a form of national self-insurance against the instability of export receipts and the liquidity problem was often referred to as the ‘foreign exchange constraint’ – as if it were exogenously given rather than the result of certain policies, and it reinforced inward-looking trade policies. International financial arrangements, including severe restrictions on cross-border capital flows, delimited thought and action in connection with Australian and New Zealand trade policy.

Suggested Citation

  • Anthony M. Endres & Alan J. Rogers, 2014. "Trade Policy and International Finance in the Bretton Woods Era: a Doctrinal Perspective with Reference to Australia and New Zealand," History of Economics Review, Taylor & Francis Journals, vol. 59(1), pages 62-81, January.
    • Handle: RePEc:taf:rherxx:v:59:y:2014:i:1:p:62-81
    DOI: 10.1080/18386318.2014.11681256
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