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Post-war International Monetary Arrangements

In: Currency Convertibility

Author

Listed:
  • Patrick Collins

    (Imperial College of Science and Technology)

Abstract

The history of international monetary arrangements since the second World War falls naturally into two periods. The earlier period, lasting until 1971, was characterised by fixed exchange rates, low rates of inflation and relatively stable economic growth in most countries, combined with low unemployment and rapid growth in international trade. The subsequent period saw the reversal of all these conditions, with floating exchange rates, unprecedentedly rapid inflation, slower and less stable economic growth, rising levels of unemployment and slower growth in international trade (the volume of which actually fell in some years). In order to understand the prospects for improvement of the present situation, and the possibility of governments’ facilitating a return to a more stable and prosperous era through making appropriate changes in existing monetary arrangements, it is necessary to examine in some detail certain aspects of the international economic system which has been in operation over the past four decades.

Suggested Citation

  • Patrick Collins, 1985. "Post-war International Monetary Arrangements," Palgrave Macmillan Books, in: Currency Convertibility, chapter 1, pages 6-14, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-07058-9_2
    DOI: 10.1007/978-1-349-07058-9_2
    as

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