Reserve Accumulation and International Monetary Stability - Supplementary Information
April 13, 2010
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Summary
Negotiations between the U.K. and U.S. in the 1940s led to the post war emergence of the Bretton Woods system of fixed and adjustable exchange rates tied to the dollar, with the dollar fixed to gold and the IMF established to oversee the system. However, this system too faced repeated strains, and with the dollar’s link to gold broken and most major currencies floating in the early 1970s, the current arrangements centered on floating currencies were born. The U.S. dollar remained the key reserve currency in the new system, with U.S. Treasury Bills the major reserve asset.
Subject: Allocation of SDRs, Balance of payments, Capital flows, Current account, Fiscal stability, International monetary reform, International monetary system, Reserve currencies, Reserves, Reserves accumulation, SDR valuation basket, SDRs
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Policy Papers
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