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What Do You Mean By Bretton Woods Agreement

The agreement also facilitated the creation of very important financial structures: the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), now known as the World Bank. The agreement created the World Bank and the International Monetary Fund (IMF), U.S.-backed organizations, to oversee the new system. Bretton Woods planners have put in place a system of rules, institutions and procedures to regulate the international monetary system. They created the International Bank for Reconstruction and Development (IBRD) (now one of the five institutions of the World Bank Group) and the International Monetary Fund (IMF). These organizations intervened in 1946, after the ratification of the agreement by a sufficient number of countries. Theoretically, the reserve currency of the Bancor (a global monetary unit that has never been implemented) would be proposed by John Maynard Keynes; However, the United States objected and its request was accepted, so that the “reserve currency” became the U.S. dollar. This meant that other countries would link their currencies to the U.S. dollar and, once convertibility was restored, buy and sell U.S. dollars to keep exchange rates in plus or minus 1% of parity.

Thus, the U.S. dollar played the role that gold had played below the gold standard in the international financial system. [25] Here is a brief summary of why global economies were part of the Bretton Woods system, how the system worked, why it failed, and what impact the agreement had on the development of the international monetary system. Modern economists can draw a perspective and insight from the discovery of their profession`s past. In 1944, in Bretton Woods, following the collective conventional wisdom of the time,[15] representatives of all leading allied nations collectively supported a regulated fixed exchange rate system, indirectly disciplined by a gold-related dollar[16] – a system based on a regulated market economy, with strict controls on money values. International speculative financing flows have been held back by the passage and limitation by central banks. This meant that international investment flows were invested in foreign direct investment (FDI) – that is, the construction of factories abroad instead of international currency manipulations or bond markets.

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