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'From the Gold Exchange Standard to the Gold Standard: The Crucial Role of E.W.
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The exchange rate system was also in disarray, with most countries still maintaining floating exchange rates and many unwilling to return to the gold exchange standard
at their pre-1914 parities.
Another view, championed by John Maynard Keynes in the late 1930s, is that the gold exchange standard was fatally flawed because it allowed for an asymmetrical evasion of adjustment responsibilities between surplus and deficit countries.
He concluded that the rules of the gold exchange standard were violated frequently during these years and partly attributed the instability of the interwar monetary system to these violations.
To obtain a better sense of the extent to which the adjustment rules of the gold exchange standard were violated, I transform the asset data on the basis of the following assumption: a one-year time lag between changes in foreign assets and adjustments in domestic assets; and a fractional banking system in which one unit of reserves in the banking system generates three units of domestic liquidity.
The collapse of a system beset by the fatal flaws of the gold exchange standard and the adjustable peg was triggered by an acceleration in world inflation, in large part the consequence of an earlier acceleration of inflation in the United States.
Bretton Woods evolved into a gold exchange standard fraught with the adjustment, liquidity and confidence problems of the interwar period.
Finally as Townsend (1977), Salant (1983) and Buiter (1989) point out, the gold exchange standard as a type of commodity stabilization scheme is bound to collapse in the face of unforeseen shocks.
It was eleven days later that Nixon announced the decoupling of the dollar from gold, ending the age of the gold exchange standard. For the first time in its history, mankind began to organize its transactions on the basis of fiat money alone.
Governments throughout the world, with the United States at the lead, celebrated their liberation from the discipline of the gold exchange standard by printing money with abandon.