The Gold Pool (1961-1968) and the Fall of the Bretton Woods System: Lessons for Central Bank Cooperation
成果类型：
Article
署名作者：
Rutgers University System; Rutgers University New Brunswick; National Bureau of Economic Research; Paris School of Economics; European Central Bank; Bank of France; European Central Bank; Bank of France; University of California System; University of California Berkeley
刊物名称：
JOURNAL OF ECONOMIC HISTORY
ISSN/ISSBN：
0022-0507
DOI：
10.1017/S0022050719000548
发表日期：
2019
页码：
1027-1059
关键词：
摘要：
The Gold Pool was probably the most ambitious case of central bank cooperation in history. Major central banks pooled interventions to stabilize the dollar price of gold. Why did it collapse? From at least 1964, the fate of the Pool was, in fact, tied to sterling, the first line of defense for the dollar. Sterling's devaluation in November 1967 eventually spurred speculation and unbearable losses for the Pool. Inflationary U.S. policies were weakening confidence in the dollar. The demise of the Pool provides a striking example of contagion between reserve currencies and the limits of central bank cooperation.