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16- &+&%(Dί&- 16- "DBώ:'&- 7:(0#(:ά- B:ή/&1(- 2&' 18+ &7(*"/ά18+ 0" B:;0ό 0" "7ί7">& 2&1ώ1":& 1(; 100%.?& >ύ( 0;01ή/&1& /7(:(ύ0&+ EέE&'& +& 0;+>;&01(ύ+. 2 G "%2;01'2ό161& 1(; >'"*+(ύ- 2&+ό+& B:;0(ύ (#"ί%"1( 016 01&*":ό161& 1'/ώ+ 2&' 0;+&%%&D/&1'2ώ+ '0(1'/'ώ+ 7(; *"8:"ί1&' ό1' 7&:"ίB". H&:ά 1( D"D(+ό- ό1' (;>"ί- &/#'Eά%%"' 78-1( 0ύ016/& 7&:"ίB" 01&*":ό161& 18+ 0;+&%%&D/&1'2ώ+ '0(1'/'ώ+, 7(; ";+ό60" 1( >'"*+έ- "/7ό:'(, ;7ά:B(;+ 0(E&:έ- &/#'E(%ί"- D'& 1( 2&1ά 7ό0(+ 7&:"ίB" 01&*":ό161& 1'/ώ+ ή 01&*":(7('(ύ0" 1'- 2;2%'2έ- >'&2;/ά+0"'-. P01ό0(, 7:ό0#&1"- ('2(+(/"1:'2έ- έ:";+"- 2&1&>"'2+ύ(;+ ό1' 7:άD/&1' 01(+ 2&+ό+& B:;0(ύ 1& 7%6*8:'01'2ά "7"'0ό>'& ή1&+ E:&BύE'&. 3 Έ+& ά%%( 06/&+1'2ό 7%"(+έ216/& 1(; 2&+ό+& B:;0(ύ *"8:"ί1&' ό1' ;7ή:=" "=&':"1'2ά &7(1"%"0/&1'2ό- /6B&+'0/ό- "='0(::ό7606-18+ >'&1&:&Bώ+ 01& '0(<ύD'& >'"*+ώ+ 7%6:8/ώ+. G 2%&00'2ή &+ά%;06 1(; 7:(E%ή/&1(- &;1(ύ (#"ί%"1&' 01(+ David Hume (1752), 7(%ύ 7:'+ 16+ "7'2:ά1606 1(; >'"*+(ύ- 2&+ό+& B:;0(ύ, ( (7(ί(- 7":'έD:&T" 1( :ό%( 1(; /6B&+'0/(ύ 1'/ώ+-/"1&%%'2ώ+ :(ώ+. 4" Bώ:"- 7(; "'0έ:"" B:;0ό-, %όd8 1(; ό1' "ίb&+ 7%"(+ά0/&1& 01( '0(<ύD'( 7%6:8/ώ+ 1(;-, 6 7:(0#(:ά B:ή/&1(- &;=&+ό1&+ 2&' 7:(2&%(ύ0" ;7":Eά%%(;0& <ή1606 &D&*ώ+, 7(;, /" 16 0"':ά 16-, (>6D(ύ0" 0" &ύ=606 18+ "DBώ:'8+ 1'/ώ+.!&1ά 0;+έ7"'&, 6 <ή1606 D'& "'0&D8Dέ- &;=&+ό1&+, "+ώ /"'8+ό1&+ 6 <ή1606 D'& "=&D8Dέ-, /" &7(1έ%"0/& 16+ "='0(::ό7606 1(; '0(<;Dί(; 7%6:8/ώ+. I+1ί*"1(- ή1&+ ( /6B&+'0/ό- D'& Bώ:"- /" "%%"ί//&1& 01( '0(<ύD'( 7%6:8/ώ+ 1(;-. G /"'8/έ+6 <ή1606, %όd8 16- "2:(ή- B:;0(ύ, (>6D(ύ0" 0" 71ώ06 1(; "DBώ:'(; "7'7έ>(; 1'/ώ+, /"ί806 18+ "'0&D8Dώ+ 2&' &ύ=606 18+ "=&D8Dώ+. G >'&>'2&0ί& 0;+"B'<ό1&+ έ8- ό1(; &7(2&1&01&*"ί 6 '0(::(7ί& 1(; '0(<;Dί(; 7%6:8/ώ+. 4 H:(2"'/έ+(;, ό/8-, +& %"'1(;:D"ί &7(1"%"0/&1'2ά ( &;1ό/&1(- "='0(::(761'2ό- /6B&+'0/ό- 1(; David Hume, &7&'1"ί1( ό%"- (' Bώ:"- +& 0έE(+1&' 1(;- «2&+ό+"- 1(; 7&'D+'>'(ύ», >6%&>ή, +& /6+ 7&:"/E&ί+(;+ 2&' +& "/7(>ί<(;+ 1'- "2:(έ- ή 1'- "'0:(έ- B:;0(ύ 2&' 0;+&%%άD/&1(-, 2&' +& /6+ /"1&Eά%%(;+ 1& 7(0(01ά /"1&%%'2ή- 2ά%;T6-1(; +(/ί0/&1ό- 1(;-. I+ 2&' (' 2&+ό+"- >"+ Dί+(+1&+ 7ά+1(1" 0"E&01(ί, 6 7&:&Eί&0ή 1(;- >"+ >6/'(;:D(ύ0" 7(%ύ 0(E&:ά 7:(E%ή/&1& 7:'+ 1(+ IY H&D2ό0/'( Hό%"/(. 2!ύ:'(- "27:ό087(- 1(; 7'0181'2(ύ 0;01ή/&1(- ή1&+ 6 Q"Dά%6 R:"1&+ί&. A D+801ό- +ό/(- 1(; Peel (1844) "7έE&%" 16 /"1&1:(7ή 16- +(/'0/&1'2ή- 2;2%(#(:ί&- 01( ά:1'(, "21ό- &7ό έ+& &+ώ1&1( «&2ά%;71(» 7(0ό 18,5 "2. 01":%'+ώ+, 7(; &+1'7:(0ώ7";" 1( B:έ(- 16- R:"1&+'2ή- 2;Eέ:+606-7:(- 16+?:ά7"<& 16- IDD%ί&-. Wώ:"- ό78-1( Rέ%D'(, 6 L&%%ί&, 6 A%%&+>ί& 2&' 6 M%E"1ί& ;'(*έ160&+ 1( &+&%(D'2ό 0ύ016/&, "+ώ 6 L":/&+ί& 2&' 6 I;01:((;DD&:ί& ;'(*έ160&+ έ+& 0;+>;&0/ό 18+ >ύ( 0;016/ά18+. M7'1:"7ό1&+, >6%&>ή, 6 ;7έ:E&06 1(; &+ώ1&1(; (:ί(; &2ά%;716- B:6/&1'2ή- 2;2%(#(:ί&-, /ό+( ό/8- /"1ά 16+ "7'E(%ή #ό:8+. 3 A' "/7"':'2έ- ":D&0ί"- "ί+&' 7(%;ά:'*/"-. R%. 1'- /"%έ1"- 01(;- Bordo and Schwartz (1984), Bordo (1981, 1993) 2&*ώ- 2&' 1'- ":D&0ί"- 18+ Alogoskoufis and Smith (1991) 2&' Alogoskoufis (1992). A' >ύ( 1"%";1&ί"- ":D&0ί"- "7'E"E&'ώ+(;+ "/7"':'2ά 1(+ '0B;:'0/ό ό1' ( >'"*+ή- 2&+ό+&- B:;0(ύ "7έ#":" /"ί806 16- "//(+ή- 18+ 7%6*8:'01'2ώ+ "7"'0(>ί8+. 4" &+1ί*"06, (' 7":ί(>(' "7'2:ά1606-2&*"01ώ18+ 2;/&'+ό/"+8+ '0(1'/'ώ+ 0;+>έ(+1&' /" 7":'00ό1":( "7ί/(+"- 7%6*8:'01'2έ- 7'έ0"'-. 4 A /6B&+'0/ό- &;1ό- ;7ή:=" 6 Eά06 16-0ύDB:(+6- +(/'0/&1'2ή- 7:(0έDD'06-01( '0(<ύD'( 7%6:8/ώ+ 2ά18 &7ό 01&*":έ- '0(1'/ί"-. R%. Frenkel and Johnson (1976) 2&' "'>'2ό1":& 16+ &+ά%;06 18+ McCloskey and Zecher (1976) D'& 1(+ 2&+ό+& B:;0(ύ. 4

