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Evolution of the International Financial System

In: Global Finance and the Macroeconomy

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  • A. J. Makin

    (University of Queensland)

Abstract

The collapse of the Bretton Woods system of fixed exchange rates in the early 1970s marked the last major turning point in the evolution of global finance, ushering in the generalised ‘non-system’ of exchange rate arrangements that survives today. However, at least as important in the development of international financial relations since then has been the enormous growth in the volume of international capital flows. In large part, this growth is attributable to the dismantling of the panoply of exchange controls introduced during the Bretton Woods era to facilitate exchange rate management by central banks under the auspices of the International Monetary Fund (IMF).

Suggested Citation

  • A. J. Makin, 2003. "Evolution of the International Financial System," Palgrave Macmillan Books, in: Global Finance and the Macroeconomy, chapter 1, pages 1-15, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-50403-5_1
    DOI: 10.1057/9780230504035_1
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