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Current system of exchange rate arrangements

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As early as 1942, when economists started discussing what form a new, post-World War II international monetary system should take, John Maynard Keynes had already said that the major problem of such systems was that the burden of macroeconomic adjustment was placed mostly on the balance-of-payments deficit countries. It would then lead those economies to suffer unduly large recessions and the system might break down. At the time, he was referring to old international monetary systems like the Gold Standard or the Gold-exchange standard in the inter-war years.

Question: Given that the current system of exchange rate arrangements in existence since 1973 is quite different to those old systems, please discuss in detail, with examples, whether or not the claim made by Keynes is still valid in today's world?

Reference no: EM132607402

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