?( 0ύ016/& 1(; >'"*+(ύ- 2&+ό+& B:;0(ύ 2&1έ::";0" /" 16+ έ+&:=6 1(; IY H&D2(0/ί(; H(%έ/(;. 5 A' ;T6%έ- 7(%"/'2έ- >&7ά+"- 2&' 6 &+άd26 D'& ά/"06 2ά%;Tή 1(;- 2&1έ0160&+ 16+ έ2>(06 +έ(; B:ή/&1(- &+&7ό#";21( /έ0( B:6/&1(>ό1606-. A' &7ό1(/"- +(/'0/&1'2έ- "7"21ά0"'- D:ήD(:& 2%ό+'0&+ 16+ "/7'01(0ύ+6 1(; 2('+(ύ 01& >'ά#(:& +(/ί0/&1&, /" &7(1έ%"0/& 16 /&<'2ή "7'01:(#ή 18+ 1:&7"<(D:&//&1ί8+ 7:(- "=&:Dύ:806.!&1ά 0;+έ7"'&, ό%"- (' M;:87&U2έ- 2;E":+ή0"'-, "ί1" de facto, "ί1" de jure, 7:(Bώ:60&+ 016+ 7&ύ06 16- /"1&1:"T'/ό161&- 1(; +(/ί0/&1ό- 1(;- 0" B:;0ό 2&' "7έ1:"T&+ 16+ έ2>(06 B&:1(+(/ί0/&1(- D'& 16 B:6/&1(>ό1606 18+ 7(%"/'2ώ+ >&7&+ώ+. G L":/&+ί&, 6 I;01:((;DD&:ί&, 6 V80ί& 2&' 6 L&%%ί& 2&1ή:D60&+ 16 >;+&1ό161& "=&:Dύ:806-2&' "7έE&%&+ "%έdb(;- 01'- "=&D8Dέ- B:;0(ύ. Έ+& B:ό+( &:Dό1":&, 1( 1915, 6 A%%&+>ί& έ7:&=" 1( ί>'(.?( Z"E:(;ά:'( 1(; 1916, 6 4(;6>ί& &7&Dό:";0" 16+ 2(7ή B:;0ώ+ +(/'0/ά18+ 2&' &+έ01"'%" 16+ ;7(B:έ806 &D(:ά- B:;0(ύ 0" 01&*":ή 1'/ή.!&1ά 16 >'ά:2"'& 1(; 7(%έ/(;, (' /"1&E(%έ- 18+ 0;+&%%&D/&1'2ώ+ '0(1'/'ώ+ 7":'(:ί<(+1&+ 06/&+1'2ά &7ό 16+ "7'E(%ή 0;+&%%&D/&1'2ώ+ "%έdb8+, 1(;- 2'+>ύ+(;- /"1&#(:ά- B:;0(ύ 2&' B:"(D:ά#8+ /"1&=ύ B8:ώ+ 2&' 1'- 7:(07ά*"'"- 7(; 2&1έE&%" 6 I/":'2ή D'& 16+ ;7(01ή:'=6 16-01":%ί+&-. I7ό 16+ "7ί06/6 έ+&:=6 1(; 7(%έ/(; 1(+ IύD(;01( 1(; 1914 /έb:' 1( Qά:1'( 1(; 1919, 6 Q"Dά%6 R:"1&+ί& 1;7'2ώ- /ό+( "=&2(%(;*(ύ0" +& 7&:&/έ+"' 01(+ 2&+ό+& B:;0(ύ. A' E:"1&+'2έ- +(/'0/&1'2έ- &:Bέ- 2&1έE&%&+ 7:(07ά*"'"- D'& +& >'&16:ή0(;+ 16+ '0(1'/ί& 16-01":%ί+&- 2(+1ά 016+ 7:(7(%"/'2ή '0(1'/ί&, &%%ά 7&:ά%%6%& &7&Dό:";0&+ 16 /"1&1:"T'/ό161& 18+ 1:&7"<(D:&//&1ί8+ 0" B:;0ά +(/ί0/&1&.!&1ά 16 >'ά:2"'& 1(; IY H&D2(0/ί(; H(%έ/(;, ό%"- (' "/7ό%"/"- Bώ:"- ;7έ#":&+ &7ό "7ί/(+"- 2&' έ+1(+"- 7%6*8:'01'2έ- 7'έ0"'-, 7(; 0;+"Bί0*62&+ 2&' /"1ά 16 %ή=6 1(;. )">(/έ+(; ό1' (' :;*/(ί 7%6*8:'0/(ύ >"+ ή1&+ &7%ώ- /ό+(+ ;T6%(ί, &%%ά >'έ#":&+ "7ί06-06/&+1'2ά &7ό Bώ:& 0" Bώ:&, 2&' %όd8 18+ ('2(+(/'2ώ+ 2&1&01:(#ώ+ 7(; "ίb" 7:(2&%έ0"' ( 7ό%"/(-, 6 ά/"06 "7&+&#(:ά 1(; 2&+ό+& B:;0(ύ 01'- 7:(7(%"/'2έ- '0(1'/ί"- ή1&+ &+έ#'216. 6!&*ώ- >" 1( 1919 (' GHI "D2&1έ%"'T&+ 1'- 7:(07ά*"'"- ;7(01ή:'=6-16- 01":%ί+&- 2&' 1(; D&%%'2(ύ #:άd2(;, ό%"- (' ";:87&U2έ- Bώ:"- >"+ "ίb&+ ά%%6 "7'%(Dή &7ό 1( +& &#ή0(;+ 1& 5 G "7ί06/6 2ή:;=6 1(; 7(%έ/(; έd'+" 01'- 4 I;D(ύ01(; 1914. Ή1&+ 7ό%"/(- /"1&=ύ >ύ( 01:&1(7έ>8+. I7ό 16 /ί&, ;7ή:B" 6 Entente (0;//&Bί& L&%%ί&-, V80ί&- 2&' Q. R:"1&+ί&-) 2&' &7ό 16+ ά%%6, 6 0;//&Bί& 18+ 2"+1:'2ώ+ >;+ά/"8+ (L":/&+ί&, I;01:((;DD&:ί&). G A*8/&+'2ή I;1(2:&1(:ί& 2&' 6 R(;%D&:ί& 1άB*62&+ 01( 7%";:ό 18+ 2"+1:'2ώ+ >;+ά/"8+, "+ώ 6 4":Eί& /" 16+ Entente. G M%%ά>& 1ή:60" 7:(08:'+ά (;>έ1":6 01ά06 (/έb:' 1( 1917, (7ό1" 2&' 1άB*62" 01( 7%";:ό 18+ );+ά/"8+ 16- Entente). 6 Ό78- &+&#έ:"' ( Yeager (1966), (' 1'/έ- B(+>:'2ή- 7ώ%606-1( 1919 ή1&+ 2&1ά /έ0( ό:( >ύ( #(:έ- 2&' 1( 1920 7":ί7(; 2 1/4 #(:έ- ;T6%ό1":"- 0" 0Bέ06 /" 1'- 1'/έ- 1(; 1914. G L&%%ί&, 6!"+1:'2ή 2&' I+&1(%'2ή M;:ώ76 ;7έ#":&+ &7ό έ+1(+"- 7%6*8:'01'2έ- 7'έ0"'- D'& /ί& 7":ί(>( 7(%%ώ+ "1ώ+. G L":/&+ί& "ίb" 16+ "/7"':ί& "+ό- έ+1(+(; ;7":7%6*8:'0/(ύ. A' 1'/έ- B(+>:'2ή- 7ώ%606-1( )"2έ/E:'( 1(; 1921 ή1&+ 7":ί7(; 35 #(:έ- ;T6%ό1":"- &7ό 1( 7:(7(%"/'2ό 1(;- "7ί7">(, 1475 #(:έ- έ+& έ1(- &:Dό1":&, "+ώ 1(.(έ/E:'( 1(; 1923 ή1&+ 14 1:'0"2. #(:έ- ;T6%ό1":"-. Qό+(+, (' G+8/έ+"- H(%'1"ί"- "ίb&+ 16+ "/7"':ί& "+ό- /έ1:'(; 7%6*8:'0/(ύ 2&' "7(/έ+8-, "ίb&+ 16 >;+&1ό161& "7&+&#(:ά- 1(; 2&+ό+& B:;0(ύ 1(+ J(ύ%'( 1(; 1919. 5

