International Monetary System

This book offers an in-depth analysis of the evolution of international monetary systems and the issues that structure financial relations between nations. It begins by tracing the history of exchange rate regimes, from the classical gold standard to its attempts at restoration after the First World War, explaining the theoretical mechanisms, the expected advantages, and the limitations observed in practice. The study continues with an examination of the Bretton Woods system and the gold standard, highlighting the central role of the dollar, the instruments of the International Monetary Fund, and the causes of this regime's collapse. The book then analyzes the transition to flexible exchange rates, the theoretical debates they sparked—particularly around the work of Friedman—as well as the deviations and adjustments that led to the adoption of impure floating regimes. Particular attention is paid to the European Monetary System, a precursor to European monetary integration. Finally, the book presents the contemporary classification of exchange rate regimes, along with their advantages and disadvantages.