Skip to Main content Skip to Navigation
Journal articles

The Gold Pool (1961–1968) and the Fall of the Bretton Woods System: Lessons for Central Bank Cooperation

Abstract : The Gold Pool was probably the most ambitious case of central bank cooperation in history. Major central banks pooled interventions to stabilize the dollar price of gold. Why did it collapse? From at least 1964, the fate of the Pool was, in fact, tied to sterling, the first line of defense for the dollar. Sterling’s devaluation in November 1967 eventually spurred speculation and unbearable losses for the Pool. Inflationary U.S. policies were weakening confidence in the dollar. The demise of the Pool provides a striking example of contagion between reserve currencies and the limits of central bank cooperation.
Document type :
Journal articles
Complete list of metadata

https://halshs.archives-ouvertes.fr/halshs-02491748
Contributor : Caroline Bauer <>
Submitted on : Wednesday, February 26, 2020 - 12:46:39 PM
Last modification on : Friday, February 5, 2021 - 3:01:34 AM

Links full text

Identifiers

Citation

Michael Bordo, Eric Monnet, Alain Naef. The Gold Pool (1961–1968) and the Fall of the Bretton Woods System: Lessons for Central Bank Cooperation. Journal of Economic History, Cambridge University Press (CUP), 2019, 79 (4), pp.1027-1059. ⟨10.1017/S0022050719000548⟩. ⟨halshs-02491748⟩

Share

Metrics

Record views

186