The Evolution of the International Monetary System, 1945–88: (Routledge Revivals)

The Evolution of the International Monetary System, 1945–88 (originally published in 1977, reissuing the fourth edition of 1988) provides essential background on the international monetary arrangements operated by the central banks and treasuries of non-communist countries since World War II.

The book places particular emphasis on how these institutions coordinated their policies—whether through market mechanisms, international negotiation, or international institutions such as the International Monetary Fund and the European Monetary System. Writing from the vantage point of January 1988, Professor Tew reflects on fifteen years of experience with floating exchange rates following the collapse of Bretton Woods in the early 1970s. He describes and assesses the United States’s evolving policy stances: its initial position of ‘benign neglect’, President Carter’s shift toward ‘leaning against the wind’, the Reagan administration’s return to benign neglect in 1981, and finally, US Treasury Secretary Baker’s renewed push in September 1985 to lead international coordination of exchange-rate policy.

Preface to the first edition Preface to the second and fourth editions Part One: The road to convertibility, 1945–58 1. The bilateral phase, 1945–9 2. The binary phase, 1950–8 Part Two: Convertibility, liquidity and adjustment, 1959–88 3. Convertibility, December 1958 4. Adjustment in theory 5. Adjustment in practice 6. Adjustment: long-term capital 7. Adjustment: short-term capital Part Three: Bretton Woods convertibility, December 1958–August 1971 8. The Bretton Woods charter 9. The dollar in the 1960s 10. The IMF General Account in the 1960s 11. Basle and Brussels 12. Reform in the 1960s 13. The Eurodollar market 14. The collapse of Bretton Woods convertibility Part Four: From pegging to floating, August 1971 onwards 15. The dollar standard, December 1971 – March 1973 16. The Grand Design, 1971–3 17. The dollar recovers, 1973–5 18. From Bretton Woods to Jamaica 19. Oil prices and adjustment 20. The principles and practice of floating 21. The floating pound 22. The floating dollar 23. The international debt problem of the 1980s Appendices A How countries use IMF resources B The European Monetary System