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【文章內(nèi)容簡(jiǎn)介】 Standard (19251931) A. Only . and Britain allowed to hold gold reserves. B. Others could hold both gold, dollars or pound reserves. 17 A BRIEF HISTORY C. Currencies devalued in 1931 led to trade wars. D. Bretton Woods Conference called in order to avoid future protectionist and destructive economic policies 18 A BRIEF HISTORY V. The Bretton Woods System (19461971) 1. .$ was key currency。 valued at $1 1/35 oz. of gold. 2. All currencies linked to that price in a fixed rate system. 19 A BRIEF HISTORY 3. Exchange rates allowed to fluctuate by 1% above or below initially set rates. B. Collapse, 1971 1. Causes: a. . high inflation rate b. .$ depreciated sharply. 20 A BRIEF HISTORY V. PostBretton Woods System (1971Present) A. Smithsonian Agreement, 1971: US$ devalued to 1/38 oz. of gold. By 1973: World on a freely floating exchange rate system. 21 A BRIEF HISTORY B. OPEC and the Oil Crisis (1973774) 1. OPEC raised oil prices four fold。 2. Exchange rate turmoil resulted。 3. Caused OPEC nations to earn large surplus BOP. 22 A BRIEF HISTORY 4. Surpluses recycled to debtor nations which set up debt crisis of 1980’s. C. Dollar Crisis (197778) 1. . BOP difficulties 2. Result of inconsistent moary policy in . 23 A BRIEF HISTORY 3. Dollar value falls as confidence shrinks. D. The Risin
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