You are on page 1of 14
ea) Cas uall AGN Ayala Co yall ey col gill (gill plait! rgle Gi yall Gaull |e bel d ae -Jasg Osay ali e +h pall jew asi i AI gill GbbLis Yl 5p OY pl Coll Gall eh w oi dla « - 599 Osh» ali did He ads Neal gall aU CDLa! Gall Ge Metal Dall Clgl WS ya Sauk iy Gall Ad Le ued Ble YY LL gcd altar ales is she Je99 Ose A VALE ple gS 90 pips Lie aif ade y Al gall 5 lal! TDL dine ales Uglas G§ (sail GLY oll — tub 5s) Bretton Woods a Ly Gell glen HN Guindy calla) (gail gall 3 Jay lal Gig Gia cade i Sil Ayal gai Alla DL JS ai The Bretton Woods System (14V\—14££) 5299 Gove ali Gail V4EE ale of AGU ATL Go pall Ailes dady LL 9 Sa ayy LS eal gi LY y 4 Bretton Woods j259 sis. Aide of Aga ££ gs gai one ig te Lc sah alla Lif I pecad U5 9] New Hampshire Intemational Bank for (silly jLocM 92) idl Ga ali ¢ Laie! Intemational 1 511) 1 iil § i 25 Reconstruction and Development DAs Gag yf igi yall slid 3h Gingll oly Monetary Fund(IMF) diieg all ele 4D con pa sill jLall Wily day gl elis sale dal Salas Qobe aged Dol alah Gag ill sisi) eli) bss J gat Gl waall Ww Lis oe Sy heedl eat tl jleall os Gand aif Ggateall Li dat Dall (A Bretton Woods j55 os» aby go Al! yall sail ala Loli Lbs as US Oe Gell Slee 4 it sins LSI sian y System cee opal) Gi paall plead g ALI CG paell Glee ald ow Qa ae oll -Pegged or Adjustable Exchange System Jz.eill Ltd) Gi pall lau! aUaiy ot ese fall ead ll gall eaey lal of A} Dasa LS pty 4d Devaluation yais si Upward Revaluation i» sii of (eile sits gl jes ce Uganall ous Gai sll ga neil) ald Gaels Gaal ge Ginglly -yilee wg ual tgs Oe Uae oleiil Gilani Gilat ge ge fe Ge glad AU Ayes giles Lad stad of AS pide Mga US le Cony albaill Lil likey Sogdian: ceuy Par Value Sate Lasi Lal) ode Cady gall gl Gall Ge gels le %) lates Jabal jew Jp dine aga Gapeall Gla f colli AAS Lo gaall oie Gle Uiladll ge Dyjuue 3S pall ayleadll yy sSig Jalal La oe Blin Gal gi ind) Gdlan Go (hlial Bites of Wyo dS Sle Gas GN oo pall yrs cee GaN y Ga oll cae (THT) iy Sal off HL Abi au gly OSs Og A tm AN Le Gall Gee OS 5 D? Go) GUI aL 15s al eg Jalal jaw gle Aailadl US 6S) dil GUL Gle Gi si ail Cull aif La Yor Gaal 5 Nis AB Slaie Goull Gf GLY s2 ae Gy ail eld Gia Sly elpil Gaal gf Igual Gdbadl Ge pola! pais gf GIRL gle gl Clb ys ald dué le bilas SI GY sal vA Par value ole aE ge he Ally aa (F-1) fy Je ake Gs GY GS sl SY sll agai Ublis Canal Gogh Nl 5 gall Las yy ce} 8 Gl sal Id 5 9 sal GUY of aS Gaus cul yee BS jae aie Se Sl GY gall Sate (a1 891 Gals) dasha 4 5S pall Ca plead ce} Lee asa Gh we ef GAY Sal Gaually Li oan gl Leas gu Sasg Osan pas of Lay call GI) asad dh ue dhe of gl al Jot! gl 4 Gold Exchange Standard Gait of pall sls Gulud gle Jaw Gold Convertible Gai th a wa TAL de Gl) kde Uigai wbins LS pal glee pbb! of LS cand Gl] ays all Gal fly Currencies SS jet AS all Ga jl qlaes Glbiial ay dh gail ALE ODL Ge o sSis ASN algal GLigil Usa gl GLY 92 USE le At gall ibbbial ys -5aas Osis alla Gi quai gl liad! Alas si gall qual g ably Ga pall alla das Lil ome GLI (THY) oy DS el atl Gaal plas Gee