+(/ί0/&1ά 1(;- +& 2;/&ί+(+1&' "%"ύ*":&. Qό+(+ 1( >(%ά:'( 7&:έ/"+" 0;+>">"/έ+( /" 1( B:;0ό 0" ό%( &;1ό 1( >'ά016/&, "21ό- &7ό 16 >'"1ί& 1917-1919, ό1&+ (' G+8/έ+"- H(%'1"ί"-, /" 16+ "ί0(>ό 1(;- 01(+ 7ό%"/(, "7έE&%&+ 7":'(:'0/(ύ- 01'- "=&D8Dέ- B:;0(ύ. 20.3 3 4%/ί161+ &10 7%)181(έ$10 Q"1ά 1( 1έ%(- 1(; 7(%έ/(;, 6 "7ί06/6 R:"1&+'2ή ά7(t6 (Cunliffe Committee 1918) ;7(01ή:'=" 16+ 1&B"ί& "7&+&#(:ά 16- /"1&1:"T'/ό161&- 016+ 7:(7(%"/'2ή '0(1'/ί&. 7 I7ό 1'- &:Bέ- 1(; 1922, 6 Q"Dά%6 R:"1&+ί& ά:b'0" +& &02"ί /ί& "7ί/(+6 2&' "7ώ>;+6 &+1'7%6*8:'01'2ή 7(%'1'2ή.?( )"2έ/E:'( 1(; ί>'(; B:ό+(;, 6 0;+&%%&D/&1'2ή '0(1'/ί& 1(; >(%&:ί(; έ+&+1' 16-01":%ί+&- 7:(0έDD'0" 16+ 7:(7(%"/'2ή '0(1'/ί& (4,86649 >(%ά:'&). 8 Ό/8-, 6 "7&+&#(:ά 1(; 2&+ό+& B:;0(ύ &+&E%ή*62" "=&'1ί&- 16-2:ί06- "/7'01(0ύ+6-7(; 7:(2%ή*62" &7ό 16+ ά:+606 16- L":/&+ί&-, 1(+ J(ύ%'( 1(; 1922, 9 +& 7%6:ώ0"' 16+ 7(%"/'2ή &7(<6/ί806 7(; 16- "ίb" "7'>'2ά0"' 6 4;+*ή26 18+ R":0&%%'ώ+. G L&%%ί& D'& &+1ί7('+& 7:(Bώ:60" 016+ 2&1(Bή 16-7":'(Bή- 1(; Ruhr 1( 1923. G +(/'0/&1'2ή &01ά*"'& 2&' 6 έ+1(+6 /"1&E%61ό161& 18+ 0;+&%%&D/&1'2ώ+ '0(1'/'ώ+ 016 /"1&7(%"/'2ή 7":ί(>( (>ήd60&+ 0" 7:(07ά*"'"- 0;+1(+'0/(ύ /"1&=ύ 18+ B8:ώ+ D'& 16+ "7&+&#(:ά 1(; 2&+ό+& B:;0(ύ. H:άD/&1', (' ";:87&U2έ- Bώ:"- /" 7:ώ16 16 4(;6>ί& 1( 1924, 2&' 2&1ό7'+ 16 L":/&+ί&, 16 Q"Dά%6 R:"1&+ί& 2&' 1έ%(-, 16 L&%%ί& "ίb&+ 7:(0>έ0"', έ8-1( )"2έ/E:'( 1(; 1926, 1& +(/ί0/&1ά 1(;- /" 1( >(%ά:'( 2&' 1( B:;0ό. 416+ 7:ά=6, ( 2&+ό+&- B:;0(ύ-0;+&%%άD/&1(- 2&1ά 1( /"0(7ό%"/( ά:b'0" +& %"'1(;:D"ί 1(+ I7:ί%'( 1(; 1925, ό1&+ 6 R:"1&+ί& "7&+έ#":" 1(+ 2&+ό+& B:;0(ύ.?( 0ύ016/& 2&1έ::";0" 1( 4"71έ/E:'( 1(; 1931, /" 16+ 7 4" &+1ί*"06 /" 16+ "7ί06/6 ά7(t6, ( Keynes (1923) &7έ::'T" 16+ 7(%'1'2ή "7&+&#(:ά- 1(; 7:(7(%"/'2(ύ 2&+ό+& B:;0(ύ. H:ό1"'+" έ+& 0Bή/& 7(; 0;+>ύ&<" 1& 7%"(+"21ή/&1& 16- /&2:(B:ό+'&- 01&*":ό161&- 18+ 1'/ώ+ 2&' 16- E:&B;B:ό+'&- 0;+&%%&D/&1'2ή- 01&*":ό161&-. 4;D2"2:'/έ+&, ;7(01ή:'=" ό1' 6?:ά7"<& 16- IDD%ί&- *& 7:έ7"' +& "%έdb"', &%%ά όb' +& &2(%(;*"ί, 1'- /"1&E(%έ- 1(; 7:("=(#%61'2(ύ "7'1(2ί(;. \& 7:έ7"', "7(/έ+8-, +& 2&*(:ί0"' /ί& 1'/ή &D(:ά- 2&' 7ώ%606- B:;0(ύ, 6 (7(ί& *& 7&:&/έ+"' 01&*":ή D'& E:&B;B:ό+'"- 7":'ό>(;-, &%%ά όb' &/"1άE%616 >'&B:(+'2ά. «G 7:(*;/ί& 16-?:ά7"<&- +& &D(:ά<"' 2&' +& 78%"ί B:;0ό 0" /ί& 01&*":ή 1'/ή "=&0#&%ί<"' 16 >'&2:ά1606 16- '0(1'/ί&- >(%&:ί(;/01":%ί+&- /έ0& 0" 2&*(:'0/έ+& ό:'& >'&2ύ/&+06-, έ10' ώ01" 6 0;+&%%&D/&1'2ή '0(1'/ί& +& /6+ /"1&Eά%%"1&' 1ό0( "ύ2(%&, &%%ά /ό+(+ ό1&+ 6?:ά7"<& *"8:"ί ό1' /ί& 1έ1('& /"1&E(%ή "ί+&' &+&D2&ί& D'& 16 >'&1ή:606 01&*":ώ+ 18+ "DBώ:'8+ 1'/ώ+» (Keynes, 0"%. 116). 8 I7ό 1( Qά:1'( 1(; 1919 /έb:' 1'- &:Bέ- 1(; 1920, 6 01":%ί+& "ίb" ;7(1'/6*"ί &7ό $4,76 0" %'Dό1":( &7ό $3,40. I7ό 1( Z"E:(;ά:'( 1(; 1920 ά:b'0" +& 2;/&ί+"1&' /"1&=ύ $3,40 2&' $4,00. G 01":%ί+& 7":'"ίB" 113 /ό:'& 2&*&:ό B:;0ό 2&' 1( >(%ά:'( 23,22 /ό:'&. Qί& 01":%ί+&, "7(/έ+8-, 7":'"ίB" 4,86649 (113:23,22) #(:έ- 7":'00ό1":( B:;0ό &7ό ό,1' 1( >(%ά:'(. 