interest. This image of the current system as Bretton Woods reborn also overlooks how the world has changed since the 1960s … resembling the Bretton Woods System, it is not long for this world …

and pre-World War I gold standard eras …

We propose a simple model of the international monetary system. We study the world supply and demand for reserve assets … denominated in different currencies under a variety of scenarios: a Hegemon vs. a multipolar world; abundant vs. scarce reserve … instability of the system, as well as the common prediction regarding the natural and beneficial emergence of a multipolar world …

inelastically supplied precious metal and elastcially suppled foreign exchange to meet the the world economy's demand for reserves …

monetary system from 1928-1971 and simulate its implications for the determination of the world price level and the durability … implications for economic growth and resource allocation of allowing 1920s-style international capital mobility after World War II …

monetary and financial system in transmitting those destabilizing impulses to the rest of the world. It explains the speed and …

changing demands for modern central bank interventions in the economy. Financial instability, followed by WWII, left a world …