Cover -- Half Title -- Title -- Copyright -- Contents -- List of Boxes, Figures, and Tables -- Acknowledgments -- Introduction -- I. The Role of the International Monetary Fund -- 1. The Essence of Bretton Woods: Monetary Cooperation -- 2. The International Monetary Issues of the Bretton Woods...

This paper describes the essence of the Bretton Woods conference. The Bretton Woods conference was one of a number of inter-allied conferences in the later part of World War II that led to the creation of a new international organization. The point of this paper is not to defend the Bretton...

This paper presents a model of global liquidity shortages. Liquid claims are enforceable promises that play a transaction role. Since developed economies have a comparative advantage in creating liquidity, they export liquid claims to emerging economies, resulting in a permanent current account...