In the 1970s, the Bretton Woods system collapsed, and the international monetary system evolved into the Jamaican monetary system: the exchange rate system was diversified; Diversification of reserve currency; Non-monetization of gold, etc. The dominant position of the dollar in the international monetary system and the international reserve function of the currency continue to exist. (Beijing Daily)
After the Second World War, great changes have taken place in the world political and economic structure, and it is urgent to establish a unified currency exchange rate system worldwide. After two world wars, the United States replaced Britain as the richest man in the world for a long time and became the world political and economic hegemon. Western European countries have become second-and third-class countries. While Europe and Japan are busy cleaning up the ruins and rubble of war, the economic influence of the United States is further expanding. On the one hand, it undertakes the task of establishing allies, on the other hand, it takes the opportunity to expand its world hegemony. These tasks, of course, involve the flow of huge amounts of money on an international scale. Therefore, as the overlord of the western world, the United States urgently needs to establish a unified global currency exchange rate system to facilitate the circulation and settlement of foreign exchange.
The Second World War not only seriously damaged social productive forces, but also had a great impact on the rapid development of social productive forces after the war. The destruction of the war brought about a large-scale renewal and expansion of fixed capital. The military industry developed in wartime has also been transferred to civilian industry in large quantities, bringing new technologies, new processes, new equipment and new materials to the whole industry, and many new industrial departments have emerged. A profound scientific and technological revolution has taken place in the capitalist world. In this context, the economies of countries around the world are more closely linked, and international capital flows are also increasing rapidly. This is one of the reasons why it is necessary to establish a unified currency exchange rate system.
At the same time, the economic and social turmoil in the 1930s and the lessons of the two world wars left a profound impact on economists and politicians in the 1940s. They summed up their experience and decided to establish a new currency exchange rate system to avoid economic chaos and reduce the impact of the Great Depression.
In order to build a new international economic order,1In July 1944, representatives of 44 countries, including the United States, Britain, the Soviet Union and France, held a United Nations monetary and financial conference in Bretton Woods, New Hampshire, USA, to discuss the reconstruction of the international monetary system. According to the agreement of the International Monetary Fund adopted at this meeting, an international monetary system centered on the US dollar was produced, so it was called the Bretton Woods system. According to the terms of the meeting agreement, the International Monetary Fund (IMF) was produced to maintain the operation of the Bretton Woods system. Selected from He, Yang Zheying and Zhang Rixin: New International Economics, Tsinghua University Publishing House, 2003.
First, the dollar is pegged to gold. The official price 1 ounce of gold = $35, and the gold content per dollar is 0.888 67 1 gram of gold. Based on the value of gold, governments or central banks can exchange dollar gold from the United States at the official price, that is, the dollar gold standard. The reasons for its formation are as follows: after World War II, most transactions in international trade were settled in US dollars; In the foreign exchange market, the dollar is the main currency; In the international capital market, the issuance of dollar bonds accounts for the vast majority; The foreign exchange reserves held by central banks are mainly US dollars; In the 1950s, the domestic inflation rate in the United States was not high, prices were stable, the stored dollars did not depreciate, and there was interest income. Therefore, it is better to store gold than dollars.
Second, the currencies of other countries are pegged to the US dollar. Taking the gold content of US dollar as the standard for countries to stipulate currency parity, the exchange rate between national currencies and US dollar can be determined according to the ratio of gold content of national currencies to gold content of US dollar, which is called legal exchange rate. For example, the gold content of 1946 pounds is 3.58 134 grams, and the gold content of one dollar is 0.888.
67 1 gram, then the ratio of the gold content of the pound to the dollar is 1 pound =4.03 dollars, which is the legal exchange rate.
Third, implement an adjustable fixed exchange rate system. In other words, the exchange rates maintained by other currencies against the US dollar are indirectly linked to gold, and then the exchange rates of member currencies against the US dollar are determined. If there is fluctuation, it cannot exceed the parity of 1%. If the fluctuation range exceeds 1%, the central bank of each member country except the United States has the obligation to buy and sell US dollars and domestic currencies in the foreign exchange market to maintain the stability of the exchange rate of national currencies against the US dollar. However, when the balance of payments is basically unbalanced, the exchange rate can be adjusted with the approval of the IMF without tightening or expanding the domestic economy, so it is called an adjustable fixed exchange rate system.