U0) Gua gil td ae gis stall Ge yee of Quy SI aut | als) aly tal De ic GLesiall gays «lial goal) Abii aie Clgsioll cl ps a sir gel Arc penal 44 Bai aie Hig yall LIS Gilggiall Gle GUL Gisis Daas Le ling UL peal bis Adal peal Asis aie Hig yal DuIS Cilgsiall Gaye Gini cLiall peal Dé) s® 4 4 2.8280 3 2.8000 g @ 2770 Vcaaltly ject pl Jue all (FY) 9 goa SAU ALY pa Le Fed wall jan yan oSey LAS OSI D2(E) Al) gl AY! Ale alll el yas Na) al (£1) ay SSI sey gos FMS) Gpueas lad GLAM geal dais aie Quay pall Ay sUbaall AuSll cally LS 25 ald old cL le Lal gall Ab els Gag OY gall ils Glgsisll soi Ly SY! Gl paleall Dead He Glas us SY! gail Gall y cA} Sha lol a8 eS GLAS y D2) AM] calesiall le Cll inis das js TLE aay SoA Si) + Med) Gaye Giaks cl jing clea! Lille» Tol aga abi 4551) Gpeall Yous dhe Gly Gaye Gbiaks Gi ves LMaurice D. Levi, Op.Cit., P. 178 Dag) D’ Se A 3 ba 3 geal kt 4 ‘hu 3 = @ geal Akt “ all ae CAH / Clgatall Aas Napa paw des Lier) 98 sea SSIs Sl La Ge Gass ost A ga slitll dal al SLM Dp ad Gi peal Yael S| ual glee Gi ledge gee ll ed) lie 5 GS price! BVANY— VAY Oe Canall saclé QI) [ils sage Guls. AV AY Lind Sil SLStl alld oy gas willy «3 ll A JAK ily yl) abel! Dae ged Gyre lead dyad CG peiel aid [gis lite ai af Canal) ba gall aad ALBUM Gall aay Gabel i Yulee lall Say Vig DUIS HVAT Gi dK Bageall Abell GL gSall le Gad Les ig pall Gis a peall glu! Coslis! ail Celis! a peal sled diggs OSs [eal AUS Sola! tulad Gaile Gl oasis] LS Je) VAT + ale eas LS guild Gauls Jguas gid hue "Leal GLa GL pes Ga) Glaball ye gall jini aie wal -(“Beggar-The-Neighbor” pall your Quiet gd Al gall obbliay! 593 Spel) yee aged Lgl bbb 599 (0-1) hy TSE jes see D? das of aaiall le GIN of Gadi algal GlbLis YI 59 gil 1. Maurice D. Levi, Op.Cit, P. 179. vA ey ous SN Lie dif pissy) Lil Ghes (all dilly ll GLAS gli! AY! Usa os gies ae fg Gale 5 Gaye ella D? Gi 4iiall He Clb ale $2.80 GLS ill) gj pall paul O90 0.75% Gs Gris Le ul ($2.78/2) one te Gos git Ail pe jl aes ahaa Jig USI lel le g (V4 i iLals Lisi» 1s) ® i LS fg A Mad lgsall sits of (als 2M Laguell gs G pall jus le bliall (fe x $2.78/£ $2.78 one | ferret @w &e a ® GaDHI / clgatat Ans "Gall eet ates Gd Lagan GURL! yy0 (2-1) ay Js elit Sal GY gall pbbiisl adie |S) a paee gf Abas toss Os wall gual Sag Vy Oban Y! Gal jail aie g algsiall Go alll Ge pall ailal Devaluate Gasidill 5 gu SUS G+ GIS yall G pacaall Gall ual if! Calgsiall ge Lail5 Laye dls of S? QI lgsiall Gaye al 1a) dilidss ety of billy Gnas le of gig Le «oll alll 5 gies Os if gh (ch etl ays gid lesa gli) sD” oy) dead asiall Gle ol of Gall of La sil Ja Gig ea Lis cons ddl Gish & pls! Lat daas gill 46 691 5S 1. Richard M. Levich., Op.Cit, P.27. vy bs 0.75% ol ($2.82/2) lel Daal cs sine aie stall le Glbll Gi Gail ed pales Glesiall ys nS ed) of GIS pd Geel leg JS pall peal 3M asia gf GWY! Ga Agiall au le dbliall ally .(cd# * $2.82/8 esas) 5Spell Gpraaall gla Le asinll iJ dala Y gf Alas ll jas 5 Appreciating VS) Gi yuan OS GIS Sel gal Oe abba sole Gat yy lla yall OY Oe eS Aig je He laldel SY! Mall Qs Gag yedl ap al US casiall gle CULM aids y Sills yll LAY sab 5 Gl) gape Lin y Sill aall sae Gf CaaS Giaiy GLAST tT Gd Ul a 299 Osh AHlil o9y lll SUbY! Gadls.