Please use this identifier to cite or link to this item:
https://repository.iimb.ac.in/handle/2074/21927
Title: | US monetary policy spillovers on emerging market economies | Authors: | Sinha, Achyut Gupta, Anant |
Keywords: | Monetary policy;Emerging markets | Issue Date: | 2022 | Publisher: | Indian Institute of Management Bangalore | Series/Report no.: | PGP_CCS_P22_071 | Abstract: | Global monetary policy has evolved drastically over the last century. At the start of the 201 h century, the global monetary system relied on gold as the de-facto standard. While the post- world-war I period was marked by a flurry of experiments in various countries, including the introduction of pure paper currency in Germany (which ended in hyperinflation in the early 1920s) and attempts to return to the pre-worldwar I system (say, in Britain), the next solution with wide consensus was devised at Bretton Woods. At Bretton Woods, global powers agreed to a system of fixed exchange rates wherein each currency's value was fixed in terms of US dollars, and the US dollars value in turn was fixed in terms of gold.; This system established the dominance of the US dollar in global trade and as a reserve currency. However, the Bretton Woods system soon started facing headwinds when in 1960s when the circulation of US dollars globally outstripped US gold reserves, leading to fears of a run on US gold reserves. This led to US president Nixon's 1971 decision to suspend US dollar - gold convertibility. Despite efforts by leading powers to restore the Bretton Woods system, by 1973, a system of floating exchange rates was in place. | URI: | https://repository.iimb.ac.in/handle/2074/21927 |
Appears in Collections: | 2022 |
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