41( 0ύ016/& 1(; 2&+ό+& B:;0(ύ, 6 01&*":ή 0Bέ06 2ά*" +(/ί0/&1(- /" 1( B:;0ό 2&*ό:'<" 01&*":έ- >'/":"ί- 0;+&%%&D/&1'2έ- '0(1'/ί"- (par exchange rates). 9 G L":/&+ί& ;7(B:"ώ*62" +& 2&1&Eά%%"' 8-7(%"/'2ή &7(<6/ί806 132 >'0"2. B:;0ά /ά:2& (Reparation Committee, I7:ί%'(- 1921). 4;/#8+ή*62" ό1' (' 7%6:8/έ- *& Dί+(+1&+ 0" "1ή0'"- >ό0"'- 18+ 2 >'0"2. B:;0ώ+ /ά:28+ ή 125 "2. 01":%ί+"- (0Bέ>'( Dowes). Q"1&D"+έ01":( 0Bέ>'( >'&2&+(+'0/(ύ 16-7(%"/'2ή- &7(<6/ί806-16- L":/&+ί&- (0Bέ>'( Young 1929) ;7(EίE&0" 1( 7(%"/'2ό B:έ(- 0" 102 "2. 01":%ί+"- &+ά έ1(-.?& έ0(>& &7ό 16+ "7'E(%ή "+ό- #ό:(; /" 0;+1"%"01ή 26% 01'- D":/&+'2έ- "=&D8Dέ- *& 7:(0#έ:(+1&+ D'& 16+ 7%6:8/ή 16- &7(<6/ί806-. G L&%%ί&, 8-6 7":'00ό1":( 7%6D"ί0& Bώ:&, *& "%ά/e&+" 7":'00ό1":( &7ό 1( /'0ό 16-0;+(%'2ή- &7(<6/ί806-.?(+ J(ύ%'( 1(; 1922, 6 L":/&+ί& <ή160" 16+ 2&*;01έ:606 18+ 7%6:8/ώ+ D'& >ύ( έ16, &%%ά 6 L&%%ί& &+1έ>:&0" /" 16+ 2&1ά%6T6 16-7":'(Bή- 1(; Ruhr. 6

;7(1ί/606 16-01":%ί+&- 2&' 16+ &7(Bώ:606 16- R:"1&+ί&-. 41( /"0(>'ά016/& "ίb" 7:(2%6*"ί 6 /"Dά%6 2:ί06 1(; 1929.?( 0ύ016/& B:;0(ύ-0;+&%%άD/&1(- 1(; /"0(7(%έ/(; ;7έ#":" &7ό 06/&+1'2ά /"'(+"21ή/&1& 0" 0Bέ06 /" 1(+ 7:(7(%"/'2ό 2&+ό+& B:;0(ύ. I;1ά ή1&+: (&) G &7(;0ί& /ί&- &>'&#'%(+ί2616-6dέ1'>(- >ύ+&/6-01( +(/'0/&1'2ό 7">ί(, :ό%( 7(; 7:(7(%"/'2ά έ7&'<" 6?:ά7"<& 16- IDD%ί&-. (E) G 0;+&2ό%(;*6 B:ή06 >ύ( +(/'0/ά18+, 1(; >(%&:ί(; 2&' 16-01":%ί+&-, 8- >'"*+ώ+ &7(*"/&1'2ώ+ /έ08+, 2ά1' 7(; 7":'έ7%"2" 1'- >'"*+"ί- 0;+&%%&Dέ-. (D) G έ%%"'t6 0;+1(+'0/(ύ 016+ ά02606 +(/'0/&1'2ή- 7(%'1'2ή- /"1&=ύ 18+ 2"+1:'2ώ+ 1:&7"<ώ+ 18+ ('2(+(/'2ά '0B;:ό1":8+ B8:ώ+ 1(; 0;01ή/&1(- 2&' 6 &+;7&:=ί& "+ό- &='ό7'01(; >'"*+(ύ- *"0/'2(ύ 7%&'0ί(; 7(; +& "=&0#&%ί<"' &;1ό 1( 0;+1(+'0/ό. (>) G ;7(1&Dή 16- +(/'0/&1'2ή- 7(%'1'2ή- 0" "*+'2(ύ- 01όB(;-, ό78-6 7:(0έ%2;06 2&' >'&1ή:606 ;T6%ώ+ 0;+&%%&D/&1'2ώ+ >'&*"0ί/8+ 2&' B:;0(ύ, 2&' 6 0;+&2ό%(;*6 &*έ1606 18+ 2&+ό+8+ %"'1(;:Dί&- 1(; 0;01ή/&1(-. I;1ό 0" 2ά7('( E&*/ό (#"'%ό1&+ 2&' 01( ό1' 6 "'0>(Bή (:'0/έ+8+ +(/'0/ά18+ 01( 0ύ016/& έd'+" 0" '0(1'/ί"- 7(; "ί1" ;7":1'/(ύ0&+, "ί1" ;7(1'/(ύ0&+ 1( +ό/'0/& 0" 7:&D/&1'2(ύ- ό:(;-. 10 M'>'2ό1":&, 016+ 7:(07ά*"'ά 1(;- +& 7:(0"%2ύ0(;+ B:;0ό 2&' 0;+ά%%&D/&, (' E'(/6B&+'2έ- Bώ:"-, 01( 0ύ+(%ό 1(;-, &2(%(ύ*60&+ +(/'0/&1'2ή 7(%'1'2ή 7(;, 2&' "=&'1ί&- 16- έ%%"'t6-0;+1(+'0/(ύ, ή1&+ ;7έ:/"1:& 7":'(:'01'2ή. Q"1ά >" 16+ 2:ί06 1(; 1929, 6 7(%'1'2ή &;1ή 0;+"1έ%"0" 016 >'άb;06 2&' έ+1&06 16-7&D2ό0/'&- ύ#"06-. A' «2&+ό+"- 1(; 7&'D+'>'(ύ», 7(; ί0b;&+ 7:(7(%"/'2ά, >"+ Dί+(+1&+ 0"E&01(ί 01(+ ί>'( E&*/ό. I;1ό >;02ό%";" 16+ (/&%ή %"'1(;:Dί& 1(; /6B&+'0/(ύ &7(2&1ά01&06-16- '0(::(7ί&- 1(; '0(<;Dί(; 7%6:8/ώ+. Z(E(ύ/"+"- 1(+ 2ί+>;+( &+&*έ:/&+06-18+ 7%6*8:'01'2ώ+ 7'έ0"8+, (' Bώ:"- /" 7%"ό+&0/& 01( '0(<ύD'( 7%6:8/ώ+ ή1&+ &7:ό*;/"- +& "7'1:έT(;+ 16+ "7έ21&06 16-7:(0#(:ά- B:ή/&1(- 7(; 0;+ό>";" 1'- "'0:(έ- 0;+&%%άD/&1(-. I;1ό "ίb" 8- &7(1έ%"0/& +& >;0B":&ί+"1&' 6 7:(0&:/(Dή 18+ B8:ώ+ 7(; "ίb&+ έ%%"'//&. Έ10', 6 7:(0&:/(Dή 18+ 0B"1'2ώ+ 1'/ώ+ 2&' 16- &7&0Bό%606-, 7(; ή1&+ &7&:&ί1616 D'& 16+ "='0(::ό7606 1(; '0(<;Dί(; 7%6:8/ώ+ 01(+ 2&+ό+& B:;0(ύ, D'+ό1&+ "=&':"1'2ά >;0B":ή- 2&' E:&>"ί&. 4;+"7ώ-, (' Bώ:"- 1(; 0;01ή/&1(- "+"7%ά260&+ 0" /ί& /άb6 2&1ά 1(; 7%6*8:'0/(ύ, /" 2ά*" Bώ:& +& 7:(07&*"ί +& /"'ώ0"' 1( "DBώ:'( "7ί7">( 1'/ώ+ 1&Bύ1":& &7ό 1'- ;7ό%('7"-.?( 1929, (' &+1'7%6*8:'01'2έ- 7'έ0"'- 016+ I/":'2ή 7:(2ά%"0&+ &7(7%6*8:'0/ό 016+ M;:ώ76, 2&*ώ- (' Bώ:"- "=&2(%(;*(ύ0&+ +& ;7":&07ί<(;+ 16 /"1&1:"T'/ό161& 18+ +(/'0/ά18+ 1(;- 0" B:;0ό 2&' 01&*":έ- 0;+&%%&D/&1'2έ- '0(1'/ί"-, /" &7(1έ%"0/& 16 01"+ή 0ύ+>"06 16-7:(0#(:ά- B:ή/&1(-, 18+ "7'1(2ί8+ 2&' 18+ 1'/ώ+ 18+ &D&*ώ+ >'"*+ώ-. 10 L'& /ί& 7&:(;0ί&06 2&' &='(%όd606 1(; 0;01ή/&1(- B:;0(ύ-0;+&%%άD/&1(- 2&1ά 1( /"0(7ό%"/(, E%. Eichengreen (1985, 1991). 7

