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
