International monetary cooperation : lessons from the Plaza Accord after thirty years

Resource Information

The work International monetary cooperation : lessons from the Plaza Accord after thirty years represents a distinct intellectual or artistic creation found in European University Institute. This resource is a combination of several types including: Work, Language Material, Books.

Label

International monetary cooperation : lessons from the Plaza Accord after thirty years

Title remainder

lessons from the Plaza Accord after thirty years

Statement of responsibility

C. Fred Bergsten and Russell A. Green, editors

Creator

• Bergsten, C. Fred, 1941-

Contributor

• Green, Russell Aaron

Author

• Green, Russell Aaron

Editor

• Bergsten, C. Fred, 1941-

Subject

• Foreign exchange rates -- Government policy | History -- 20th century
• International finance
• International trade
• Devaluation of currency -- United States -- History -- 20th century
• Monetary policy -- International cooperation
• Economic policy -- International cooperation

Language

eng

Summary

The issue of countries artificially manipulating the value of their currencies is at the center of most debates about trade in the United States today. Critics of liberalizing trade have charged, for example, that China has suppressed the value of its currency in order to make its exports cheaper and imports more expensive. Thirty years ago, however, the Reagan administration confronted Japan with the same accusation. Then in a secret meeting in 1985, finance ministers from the United States, Japan and three other major economies in the world gathered in New York City at the Plaza Hotel in an effort to resolve a crisis caused by that criticism. The Plaza Accord coordinated exchange rates among the countries present, in turn depreciating the dollar and restoring some equity to the global market. Was that meeting a success? Or did it usher in 30 years of tensions that have hurt, rather than helped, the cause of improved trade? In late 2015, policymakers and academics held a Plaza Retrospective conference in Houston to evaluate the accord's successes and drawbacks, and how its collaborative spirit can be applied to today's increasingly integrated world economy. This volume, with contributions by former Treasury Secretary James A. Baker III and former Federal Reserve chairman Paul A. Volcker, presents their analyses.--

Assigning source

Provided by publisher

Cataloging source

DLC

Illustrations

illustrations

Index

index present

Literary form

non fiction

Nature of contents

bibliography