4" &+1ί*"06 /" 1( 7:(7(%"/'2ό 2&+ό+& B:;0(ύ, ό7(; 2ά*" Bώ:& ;7ά2(;" 01(;- «2&+ό+"- 1(; 7&'B+'>'(ύ», "ί1" %όd8 16-2;:'&:Bί&- 16-?:ά7"<&- 16- IDD%ί&-, "ί1" %όd8 16- &7(#;Dή- &7(01&*":(7('61'2ώ+ 7&:"/Eά0"8+ &7ό 1'- ;7ό%('7"- 2"+1:'2έ- 1:ά7"<"-, 016+ 7":ί(>( 1(; /"0(7(%έ/(;, (' 2&+ό+"- &;1(ί 0;B+ά 7&:&E'ά<(+1&+. M=ά%%(;, 6 0;+ύ7&:=6 >ύ( 7&D2ό0/'8+ +(/'0/&1'2ώ+ 2έ+1:8+, 1(; N(+>ί+(; 2&' 16-.έ&- Xό:26-, 2&' 6 "+ί0b;06 1(; >'"*+(ύ- :ό%(; 1(; >(%&:ί(; 0;+"1έ%"0&+ 016 /6 &7(1"%"0/&1'2ή %"'1(;:Dί& 1(; 0;01ή/&1(-, 2&*ώ- ( 0;+1(+'0/ό- 18+ "*+'2ώ+ ('2(+(/'2ώ+ 7(%'1'2ώ+ 18+ >ύ( 2έ+1:8+ 2ά*" ά%%( 7&:ά "ύ2(%(- ή1&+. 11 41'- 21 4"71"/E:ί(; 1931 6 01":%ί+& ;7(1'/ή*62" 2&' 6 Q. R:"1&+ί& "D2&1έ%"'T" 1(+ 2&+ό+& B:;0(ύ. 41'- &:Bέ- 1(; 1932, 1(;%άB'01(+ 35 Bώ:"- "ίb&+ "D2&1&%"ίT"' 1(+ 2&+ό+& B:;0(ύ-0;+&%%άD/&1(-, 06/&1(>(1ώ+1&- /ί& +έ& 7":ί(>( 2;/&'+ό/"+8+ '0(1'/'ώ+. G Q. R:"1&+ί&, (' Bώ:"- 16-!('+(7(%'1"ί&-, 6 J&78+ί&, (' 42&+>'+&E'2έ- Bώ:"- 2&' (' Bώ:"- 16- N&1'+'2ή- I/":'2ή- ;'(*έ160&+ 1( +έ( +(/'0/&1'2ό 0ύ016/&. Έ+&- /"Dά%(- &:'*/ό- "/7(:'2ώ+ "1&ί:8+ 16- R:"1&+ί&- &7(#ά0'0&+ +& >'&16:ή0(;+ 01&*":ή 16 0;+&%%&D/&1'2ή '0(1'/ί& 1(; +(/ί0/&1ό- 1(;- 8-7:(- 16 01":%ί+&, 2&' +& 7&:&2(%(;*(ύ+ 1'- >'&2;/ά+0"'- 16- '0(1'/ί&- 16-8- 7:(- 1& ά%%& +(/ί0/&1& 7(; 7&:έ/"+&+ 0;+>">"/έ+& /" 1( B:;0ό. G (/ά>& 18+ B8:ώ+ &;1ώ+ 7":'"%ά/E&+" 1'- R:"1&+'2έ- &7('2ί"-, 1'- 42&+>'+&E'2έ- Bώ:"-, 16+ H(:1(D&%ί&, 16+ IίD;71(, 16 Nά1E'& 2&' 16+ M0*(+ί&. Έ10' >'&/(:#ώ*62" 6 «<ώ+6 "7'::(ή- 16-01":%ί+&-» (sterling area).?( Qά:1'( 1(; 1933, 2&' D'& /ί& 7":ί(>( >ύ( 7":ί7(; B:ό+8+, (' GHI ά:b'0&+ +& ;7(1'/(ύ+ 1( >(%ά:'( έ+&+1' 1(; B:;0(ύ. 12 Qί& ά%%6 (/ά>& B8:ώ+, ό78-6!(ύe&, 6 L(;&1"/ά%&, ( H&+&/ά-, (' Z'%'77ί+"- 2&' 7(%%έ- Bώ:"- 16-.(1ί(; I/":'2ή- &2(%(ύ*60&+ 1'- GHI 016+ "D2&1ά%"'T6 1(; 2&+ό+& B:;0(ύ, 7:(0>έ+(+1&- 1& +(/ί0/&1ά 1(;- /" 1( >(%ά:'(. )6/'(;:Dή*62" έ10' 6 «<ώ+6 "7'::(ή- 1(; >(%&:ί(;» (dollar area).?&;1(b:ό+8-, 6 L":/&+ί& "7έE&%" &;016:(ύ- 0;+&%%&D/&1'2(ύ- 7":'(:'0/(ύ-. Qό+( (' Bώ:"- 1(; 4;+&07'0/(ύ W:;0(ύ (Gold Bloc), >6%&>ή 1( Rέ%D'( (8-1( 1935), 6 L&%%ί&, 6 A%%&+>ί&, 6 J1&%ί&, 6 M%E"1ί& 2&' 6 H(%8+ί&, 0;+έB'0&+ +& >'&16:(ύ+ 1& +(/ί0/&1ά 1(;- 0;+>">"/έ+& /" 1( B:;0ό. A 4;+&07'0/ό- W:;0(ύ >'&16:ή*62" έ8-1( 4"71έ/E:'( 1(; 1936, ό1&+ ;7(1'/ή*62" 1( D&%%'2ό #:άd2(. Q"1ά 16 >'ά%;0ή 1(;, /ό+( 1( >(%ά:'( 7&:έ/"'+" 0" 01&*":ή 0Bέ06 /" 1( B:;0ό. 11 L'& /ί& 7:(087(2"+1:'2ή, &%%ά 1&;1όB:(+& >'"'0>;1'2ή 7:(0έDD'06 016+ &+ά%;06 1(; :ό%(; 18+ 2"+1:'2ώ+ 1:&7"<'1ώ+ 016 >'ά:2"'& 1(; /"0(7(%έ/(;, E%. Ahamed (2009). 12 Q"1ά &7ό /ί& 0"':ά &7ό >'('261'2έ- ;7(1'/ή0"'-, 6 1'/ή 1(; B:;0(ύ 0" >(%ά:'& 01&*":(7('ή*62" 1(+ J&+(;ά:'( 1(; 1935 01& $35 &+ά (;DD'ά. G 1'/ή &;1ή >'&16:ή*62" 01&*":ή έ8-16+ 2&1ά::";06 1(; 0;01ή/&1(- 01&*":ώ+ '0(1'/'ώ+ 1(; Bretton Woods, 01'- &:Bέ- 16- >"2&"1ί&- 1(; 1970. 416+ 1'/ή &;1ή, 1( Federal Reserve &Dό:&<" 2&' 7(;%(ύ0" B:;0ό. A;0'&01'2ά, &7ό 1( 1934 (' GHI "7&+ή%*&+ 0" έ+& 0ύ016/& 2&+ό+& B:;0(ύ. A' 2"+1:'2έ- 1:ά7"<"- >" 18+ 7":'00(1έ:8+ B8:ώ+ >'&2:&1(ύ0&+ &7(*έ/&1& 0" >(%ά:'&, 1& (7(ί& ή1&+ ";*έ8- /"1&1:έT'/& 0" B:;0ό. 8

