Do Old Habits Die Hard? Central Banks and the Bretton Woods Gold Puzzle

Do Old Habits Die Hard? Central Banks and the Bretton Woods Gold Puzzle
Why did monetary authorities hold large gold reserves under Bretton Woods (1944–1971) when only the US had to? We argue that gold holdings were driven by institutional memory and persistent habits of central bankers. Countries continued to back currency in circulation with gold reserves, following rules of the pre-WWII gold standard. The longer... READ MORE...

Publication date: July 2019
ISBN 9781498326773
$18.00

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