G2TT
来源类型Discussion paper
规范类型论文
来源IDDP15286
DP15286 Do Old Habits Die Hard? Central Banks and the Bretton Woods Gold Puzzle.
Eric Monnet; Damien Puy
发表日期2020-09-12
出版年2020
语种英语
摘要We assess the importance of individual and institutional experience in shaping macroeconomic policy by studying the persistence of gold standard monetary practices in the Bretton Woods system. Using new historical data from the IMF, we show that, although they were not required to, countries continued to back currency in circulation with gold. The longer an institution had spent in the gold standard before 1944 (and the older the policymakers), the tighter the link between gold and currency during Bretton Woods. Such “old habits” prevented dollars and gold from working as perfect substitutes and ultimately contributed to the demise of the Bretton Woods system. Our findings highlight the persistence of past practices, even in the face of radical institutional change, and its consequences on the international monetary system.
主题Economic History
关键词Central banking Foreign reserves Culture & beliefs Bretton woods Gold International monetary system
URLhttps://cepr.org/publications/dp15286
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/544264
推荐引用方式
GB/T 7714
Eric Monnet,Damien Puy. DP15286 Do Old Habits Die Hard? Central Banks and the Bretton Woods Gold Puzzle.. 2020.
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