(2-¥) ody shy! aS) A del Glad) AL Official Par Value Gell Jalal jaw ad I SS Gaal Gl bag ys Ae J a el Lt) gts Ug peal je Al eaill all Gi IE US JoLadll jas guild Le gia shall ol il dagall Gaull gi yy calales oiill Ggdina Gil y 13) galai Jal ga Leet OSI slat Gluall Gibec (gf Gell pall agai ea! shea Glee ay JLd ol 5 yell Glbbisy! plasint JaYl snail cle gfadll gl jue GYDA! y jly IV ae de Gall Gp GDAI 8E aie g lsil alll Gate Gay dy sal a sii aLilasly ojl_ol ssi eis JS ld ol Jib gll bai! Glas] eal VW. * Aglaecall 1. Richard M. Levich., Op.Cit, P.27. vy VAM 1406 OY gall GH oi wall Bac Grass Ys Gab Ge eli Gl] Led Joos Osi» alas dost OSL Mi fe Leg Ss LUIS lis Le Gf edd sail GLY ll OF ILL NV ge ose alle (4 Gailill Usa. Lasiy Redundancy Problem chi ol N Wgall Hey WN Jgall Glue aad 4als Gla ods Qe Ne Glue op Sl ai Dp ai ep gly sins Sts a peel Yi Vig Meds ait gf Sail GLY gl leg cas! y Capua jaw alla LiLdly sasidl GLY dis hye |p tng gd ODE pe dle aig pS eS 0.258/DM jae ON 9) gl) dll aL ja ose a lab WeD gf Lay Iisa y Qin hall Sg 8 Madi Mill gus GLA Ge Stall GLY Gal Gu al Ss wi! onli Hite dual Guba glo] gle soll sua ll saat bY gl calles . pain! ailed) Lal .pLiadl of pall Gila 2 ling eyelid QL iis jee os gt ALY geff of staid GLY sll Gle ail ged SY gall Cull Gall sacl gait) OLE Vy AS NAD Dg GLabisl (ob Gis tales iis a ALU GLS ad IV Jgall Galall Goes! Glass GE al i) 5 ghee Gl jw! aie Ye ge 8ST alee liall Geall ge Dy gh lid Lise a Dad ge Gass obblly dy olf oles flue pli dae DLN cal Sigel ll Aaa y 65 ieee My pase My Qual f Sasi GLY gl le le gia sLasY Marshall DL jl dhs Goal dg) gif Magdl 4 p41 eg QL cdg aged shaly Guulad Ste gS Ss ol GY gall aaa asl VAs ple i OY sill le saciedl SLAY UI itl eels Dodge caso Abs LS 35 OY Gywall slead Gi Gl yaad UI gd i Obllly Ly sl Qe WS Gana si Claus) eM Gils USay Glass of Laval SLU Gully oY Ge bible! of Gast GUY ll dee Af Gall Gal ae fe she afi Saal GUY I Culaley pha GI ye Glyuall ve neil lol gle Aaily GURIL de giae Gobind) Auta sob pais «Lys ALLY Gal Gaal Se le salld Jandy due gil lle SY gill Lage Duel gta qaeg cuit go oall 5 pladll alas gh dealadll QSedl ge IS sally Baws ol) dae ASI i 5 aes LS a LN) GULLY! Gals cooliall Triffin Dilemma 3 ell gai Baal) sel gf Qe Caudal) go Lui gh $1 jan gf Abad jtasy & GilsTL GY sal Lad wast al ge bid Ly ge OWS ls ail GLY! Ail, Nel al diay Lises GIS SY gall jem Gadd Gf LS. Tyull all gain agi Ged ped Sal ut sel sll Oy ia9s ost y Aili Ub! Gf La ill Bei eall SLAM Gaal all gucies ue Que GLaLal Gaile Gil cali cs SI SLD Gi da lal! liad gLi sue bie 599 a Gaal Sad oh Sey Aas 35h Gad Gl) GY gall dagad Das lee Gell ey Gi ghd OLA) agus aL yag VAY ld sal Glaal apd Ay pe valli Ge ILS gle Caacle WIS 9 VAVs pla pled! rin) SLUR! Cuiseg 140A ald ia! robs alg Gf dgaill aad coal pales G65) LS. gtd ol ale ga SY NN peel gly Leds had gel olen dy Ugdan canal ASL gu abel ap oall cL) Gad) i yg Goll) Gaull