4" &;1ή 16+ 2&1ά01&06 E:ή2" 1( >'"*+έ- +(/'0/&1'2ό 0ύ016/& 6 2ύ:;=6 1(; R H&D2(0/ί(; H(%έ/(;. 20.4 :1 ;ύ)&<$' &10 Bretton Woods?( /"1&7(%"/'2ό >'"*+έ- +(/'0/&1'2ό 0ύ016/& 7:(έ2;T" &7ό 16 >'"*+ή >'ά02"t6 01( Bretton Woods 1(; New Hampshire, 1(+ J(ύ%'( 1(; 1944. M+ όt"' 1(; 1":/&1'0/(ύ 1(; 7(%έ/(;, 44 έ*+6 0;/#ώ+60&+ 01'- E&0'2έ- &:Bέ- 1(; >'"*+(ύ- +(/'0/&1'2(ύ 0;01ή/&1(-, 7:(2"'/έ+(; +& &7(#";B*(ύ+ (' &7(1;Bί"- 16-7":'ό>(; 1(; /"0(7(%έ/(;. H&:ά%%6%&, 0;/#8+ή*62" 6 ί>:;06 1(; )'"*+(ύ-.(/'0/&1'2(ύ?&/"ί(; 2&' 16- )'"*+(ύ-?:ά7"<&-. H:ό2"'1&' D'& /ί& &7ό 1'- 07ά+'"- 7":'71ώ0"'- "7'1;Bί&- /ί&- >'"*+(ύ- +(/'0/&1'2ή- >'ά02"t6-, 2;:ί8- %όd8 1(; /"Dά%(; "'>'2(ύ Eά:(;- 18+ GHI 7(; "7έE&%&+ 1'- &7όT"'- 1(;-. I+ά%(D"- +(/'0/&1'2έ- >'&02έT"'- 016+ 7":ί(>( 1(; /"0(7(%έ/(; >"+ "ίb&+ "7'1;Bί& %όd8 16- /"D&%ύ1":6-0;//"1:ί&- 1(; 7&D2ό0/'(; +(/'0/&1'2(ύ 0;01ή/&1(-, 2&*ώ- 1ό0( 1( >(%ά:'(, ό0( 2&' 6 01":%ί+& 2&' 1( D&%%'2ό #:άd2( ή1&+ >'"*+ή &7(*"/&1'2ά +(/ί0/&1&. A' >'&#8+ί"- /"1&=ύ 18+ 2;E":+ή0"8+ 2&' 18+ 2"+1:'2ώ+ 1:&7"<ώ+ 18+ 1:'ώ+ &;1ώ+ B8:ώ+, GHI, R:"1&+ί&- 2&' L&%%ί&-, 0;B+ά (>6D(ύ0&+ 1'- >'&02έT"'- 1(; /"0(7(%έ/(; 0" &>'έ=(>(. 13 I;1ό 7(; 7:(έ2;T" &7ό 1'- 0;/#8+ί"- 1(; Bretton Woods ή1&+ 6 >6/'(;:Dί& "+ό- 0;01ή/&1(- 01&*":ώ+ &%%ά &+&7:(0&:/ό0'/8+ '0(1'/'ώ+, E&0'0/έ+(; 01(+ 2&+ό+& B:;0(ύ-0;+&%%άD/&1(-.?( 0ύ016/& ή1&+ 016+ (;0ί& έ+&- 2&+ό+&- B:;0(ύ- >(%&:ί(;, &#(ύ (' '0(1'/ί"- 18+ +(/'0/ά18+ 2&*(:ί<(+1&+ 0" 0Bέ06 "ί1" /" 1( B:;0ό, "ί1" /" 1( >(%ά:'( 2&' (' 2"+1:'2έ- 1:ά7"<"- >'&16:(ύ0&+ &7(*έ/&1& "ί1" 0" >(%ά:'&, "ί1" 0" B:;0ό. A' Bώ:"- 7(; "ίb&+ "%%"ί//&1& 01( '0(<ύD'( 7%6:8/ώ+ 1(;-, "ίb&+ 16 >;+&1ό161& >&+"'0/(ύ &7ό 1( )'"*+έ-.(/'0/&1'2ό?&/"ί( ().?), έ10' ώ01" +& ;7(E(6*"ί1&' 6 >'&1ή:606 18+ 01&*":ώ+ '0(1'/'ώ+.?( ).? "ίb" &2ό/6 8-01όB( +& E(6*ή0"' 016+ 7:((>";1'2ή 2&1ά:D606 18+ 0;+&%%&D/&1'2ώ+ 7":'(:'0/ώ+, ώ01" +& 7:(8*6*(ύ+ (' >'"*+"ί- "/7(:'2έ- 0;+&%%&Dέ-. I2ό/6 06/&+1'2ό1":6, ό/8-, ή1&+ 6 7:όE%"T6 16- >;+&1ό161&- "#ά7&= &+&7:(0&:/(Dή- 18+ '0(1'/'ώ+, 0" 7":'71ώ0"'- «*"/"%'ώ>(;- &+'0(::(7ί&-» (fundamental disequilibrium) 01( '0(<ύD'( 7%6:8/ώ+.?έ1('& 7:όE%"T6 >"+ ;7ή:B" 01( 0ύ016/& 1(; 2&+ό+& B:;0(ύ. A' >'ά#(:"- Bώ:"- 7(; /"1"ίB&+ 01( 0ύ016/&, "ίb&+ 16 >;+&1ό161& +& 7:(B8:(ύ+ 0" &+&7:(0&:/(Dή (;7(1ί/606) 18+ '0(1'/'ώ+ 18+ +(/'0/ά18+ 1(;- 0" 7":'71ώ0"'- «*"/"%'ώ>(;- 13 Ή>6 &7ό 1( 1943, 1ό0( 6 Q"Dά%6 R:"1&+ί& ό0( 2&' (' GHI "ίb&+ >6/(0'"ύ0"' 1& >'2ά 1(;- 0Bέ>'& D'& 16 /(:#ή 1(; /"1&7(%"/'2(ύ +(/'0/&1'2(ύ 0;01ή/&1(-.?( E:"1&+'2ό 0Bέ>'( (#"'%ό1&+ 01(+ John Maynard Keynes, 2&' 7:(έE%"7" 1( 0B6/&1'0/ό /ί&- >'"*+(ύ- 2"+1:'2ή- 1:ά7"<&- 7(; *& %"'1(;:D(ύ0" 8- "2>ό16- /'&- >'"*+(ύ- +(/'0/&1'2ή- /(+ά>&- (bancor) 2&' 8- D:&#"ί( 0;/T6#'0/ώ+. G &=ί& 1(; bancor *& (:'<ό1&+ 0" 0Bέ06 /" 1( B:;0ό 2&' 6 7:(0#(:ά 1(; *& 2&*(:'<ό1&+ &+ά%(d& /" 16 >'"*+ή <ή1606 D'& B:6/&1'2ά >'&*έ0'/&.?( &/":'2&+'2ό 0Bέ>'(, 1(; (7(ί(; (' E&0'2έ- D:&//έ- ;'(*"1ή*62&+ 1"%'2ά, (#"'%ό1&+ 01(+ Harry Dexter White. 9

