Bretton Woods After 50

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.

Time Dependence of CAPM Betas on the Choice of Interval Frequency and Return Timeframes: Is There an Optimum?

“…Betas are endogenously calculated using the standard market model (Equations ( 1)-( 4), next section). The results of our work are not state dependent on say a unique set of macro, geo-political, or interest rate regimes (such as pre or post the Bretton Woods currency/gold standard agreement (Eichengreen 2021)). There could be future research conducted to compare indexes, such as the Russell 3000, the Wilshire 5000 and then to the Morgan Stanley MSCI international EAFE Index and see whether there are places where the optimal Beta window is more or less pronounced while calculating the subsequent tracking errors.…”

Az orosz–kínai tengely az ukrajnai háború tükrében

“…A második világháborút követően (pl. a Bretton Woods-i rendszer alapján) létrejött jelentős intézményeket USA-centrikusan alakították ki, így nem valószínű, hogy Washington ezt a privilegizált pozícióját hajlandó lenne feladni (Eichengreen, 2021). Annak pedig semmi esélye, hogy pusztán szimbolikus lépésekkel bármelyik felet is kárpótolni lehetne az együttműködésből fakadó amerikai stratégiai előnyökért.…”