Ggin Cuay LS dai bl LY isl agg oI AGL Gl gball OSIy Y gall pe A gdll GLbLia yl Yoh Gt G yall ell Gi sla hy Qe) GA pliiad Gye 8953 oh AS NI Ail Lull Cl gay wligineall jlaeh le ely %£,0 5 cial jlaui le ly %I.S Ge pdaaill Jace sell iy las ie ja le Dalia lel jill ye stall GLY sll Glas, Annis Lal Cael al LaLa Gage dey Ge ells (IT UY!) QoL line phaig sell jake Ants sasidl GUY ll cell Qe sadacill ally Aa gle ody Ghgad Colang VAN g VATA Gale bats Ge lall Gleall Gl jug Cale gfall VAV N40 6 GY gall Cyl) od jaall Busts (1-Y) ay JU! sold Sail GUY faels ye ticall Jal] Qualls duel wel @ clas ct) Sl Ll) Gal official par value ou! Jalal jou cas Yr agains gaaly yx Dia Ung yo Ga pall jane Daly 68101 SY ull sdaleill jae I) Lal Geil Gy gyal Gall Gbbe yi Grad jall dash aul soa paill fay Aula SLIM Gal gael jal SLM Gully asl gaze AS SI 1 all Gla Baia y Sail) Las 83 SI SY gill adi tee blials Vg) Sula all gail Abell qed! cs hye jae de daliall dual 5 je spall GLY sl of key sala CLM) ja os ghey ang cL) {la ll TLD Qld jai ue gotall Gluall GYDGA! Gall aLall SLAY! ges DUG! hand (dy pall Glal Yl Galli ds gSall SLE sglllls sol gfll culled Sansall by gl Lyall) Lil JI Vv ne bane Spall syle Gale «grin! Gaal! algal Gf (bai) Lal gS -VI fa yeall jleuly cite glad Gf jue Gal el ei ys SLL g Gal OD de gid 48 05) DUM only Gly! Ayal (Sil) Ayaleadl dy Lal! Gaga alll g Uaill yo casi Spell Gaidy OV gil Le siall Sued oll Gail Gay cle dle. VEIT agua) Vegetal he lal gf (dil alas al dl api LN oly 1X 1. Richard M. Levich., Op.Cit, P.29. vi ASI gee “SRL TI Sl lida Gal 5 LS uel) QI) dela Gane JL! sos! I SY 50 blisl The Triffin Dilemma (ais ji Abaea Cots eel oul sf Ane! Cee Aldon jays Osi» alli Geal ple 4 oni § Gog) olel aii (0-1 Sal) heal tt wad Gal oui sic Gail 1) aad Jagat said) GUY gl GL jill le lolaiel ai 0 46 Oe (eSbab bial jglete Gila ds Go leila sll Og je ASI Gold hues ghtl Ste Gil gi Bae JA Gall Onis § Hee (1-1) oy Ja Ks Dg! ces Ua Gf lb yg Seidl GLY gl lip Deed) cil, ig aie eS Loft A ed Le SY gall Gilaues le bliall Gi by gay SLAY a Gad anall pbbiia! Jase Weagses gi 552 Spl Gay hl IS cones Crest pal gl DLS de yey aus af Mie) Aru Glad) Gl) saniall vv OS) OFS GagLalll ad Ql) dy gaill SY gall Abt All Gad Le oluiully BAM Ae Bint Gi boy yoy gd Da aes 46 MI saad OLY BSE GLY a ye AMA gall Aga GA sash LB! Qe Lj asad A ORS Jae Gs Gl pall lS 8 GIGY gall Gad Gili dy VAVI-V AVS DR “Lows alle Leda ily GS pl Cole sfaall ol jae 5298 osiae ali ddd sLeeatl gs QSbital ge te gene jaoy cis pled Cgal sail anh Gu Lee Ay geil Seg MiMi gull UI Gass gf JLidal SLin io yuS de yu A gall sylaill gett Leni Al gual Alsace ese pbiial A) ApLall ala jig Hallas 5 gees Cole add) Quilge Af GYDA! As QoL Jie Gaitl of de Gai jays ost» allt of Lay Gaull ov cso ll Gall Gaye i shall gaill of Oe Gaga allia QS aid at J SYN al gill g gia Agall syle) gai 4ijlbe de pay slay Y%V,0 I) %I ad pbs alles ul day Gle fal gl jue gf Jaull Aealed iS Y aly -Saall Qayiad Ugall syle le agi SLY OY iN lod QbuisY! dhe canal SY gall of Ley MN Abeea IY ptt) SaaS of Leng nei BU GY 