&+'0(::(7ί&-», "'>(7('ώ+1&- 1( ).?. G "'>(7(ί606 &;1ή "ίb" 16 /(:#ή &ί1606-, &+ 2&' 016+ 7:&D/&1'2ό161& 6 &7ό#&06 D'& &+&7:(0&:/(Dή 16- '0(1'/ί&- ή1&+ "*+'2ή &7ό#&06. G >;+&1ό161& &+&7:(0&:/(Dή- 18+ '0(1'/'ώ+ B:60ί/";" 8- E&%Eί>& &0#&%"ί&- D'& 1( 0ύ016/&, 2&*ώ- &7έ1:"7" 16 0;00ώ:";06 /"Dά%8+ &+'0(::(7'ώ+. W:60'/(7('ή*62" >" ";:ύ1&1& &2ό/6 2&' &7ό /"Dά%"- ('2(+(/ί"-, ό78-6 L":/&+ί&, 6 R:"1&+ί& 2&' 6 L&%%ί&, 0" ό%6 16 >'ά:2"'& 16- %"'1(;:Dί&- 1(; 0;01ή/&1(-. 14!&1ά 1& ά%%&, 1( 0ύ016/& 1(; Bretton Woods %"'1(;:D(ύ0" 8- "=ή-: A' GHI &+έ%&e&+ 16+ ;7(B:έ806 +& >'&16:(ύ+ 01&*":ή 16+ '0(1'/ί& 1(; >(%&:ί(; 8-7:(- 1( B:;0ό. G 1'/ή 7(; 2&*(:ί0*62" ή1&+ 1& $35 6 (;DD'ά. Ή1&+ ;7(B:έ806 18+ GHI +& 7&:"/E&ί+(;+ /" &D(:&78%60ί"- 016+ &D(:ά B:;0(ύ 2&' +& 016:ί<(;+ &;1ή 16+ 1'/ή. P01ό0(, *"07ί0162" ( >'&B8:'0/ό- /"1&=ύ 16- "%"ύ*":6- &D(:ά- 2&' 16- &D(:ά- /"1&=ύ 2"+1:'2ώ+ 1:&7"<ώ+. Ό%"- (' ά%%"- Bώ:"- &+έ%&e&+ 16+ ;7(B:έ806 +& >'&16:(ύ+ 01&*":ή 16+ '0(1'/ί& 18+ +(/'0/ά18+ 1(;- έ+&+1' 1(; >(%&:ί(; ή 1(; B:;0(ύ. 416+ 7:ά=6 ό/8-, 1( Bretton Woods "="%ίb*62" 0" 2&+ό+& >(%&:ί(;. A' >'ά#(:"- Bώ:"- ό:'<&+ /ί& 2"+1:'2ή '0(1'/ί& 2&' 7":'ό:'<&+, /έ08 &D(:&78%60'ώ+ >(%&:ί8+, 1'- >'&2;/ά+0"'- 18+ +(/'0/ά18+ 1(;- 01( ±1% Dύ:8 &7ό 16+ 2"+1:'2ή '0(1'/ί&. I;1ό ή1&+ 1( /έd'01( 16- "7'1:"7ό/"+6- >'&2ύ/&+06- "+ό- +(/ί0/&1(- 8-7:(- 1( >(%ά:'(. A' ;7ό%('7"- >'/":"ί- '0(1'/ί"- (:ί<(+1&+ /" 16 >'&ί:"06 18+ '0(1'/'ώ+ 18+ >ύ( +(/'0/ά18+ 8-7:(- 1( >(%ά:'(.!&*ώ- 6 /έd'016 "7'1:"7ό/"+6 >'&2ύ/&+06 2ά*" +(/ί0/&1(- 8-7:(- 1( >(%ά:'( ή1&+ ±1%, 6 /έd'016 "7'1:"7(/έ+6 >'&2ύ/&+06 16- '0(1'/ί&- /"1&=ύ (7('8+>ή7(1" >ύ( ά%%8+ +(/'0/ά18+ ή1&+ (;0'&01'2ά ±2%. I+ >6%&>ή 6 '0(1'/ί& 01":%ί+&-/>(%&:ί(; έ7"#1" 01( 1% 2ά18 &7ό 16+ 2"+1:'2ή '0(1'/ί&, 2&' 6 '0(1'/ί& /ά:2(;/>(%&:ί(; &+έe&'+" 1% 7ά+8 &7ό 16+ 2"+1:'2ή '0(1'/ί&, 6 '0(1'/ί& 16-01":%ί+&-//ά:2(; έ7"#1" 2% 2ά18 &7ό 1( 2"+1:'2ό 16- "7ί7">(.?( 0ύ016/& &;1ό 18+ 7&:"/Eά0"8+ 0;+'01ά E&0'2ή >'&#(:ά 1(; Bretton Woods &7ό 1(+ &/'Dή 2&+ό+& B:;0(ύ. 41( 0ύ016/& 1(; 2&+ό+& B:;0(ύ, 2ά*" Bώ:& ό:'<" /ί& 2"+1:'2ή '0(1'/ί& 8-7:(- 1( B:;0ό, 2&' 7":'ό:'<" 1'- >'&2;/ά+0"'- 1(; +(/ί0/&1ό- 16- Dύ:8 &7ό &;1ή 16+ 2"+1:'2ή '0(1'/ί& /" 7&:"/Eά0"'- 016+ &D(:ά B:;0(ύ.?( "ύ:(- 18+ >'&2;/ά+0"8+ 7":'(:'<ό1&+ &7ό 1& %"Dό/"+& «06/"ί& B:;0(ύ» (gold points), 7(; 2;:ί8-2&*(:ί<(+1&+ &7ό 1( 2ό01(- /"1&#(:ά- 1(; B:;0(ύ &7ό Bώ:& 0" Bώ:&.?( 0ύ016/& 1(; Bretton Woods ή1&+ /ί& 7&:&%%&Dή 1(; 2&+ό+& B:;0(ύ- 0;+&%%άD/&1(- 01( /"0(7ό%"/(. P01ό0(, 0" &+1ί*"06 /" 1( /"0(7ό%"/(, 1( 0ύ016/& 7:(έE%"7" 2&' /6B&+'0/(ύ- B:6/&1(>ό1606-2&' 7:(0&:/(Dή- 1(; '0(<;Dί(; 7%6:8/ώ+, /έ08 1(; )'"*+(ύ-.(/'0/&1'2(ύ?&/"ί(;. 15 14 I=ί<"' +& 06/"'8*"ί ό1' ( ό:(- «*"/"%'ώ>6- &+'0(::(7ί&» >"+ (:'<ό1&+ :61ά, 2ά1' 7(; ά#6+" 06/&+1'2ή >'&2:'1'2ή ";Bέ:"'& 1ό0( 01( )'"*+έ-.(/'0/&1'2ό?&/"ί(, ό0( 2&' 01'- >'ά#(:"- Bώ:"-. 15 R%. Giovannini (1993) D'& 1( 7ώ- %"'1(;:D(ύ0" 1( 0ύ016/& 0" 0Bέ06 /" 1(+ 2&+ό+& B:;0(ύ 2&' &:Dό1":& 1( M;:87&U2ό.(/'0/&1'2ό 4ύ016/&. 10

M2"ί 7(; 1( 0ύ016/& >'έ#":" :'<'2ά &7ό 1(+ 2&+ό+& B:;0(ύ, ή1&+ 01( *έ/& 16- /"1&1:"T'/ό161&-. A' "*+'2έ- 2"+1:'2έ- 1:ά7"<"- >"+ "ίb&+ 7%έ(+ 16+ ;7(B:έ806 16- /"1&1:"T'/ό161&- 18+ +(/'0/ά18+ 1(;- 0" B:;0ό ή =έ+( 0;+ά%%&D/& 01( "081":'2ό 16- Bώ:&-. );+&1ό161& /"1&1:"T'/ό161&- 0" B:;0ό ;7ή:B" /ό+( /"1&=ύ 2"+1:'2ώ+ 1:&7"<ώ+. Qά%'01&, (' 2"+1:'2έ- 1:ά7"<"- 18+ B8:ώ+ 7(; /"1"ίB&+ 01( 0ύ016/& "ίb&+ 16+ ;7(B:έ806 +& 2&1&*έ1(;+, /" 16 /(:#ή B:;0(ύ, 01( )'"*+έ-.(/'0/&1'2ά?