Triffin Dilemma
The Triffin dilemma (according to Robert Triffin , 1959) shows a design flaw in the Bretton Woods system (1944–1973).
Due to the limited gold stocks, the liquidity required for global trade was only possible by releasing additional US dollars . As a result, however, the USA ran into balance of payments deficits .
Under the Bretton Woods system , the dollar was pegged to gold and the other currencies to the dollar. If the states increased their money supply under this system, they had to set up higher dollar reserves as cover. The US, however, had no way of creating more gold to cover these demanded dollars. This meant that an ever larger amount of dollars was no longer covered by gold, and ultimately resulted in a loss of confidence in the dollar.
If a member of the system wanted to exchange his dollars back for gold, the amount of gold held in the USA might not be sufficient (France 1969) because too many dollars were in circulation and there was insufficient gold cover.
Also through Triffin, the IMF decided in 1967 to introduce special drawing rights , which represent a partial recourse to the Keynes Plan rejected by Bretton Woods in 1944 .
By Wilhelm Lautenbach of the IMF in 1944 was discussed even before the foundation: "The opportunities created by the fund, are basically limited to what the American rate."
literature
- Rainer Klump: The Triffin Dilemma. In: Wirtschaftswwissenschaftliches Studium Volume 17, No. 2, 1988, pp. 79-82
- Edoardo Campanella: The triffin dilemma again . In: Economics: The Open-Access, Open-Assessment E-Journal 4, 2010-25. doi : 10.5018 / economics-ejournal.ja.2010-25
Individual evidence
- ↑ Heinz Handler: From Bancor to Euro: And on to Intor? No. 317 . WIFO Working Papers, 2008 ( econstor.eu [accessed May 25, 2020]).
- ↑ Wilhelm Lautenbach: Interest, Credit and Production: International Employment Policy: Keynes Plan, White Plan ( Memento of the original from March 13, 2013 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice. (PDF, p. 170; 1.6 MB) Accessed February 7, 2013.
