France and the Breakdown of the Bretton Woods International Monetary System

58 Pages Posted: 15 Feb 2006

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: November 1994

Abstract

French international monetary policy under Charles de Gaulle is re-examined in this paper. We argue that the objectives of French policy in the 1960s were consistent with plans developed in the interwar period and Bretton Woods of establishing a symmetrical and co-operative gold-exchange standard. The conventional American view that France purposely converted dollars into gold after 1965 to provoke the collapse of the Bretton Woods System incorrectly interprets the French strategy of using proposals for an orthodox gold standard and dollar conversions as tactics to induce the United States to cooperate in a reform of the international monetary system.

JEL Classification: F4, N1

Suggested Citation

Bordo, Michael D. and Simard, Dominique and White, Eugene Nelson, France and the Breakdown of the Bretton Woods International Monetary System (November 1994). IMF Working Paper, Vol. , pp. 1-58, 1994. Available at SSRN: https://ssrn.com/abstract=883871

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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