This feature traces the history of the international monetary system from the rise of the gold standard to the present. (The United States is the largest contributor, accounting for about 25 percent of the fund.) This caused a drain on the U.S. gold supply, because foreigners preferred to hold gold rather than overvalued dollars. This system remained in place until 1972. INTERNATIONAL MONETARY SYSTEM DEFINITION ‘‘ International Monetary System is part of the institutional framework that binds national economies, such a system permits producers to specialize in those goods for which they have a comparative advantage, and serves to seek profitable investment opportunities on a global basis’’ 3. It permits market forces and national economic performance to determine the value of foreign currencies, yet enables nations to maintain orderly foreign exchange markets by cooperating through the IMF.The biggest news on the foreign currency front over the past few years is the adoption of the euro by the European Union (EU). At that time, monetary system was decentralized and market based and money played a minor role as compared to gold in international trade.The use of gold declined after World War I as war increased expenditure and inflation. Since 1980, it has been based on the currencies of the five largest exporting nations.
The goal was exchange rate stability without the gold standard. Participating nations agree to accept SDRs in exchange for reserve currencies—that is, foreign exchange currencies—in settling international accounts.
Exchange Rate Policies In July 1944, representatives from 45 nations met in Bretton Woods, New Hampshire to discuss the recovery of Europe from World War II and to resolve international trade and monetary … 6 days ago
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