Fourth, adjust the balance of payments through the IMF. If a member country has a balance of payments deficit, it can apply for a loan from the International Monetary Fund for adjustment, but the loan is conditional. The source of loans is the share paid by member countries to the International Monetary Fund, and the amount of loans is also related to the size of the share.
Thus, the Bretton Woods system is mainly reflected in two aspects: first, the dollar is directly linked to gold; Second, the currencies of other member countries are pegged to the US dollar, that is, they maintain a fixed exchange rate relationship with the US dollar. The Bretton Woods system is actually an international gold exchange standard, also known as the dollar-gold standard. It makes the dollar in the central position in the post-war international monetary system, and the dollar becomes the equivalent of gold. Only through the US dollar can national currencies have a relationship with gold. Since then, the dollar has become the means of payment for international settlement and the main reserve currency of various countries.
First of all, the formation of the Bretton Woods system temporarily ended the chaotic situation in the pre-war monetary and financial fields and maintained the normal operation of the post-war world monetary system. The fixed exchange rate system is one of the pillars of the Bretton Woods system, but it is different from the relative stability of the exchange rate under the gold standard. Under the typical gold standard system, gold coins not only contain a certain amount of gold, but also can be freely cast, so the fluctuation of exchange rate is restricted by the gold point and the fluctuation boundary is narrow. After the First World War, inflation in various countries was serious, the free exchange of gold market and the free flow of gold were blocked, and the gold standard system fell into a serious crisis. The capitalist world economic crisis of 1929 ~ 1933 caused the crisis of the monetary system, led to the collapse of the gold standard system, and made the world monetary and financial relations lose the unified standard and foundation. This is the first crisis of the world monetary system. Countries have successively formed opposing currency groups, strengthened foreign exchange control, implemented foreign exchange dumping and launched fierce currency wars. International monetary and financial relations are in a chaotic situation. The establishment of the Bretton Woods system centered on the US dollar has made the international monetary and financial relations have a unified standard and foundation, and the chaotic situation has been temporarily stabilized.
Second, the formation of the Bretton Woods system has expanded world trade under relatively stable conditions. Against the background of its rich gold reserves, the United States distributed a large amount of dollars to the world through gifts, credit, purchase of foreign goods and services, which objectively played a role in expanding the purchasing power of the world. At the same time, the fixed exchange rate system largely eliminates the turmoil caused by exchange rate fluctuations, stabilizes the currency exchange rates of major countries to a certain extent, and is conducive to the development of international trade. According to statistics, the average annual growth rate of world export trade was 6.8% in 1948 ~ 1960, 7.9% in1965 and 7.9% in 1970. The average annual growth rate of world export trade was 7.7% from 1948 to 1976, while the average annual growth rate was only 0.7% from 19 13 to 1938 before the war. IMF's request for member countries to cancel foreign exchange control is also beneficial to the development of international trade and finance, because it can reduce many interferences or obstacles in practice.
Third, after the formation of the Bretton Woods system, the activities of the International Monetary Fund and the World Bank have played a positive role in the recovery and development of the world economy. On the one hand, the short-term loans provided by the International Monetary Fund temporarily eased the balance of payments crisis. In the early post-war period, many countries devalued their currencies because of the depletion of gold foreign exchange reserves, which caused difficulties in international payment. The loan from the International Monetary Fund solved this problem to varying degrees. From 1947 to 1969, the total amount of IMF loans was 20.2 billion SDR. On the other hand, the long-term loans and investments provided and organized by the World Bank have met the financial needs of post-war economic recovery and development of member countries to varying degrees. In the early days of the establishment of the World Bank, loans were mainly concentrated in European countries, with a total amount of about 500 million US dollars. Later, the loan direction of the World Bank mainly turned to developing countries to meet the demand for development funds. In addition, the International Monetary Fund and the World Bank have also played a certain role in providing technical assistance, establishing international economic and monetary research materials and exchanging information.