The Impact of a Lender of Last Resort during the Great Depression: The Case of the Reconstruction Finance Corporation
In: Explorations in economic history: EEH, Band 32, Heft 2, S. 197-216
ISSN: 0014-4983
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In: Explorations in economic history: EEH, Band 32, Heft 2, S. 197-216
ISSN: 0014-4983
In: Journal of Monetary Economics, Band 11, Heft 3, S. 373-379
In: Journal of Monetary Economics, Band 5, Heft 2, S. 249-258
In: The economic history review, Band 74, Heft 4, S. 922-945
ISSN: 1468-0289
AbstractRichard Nixon's August 1971 announcement of a set of policies known collectively as the New Economic Policy (NEP), or the 'Nixon shock', effectively terminated the Bretton Woods system (BWS) of fixed exchange rates that had governed the international monetary system since 1944. While there are many accounts of Nixon's decision to end the BWS, the secret Nixon White House tapes provide unique insights into the decision‐making process and Nixon's struggle with this decision. Using the tapes as evidence, we find that Nixon resisted ending the BWS for political reasons and did not fully understand the NEP's strategy, particularly the fact that the domestic policies were designed to provide cover for the international policies. The tapes also clarify that the decision to adopt the NEP was made prior to the Camp David Summit of 13–15 August 1971 in response to general speculative pressure. While the US reacted to pressure on the dollar, Nixon and Treasury Secretary John Connally attempted to appear to be driving decisions for the domestic electorate. The temporary float of exchange rates as part of the NEP inevitably became permanent as a result of Nixon's choice of advisors and his preferences for open capital flows and stimulative monetary policy.
In: Public choice, Band 170, Heft 1, S. 63-78
ISSN: 0048-5829
In: Public choice, Band 170, Heft 1-2, S. 63-78
ISSN: 1573-7101
In: Journal of Applied Economics, Band XIV, Heft 2 (November 2011)
SSRN
In: Emerging markets, finance and trade: EMFT, Band 44, Heft 2, S. 15-38
ISSN: 1558-0938
In: Journal of policy modeling: JPMOD ; a social science forum of world issues, Band 27, Heft 5, S. 629-645
ISSN: 0161-8938
In: World development: the multi-disciplinary international journal devoted to the study and promotion of world development, Band 33, Heft 3, S. 371-391
In: Journal of policy modeling: JPMOD ; a social science forum of world issues, Band 27, Heft 5, S. 629
ISSN: 0161-8938
In: World development: the multi-disciplinary international journal devoted to the study and promotion of world development, Band 33, Heft 3, S. 371-391
ISSN: 0305-750X
World Affairs Online
In: Public choice, Band 85, Heft 1-2, S. 1-10
ISSN: 1573-7101
In: Public choice, Band 85, Heft 1-2, S. 1-10
ISSN: 0048-5829
In: The quarterly review of economics and finance, Band 35, Heft 3, S. 233-243
ISSN: 1062-9769