France and the Bretton Woods International Monetary System: 1960-1968

42 Pages Posted: 27 Dec 2000 Last revised: 21 Nov 2013

See all articles by Michael D. Bordo

Michael D. Bordo

Rutgers University, New Brunswick - Department of Economics; National Bureau of Economic Research (NBER)

Dominique Simard

Newark College of Arts & Sciences - Department of Economics

Eugene N. White

Rutgers University - Department of Economics; National Bureau of Economic Research (NBER)

Date Written: February 1994

Abstract

We reinterpret the commonly held view in the U.S. that France, by following a policy from 1965 to 1968 of deliberately converting their dollar holdings into gold helped perpetuate the collapse of the Bretton Woods International Monetary System. We argue that French international monetary policy under Charles de Gaulle was consistent with strategies developed in the interwar period and the French Plan of 1943. France used proposals to return to an orthodox gold standard as well as conversions of its dollar reserves into gold as tactical threats to induce the United States to initiate the reform of the international monetary system towards a more symmetrical and cooperative gold-exchange standard regime.

Suggested Citation

Bordo, Michael D. and Simard, Dominique and White, Eugene Nelson, France and the Bretton Woods International Monetary System: 1960-1968 (February 1994). NBER Working Paper No. w4642. Available at SSRN: https://ssrn.com/abstract=254532

Michael D. Bordo (Contact Author)

Rutgers University, New Brunswick - Department of Economics ( email )

New Brunswick, NJ
United States

National Bureau of Economic Research (NBER) ( email )

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Dominique Simard

Newark College of Arts & Sciences - Department of Economics

360 ML King Jr. Blvd.
Newark, NJ 07102
United States

Eugene Nelson White

Rutgers University - Department of Economics ( email )

75 Hamilton Street
New Brunswick, NJ 08901
United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

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