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Bretton Woods Agreement (F3)<br />An agreement signed in Bretton Woods, New Hampshire, USA, in 1944 that created the INTERNATIONAL MONETARY FUND. It set rules for exchange rate behaviour and created a pool of COMMON CURRENCIES, thereby making the IMF the world's 'lender of last resort'. This agreement was a compromise between KEYNEs's proposals for an INTERNATIONAL CLEARING UNION and Harry White's plan for an International Stabilization Fund. Par values for exchange rates were fixed in terms of gold. A country had to intervene if its exchange rate was 1 per cent above or below par. An adjustment of more than 10 per cent was permitted if the IMF thought there was a fundamental disequilibrium (a condition vaguely defined) in a country's BALANCE oF PAYMENTS. Temporary borrowings from the IMF were possible to support a currency. This GOLD EXCHANGE STANDARD of Bretton Woods was abandoned on 15 August 1971.<br /> Critics of Bretton Woods noted that the agreement did not provide a mechanism for changing inappropriate national exchange rate policies, that it failed to make national monetary and exchange rate policies compatible, and that it discouraged frequent changes in exchange rate parities. In practice, it was a DOLLAR STANDARD as most countries fixed their currencies against the US dollar. Its demise was hastened by the problems created by the Vietnam War for the US economy.<br /><em>Reference</em><br />Dormael, A. van (1978) Bretton Woods: Birth of a Monetary System, London: Macmillan. bridefare (13)<br />A welfare programme in Wisconsin, USA, enacted in 1994 that increased welfare benefits to teenage mothers who got married. Originally this amounted to $91 extra for a single mother with one child on top of benefit of $440 per month.
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