Do Old Habits Die Hard Central Banks and the Bretton Woods Gold Puzzle is popular PDF and ePub book, written by Eric Monnet in 2019-07-24, it is a fantastic choice for those who relish reading online the Business & Economics genre. Let's immerse ourselves in this engaging Business & Economics book by exploring the summary and details provided below. Remember, Do Old Habits Die Hard Central Banks and the Bretton Woods Gold Puzzle can be Read Online from any device for your convenience.
Do Old Habits Die Hard Central Banks and the Bretton Woods Gold Puzzle Book PDF Summary
Why did monetary authorities hold large gold reserves under Bretton Woods (1944–1971) when only the US had to? We argue that gold holdings were driven by institutional memory and persistent habits of central bankers. Countries continued to back currency in circulation with gold reserves, following rules of the pre-WWII gold standard. The longer an institution spent in the gold standard (and the older the policymakers), the stronger the correlation between gold reserves and currency. Since dollars and gold were not perfect substitutes, the Bretton Woods system never worked as expected. Even after radical institutional change, history still shapes the decisions of policymakers.
Detail Book of Do Old Habits Die Hard Central Banks and the Bretton Woods Gold Puzzle PDF
- Author : Eric Monnet
- Release : 24 July 2019
- Publisher : International Monetary Fund
- ISBN : 9781513508856
- Genre : Business & Economics
- Total Page : 32 pages
- Language : English
- PDF File Size : 18,5 Mb
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