92 TO sic Ganall ol pty Qul Steines sail GA Gaal 4S poe Gle Gili Shay ute! 45S all Ga yleall ly Calais! ll asad Syd) Gola Gyles. shea sles GIS quagll 1 olf adi QLgls GLAS Wad Gal Gal AY cue Uni LD Casall GI SL Gall GLY yall ot SY Glad on GS) Shas lla cals MS QI) Milo) GLb! Ghat of oS All (Euro-Dollar 5¥ 525. si gilasS) saad GLY ll ck Ls 1. Rivera-Batiz, Francisco L. and Luis Rivera-Batiz, 1989- International Finance and Open Economy Macroeconomics. Macmillan Publishing Co., New York. P.526. VA AG Geis) oY dasiiy Gasidl GLY dl ms Qsagal Gaal le Giles i vet hbials SY all atl gf jee ge Gaile Soll Gas of A) Used ie ati dy gull Uae SSL A ll OF La Ay pac AMT allan GS ally cMgile hs Gilge Gi pees Milly GIL Like Gye y Josall of ls avDGaY! oie asi J alll UA Aga WS Glas Gully Salas Gilasi Giad LAL LS Says ose alld Gi uel gyyg) staid! GLY Codd ad eg ops pe ie Gt SV gall Gee GLUE He Ail go Ligh sl (BUG aig go Leg y al GY gal Ge le Woah fa | ck ALAN jg) GLa Lin gui LSy dalle GLAS GY gall oof seat ll Moll JE 8 i Gs fb Gs Gaul Up as gy seid Oly Anat Ql IY ga FO jan aie Cul Ca pall gala Yl gaill chang Si Cole fall Ol jee gd peel jell Gees daoddl GLY gM cule! (gSbs Qa Gaal Gus Galidily dvaill Gb sie Eli gee Vk g aj pall Gyleadll Gs Gaal el pty au cad Isl V4) Gl 1° a -(Nixon’s Shock) (lle gait plaS jo99 Osiny albi Qs Uebill ye clas Wii Lea tg all Ay gil A gl & puney Lilla ys Cage VAVTS DAVY cle ty G—tiy ‘Nonsystem Ny gat LBS a5 ay ater cag Cheail y «eid4 Jot du ih doold Managed Float jos aigai alld sjbicl Je y gala! cB prall slaal 4 yuS Coladeli Co gas aLlaill Lis Caray y dye Lina Sip MSR sy Gaal Gali de 2 pha GY glad ati ys (V1) pdy iby! iL apis as lye gabial Gb OS 45S ll Glad! Gi GLY gall cA i) Btn pais VATA ale Qe jo Gil OYoLadl Gf padinns GY gill oe tyke ty Special Drawing Rights(SDR) S216] aut! Gsis Ga Ly Gpine ala (Paper Gold Gaal dys: buat cos) 46 yall Sonal Qo deal va + OY 53 hb Te Qlis aibiacl CMa oi GB gtinall Daal VAV Slay Qey ail gM quai ty ped ea ed Gall Links Ge jy dealall Gaull Gein. ig hl) (uity Cle fall Gl jae Gd jaall ged gf ealall Gaull Gsie plas SLUT ool Ms Yule Gaal old gall Gals! Gdue es aasid Gall 4s Ba Gel dl ale Gatall Gall Gis has bins [gs eal Ja ail Ase Jest of Gsiall Sas 1) Ke WELT gSily GS gaicall be tis Goal Ua Fase) Guedes [glgle aie Ail) See Jai LS ecole gaall Oia gd jal dalall ble 4 ais daily Algo agi Ye 2yhe Gsially ys ghia! das Lis psi 4u8) lial dle Gi gl oll waa! ate Gsiall Gus i J iy ana’ Les dil An8) Cubaiial lily (oailill ge said aed GG ysicall dd Ganed Sst Ae jal oie Getty Lees GnSll Gi Gail ye alll gist [ali 159 go sles leiad CIS Gill Ganads lay Gi Ggiall ladiul Q§ hall ee gl apy OY Lad A beats Canes oly shasly Fd LN Jae dang cisially SY call al couiall gu al glad) Cuall cotuanll FSi pl OLY ss (eb WP edhe aul af le de OI ee sd A YT Atal NY g SLL Gall G4 YVA tll oe VEY Gaia Ans Gab Yee Uf set ble ay al ely ge aul ALU ays a YY,4 Dolig Le gh gll VAY 45S pall Ghyll Ips Jedi (ill Qoolall Gaull LOY NYY Galil Gaull ga uf Gils Cus OY 9 lL

You might also like