bretton woods agreement

When was the Bretton Woods agreement negotiated

1944

When did the Bretton Woods exchange rate system end?

1971

how many countries were represented at the United Nations Monetary and Financial Conference held in Bretton Woods, New Hampshire in July of 1944?

44

What was the Bretton Woods System?

collective international currency exchange regime

what is the petrodollar system

exchange of oil for U.S. dollars between countries that buy oil and those that produce it

Under the Bretton Woods agreement, a fixed exchange rate system pegged the US to what?

gold

the petrodollar was created to

help increase the stability of oil prices denominated in U.S. dollars

what was the purpose of the bretton woods system

minimize international currency exchange rate volatility to help international trade relations

why did the nixon administration decide in Aug. 1971 to end the convertibility of U.S. dollars into gold

mounting inflation, debt from the Vietnam War, domestic spending habits, and a persistent balance of payments deficit

After the collapse of the Bretton Woods gold standard in the early 1970s, the United States struck a deal with Saudi Arabia to

standardize the sale of oil based on the U.S. dollar

the bretton woods agreement created what two organizations?

the International Monetary Fund (IMF) and the World Bank

The petrodollar was the result of what

the oil crisis in the mid-1970s when prices spiked to record levels

all other currencies in the system were then pegged to

the us dollar's value