Robert Triffin


Book Description

"This book provides an intellectual biography of Robert Triffin. Triffin (1911-1993) played a key role in the international monetary debates in the postwar period. He became famous with trenchant analyses of the vulnerabilities of the international monetary system (the Triffin dilemma), predicting the end of the Bretton Woods system. Triffin was a child of the interwar period, marked by the Great Depression and the rise of fascism. He became not only an eminent academic but also an influential policy advisor. In the mid-1940s he worked at the Federal Reserve, participating in several monetary reform missions in Latin America. Thereafter, Triffin played an important role in the creation of the European Payments Union. In his later academic life, Triffin put forward proposals for reforming the international monetary system. But because he doubted that they would come to fruition, he also developed plans for regional monetary integration, particularly in Europe, where he became the monetary advisor of Jean Monnet. With proposals for a European Reserve Fund and a European currency unit, he became one of the intellectual fathers of Europe's monetary union. Throughout his life Triffin remained faithful to the ideals of his youth. The young Triffin was indignant about the Versailles Treaty, while the old Triffin fulminated against the Vietnam war. For him, economics was a way to contribute to a better world. He was strongly attached to his independence and the pursuit of a better and more peaceful world. He was a monk in economists' clothing"--







Forgotten Foundations of Bretton Woods


Book Description

Eric Helleiner's new book provides a powerful corrective to conventional accounts of the negotiations at Bretton Woods, New Hampshire, in 1944. These negotiations resulted in the creation of the International Monetary Fund and the World Bank—the key international financial institutions of the postwar global economic order. Critics of Bretton Woods have argued that its architects devoted little attention to international development issues or the concerns of poorer countries. On the basis of extensive historical research and access to new archival sources, Helleiner challenges these assumptions, providing a major reinterpretation that will interest all those concerned with the politics and history of the global economy, North-South relations, and international development. The Bretton Woods architects—who included many officials and analysts from poorer regions of the world—discussed innovative proposals that anticipated more contemporary debates about how to reconcile the existing liberal global economic order with the development aspirations of emerging powers such as India, China, and Brazil. Alongside the much-studied Anglo-American relationship was an overlooked but pioneering North-South dialogue. Helleiner’s unconventional history brings to light not only these forgotten foundations of the Bretton Woods system but also their subsequent neglect after World War II.




Managing Currency Risk


Book Description

This book demonstrates how exporters’ decisions regarding choice of invoice currency can be influenced by many factors including firm size, product competitiveness, intra/inter-firm trades, and the geography of export destination. The aim is to enhance our understanding of exporters’ behavior in terms of managing currency risk. It contains detailed research and insightful data focusing on Japanese exporters and shows how they face an important trade-off in choosing the invoice currency. If exports are invoiced in yen, then exchange rate fluctuations will pass through to retail prices ultimately affecting sales volumes. However, if they choose to invoice in the importer’s currency, then sales volumes are largely unchanged.




The Emergence of Arthur Laffer


Book Description

This book explores the origins of Arthur Laffer’s economic theories and how they became a part of mainstream economic policy. Utilizing interviews and archival material, Laffer’s life is traced from his early education through to his time working for the Nixon and Reagan administrations. Laffer’s influence on Reaganomics is discussed alongside the development of supply-side economics, the shift towards neoliberal policies, and the Laffer curve. This book aims to contextualise the work of Laffer within archival research and wider economic trends. It will be relevant researchers and policy makers interested in the history of economic thought and the political economy.




Political Economy and International Order in Interwar Europe


Book Description

Standard histories of European integration emphasize the immediate aftermath of World War II as the moment when the seeds of the European Union were first sown. However, the interwar years witnessed a flurry of concern with the reconstruction of the world order, generating arguments that cut across the different social sciences, then plunged in a period of disciplinary soul-searching and feverish activism. Economics was no exception: several of the most prominent interwar economists, such as F. A. Hayek, Jan Tinbergen, Lionel Robbins, François Perroux, J. M. Keynes and Robert Triffin, contributed directly to larger public discussions on peace, order and stability. This edited volume combines these different strands of historical narrative into a unified framework, showing how political economy was integral to the interwar literature on international relations and, conversely, how economists were eager to incorporate international politics into their own concerns. The book brings together a group of scholars with varied disciplinary backgrounds, whose combined perspectives allow us to explore three analytical layers. The first part studies how different forms of economic knowledge, from economic programming to international finance, were used in the quest for a stable European order. The second part focuses on the existence of conflicting expectations about the role of social scientific knowledge, either as a source of technical solutions or as an input for enlightened public discussion. The third part illustrates how certain ideas and beliefs found concrete expression in specific institutional settings, which amplified their political leverage. The three parts are enclosed by an introductory essay, laying out the broad topics explored in the volume, and a substantial postscript tying all the historical threads together.




SDR: from Bretton Woods to a World Currency


Book Description

The book starts with a description of the monetary system's evolution, from the Bretton Woods Conference to the SDR. The book includes some annexes in order to better explain the origin of the current monetary system.







The Battle of Bretton Woods


Book Description

Recounts the events of the Bretton Woods accords, presents portaits of the two men at the center of the drama, and reveals Harry White's admiration for Soviet economic planning and communications with intelligence officers.




Architects of the Euro


Book Description

Who were key figures in the making of European monetary union? Which ideas did they contribute to ensuring that monetary union would be sustainable? How prescient were they in identifying the necessary and sufficient foundations of a sustainable monetary union? This book provides the first systematic historical examination of key architects of European monetary union in the period before its launch in 1999. Using original archival and interview research, it investigates the intellectual and career backgrounds of these architects, their networking skills, and their own doubts and reservations about the way in which monetary union was being constructed. In the light of the later Euro Area, Architects of the Euro deals critically with not just their contribution to the making of European monetary union but also their legacy. The book brings together a distinguished group of scholars working on the history of Economic and Monetary Union.