ABSTRACT

This paper reviews the operation of the Bretton Woods international monetary system 50 years after the United States closed the Gold Window linking the dollar to gold in August 1971. It argues that Bretton Woods operated as successfully as it did owing to three special circumstances: low international capital mobility, tight financial regulation, and the dominant economic and financial position of the United States and the dollar. There can be no more straightforward an explanation for why nothing like Bretton Woods will be restored in the foreseeable future.

中文翻译：

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50 岁之后的布雷顿森林体系

摘要

这篇论文回顾了美国于 1971 年 8 月关闭了连接美元与黄金的黄金窗口 50 年后布雷顿森林体系的运作。它认为布雷顿森林体系的运作如此成功是由于三个特殊情况：资本流动、严格的金融监管以及美国和美元的主导经济和金融地位。对于为什么在可预见的未来不会恢复布雷顿森林体系，再没有比这更直接的解释了。