An influential school of thought views the current international monetary and financial system as Bretton Woods reborn. Today, like 40 years ago, the international monetary system is composed of a core, which has the exorbitant privilege of issuing the currency used as international reserves,...

This paper presents an empirical analysis of speculative attacks on pegged exchange rates in 22 countries between 1967 and 1992. We define speculative attacks or crises as large movements in exchange rates, interest rates, and international reserves. We develop stylized facts concerning the...