&/"ί( 1( 25% 16- /":ί>&- 1(;- (quota) ή 1( 10% 18+ &7(*"/ά18+ 1(;- 0" B:;0ό 2&' >(%ά:'&. Q"1&1:"T'/ό161& έ+&+1' 1(; '>'81'2(ύ 1(/έ& ;7ή:B" 2;:ί8-0" =έ+( 0;+ά%%&D/&.!&' &;1ή ό/8- "ίb" 8-7:(K7ό*"06 16 B:6/&1(>ό1606 >'"*+ώ+ "/7(:'2ώ+ 0;+&%%&Dώ+. )6%&>ή, (' "DBώ:'(' "'0&D8D"ί- &D&*ώ+ 2&' ;76:"0'ώ+ /7(:(ύ0&+ +& &D(:ά0(;+ =έ+( 0;+ά%%&D/&, "+ώ B:;0ό- 2&' =έ+( 0;+ά%%&D/& B:60'/(7('(ύ+1&+ D'& 16 B:6/&1(>ό1606 18+ "%%"'//ά18+ 01( E&0'2ό '0(<ύD'(. I2ό/6 2&' &;1ή 6 7":'(:'0/έ+6 /"1&1:"T'/ό161& >"+ 2&1έ016 "#'21ή 7:'+ &7ό 1( 1958, 2&*ώ- (' 7":'00ό1":"- Bώ:"-, 0;+έB'0&+ +& >'&16:(ύ+ 06/&+1'2(ύ- 7":'(:'0/(ύ- 016 B:6/&1(>ό1606 18+ "'0&D8Dώ+. G 7":'(:'0/έ+6 /"1&1:"T'/ό161& 7(; 7:(έE%"7" 1( 0ύ016/& E(ή*60" ί08-016 /&2:(E'ό161ά 1(;, 2&*ώ- /" 1(+ 1:ό7( &;1ό 7":'(:ί<(+1&+ (' 2":>(02(7'2έ- 7'έ0"'- 01'- '0(1'/ί"-, &2ό/6 2&' ό1&+ ή1&+ 7:(#&+έ- ό1' (' '0(1'/ί"- &;1έ- >"+ ή0&+ >'&16:ή0'/"-. 16 G M%%ά>& ή1&+ /ί& &7ό 1'- Bώ:"- 7(; /"1"ίB&+ 016 >'ά02"t6 1(; Bretton Woods 2&' 0;//"1"ίB" &7ό 16+ &:Bή 2&' 01( )'"*+έ-.(/'0/&1'2ό?&/"ί( 2&' 016 )'"*+ή?:ά7"<&. Q"1ά 16+ ;7(1ί/606 1(; 1953 2&' 16 +(/'0/&1'2ή /"1&::ύ*/'06 1(; 1954, 6 >:&B/ή >'&16:ή*62" 01&*":ή 01'- 30 >:&B/έ- &+ά >(%ά:'(, &%%ά &;1ό 0;+έE6 "+ /έ:"' 2&' %όd8 16-7(%ύ 7":'(:'0/έ+6- /"1&1:"T'/ό161ά- 16-. I7ό 1& /έ0& 16- >"2&"1ί&- 1(; 1960, 1( 0ύ016/& 1(; Bretton Woods ά:b'0" +& 2%;>8+ί<"1&' &7ό 0;+"B"ί- 2:ί0"'-. G ;7(1ί/606 16-01":%ί+&- 1( 1967, 1(; D&%%'2(ύ #:άd2(; 1( 1968, 6 2&*'έ:806 >ύ( &D(:ώ+ B:;0(ύ 1( 1968 2&' 6 "7'1άB;+06 1(; 7%6*8:'0/(ύ 01'- GHI "ί+&' /":'2ά &7ό 1& 0;/71ώ/&1& 18+ 7:(E%6/ά18+ 1(; 0;01ή/&1(-. R&*ύ1":(' %όd(' ή1&+ 6 &7ό2%'06 18+ >6/(0'(+(/'2ώ+ 2&' +(/'0/&1'2ώ+ 7(%'1'2ώ+ 18+ 2;:'(1έ:8+ E'(/6B&+'2ώ+ ('2(+(/'ώ+, 2&' '>'&ί1":& (' /"Dά%"- +(/'0/&1'2έ- "7"21ά0"'- 01'- GHI, %όd8 16- B:6/&1(>ό1606-16- "7έ21&06-1(; 2('+8+'2(ύ 2:ά1(;- 2&' 16-2%'/ά2806-1(; 7(%έ/(; 1(; R'"1+ά/. 41& 1έ%6 1(; 1971 έd'+" 6 1"%";1&ί& 7:(07ά*"'& >'ά0806-1(; 2&*"01ώ1(- 18+ 01&*":ώ+ '0(1'/'ώ+. Q"1ά &7ό 0;+ά+1606 "27:(0ώ78+ 18+ >έ2& /"D&%;1έ:8+ E'(/6B&+'2ώ+ ('2(+(/'ώ+, 0;/#8+ή*62" +& ;7(1'/6*"ί 1( >(%ά:'( έ+&+1' 1(; B:;0(ύ 2&' +& &+&1'/6*"ί 1( D'"+, 1( /ά:2(, 1( "%E"1'2ό #:άd2( 2&' 1& +(/ί0/&1& 18+ B8:ώ+ 16- MA!. G >:&B/ή 7&:έ/"'+" 01&*":ή 8-7:(- 1( >(%ά:'(, &%%ά &;1ό 016+ (;0ί& 0ή/&'+" ;7(1ί/60ή 16-2&1ά 6,5-8%, ό06 7":ί7(; ή1&+ 6 ;7(1ί/606 1(; >(%&:ί(; έ+&+1' "+ό- 01&*/'2(ύ /έ0(; 18+ ;7ό%('78+ +(/'0/ά18+. 16 G ;'(*έ1606 1(; 0;01ή/&1(- 1(; Bretton Woods 06/&1(>ό160" 16+ 71ώ06 16-06/&0ί&- 1(; B:;0(ύ D'& 1( >'"*+έ- +(/'0/&1'2ό 0ύ016/&. A "7ί06/(- :ό%(- 1(; B:;0(ύ 2&1&:Dή*62" /" 16+ 2&1ά::";06 1(; 0;01ή/&1(- 01'- &:Bέ- 16- >"2&"1ί&- 1(; 1970. 11

G 0;/#8+ί& &;1ή, D+801ή 8-4/'*0ό+'& 0;/#8+ί&, &7(1έ%"0" 1( 2ύ2+"'( ά0/& 1(; 0;01ή/&1(- 1(; Bretton Woods. 17 G &:Bή 1(; 1έ%(;- ό/8- "ίb" 06/"'8*"ί +8:ί1":&, /" 16+ &+&01(%ή 16- /"1&1:"T'/ό161&- 1(; >(%&:ί(; 0" B:;0ό &7ό 1'- +(/'0/&1'2έ- &:Bέ- 18+ GHI 1(+ IύD(;01( 1(; 1971. G 4/'*0ό+'& 0;/#8+ί& >"+ /7ό:"0" +& %"'1(;:Dή0"' &7(1"%"0/&1'2ά 2&' 2&1έ::";0" 0" >"2&7έ+1" /ή+"-.?( Z"E:(;ά:'( 1(; 1973, 1( >(%ά:'( ;7(1'/ή*62" 2&' 7ά%'. 41( /"1&=ύ, (' έ=' Bώ:"- 16- MA! "ίb&+ ;'(*"1ή0"' 16+ 7(%'1'2ή 1(; 7":'(:'0/(ύ 18+ >'&2;/ά+0"8+ /"1&=ύ 18+ '0(1'/'ώ+ 18+ +(/'0/ά18+ 1(;-, 1( %"Dό/"+( «#ί>' 01( 1(ύ+"%». G M%%ά>& >'&16:(ύ0" 01&*":ή 16 >:&B/ή 8-7:(- 1( >(%ά:'(, &2(%(;*ώ+1&- 1( 01'- ;7(1'/ή0"'- 1(;. G 7":ί(>(- &;1ή 06/&1(>(1"ί D'& 16 >:&B/ή 16+ (;0'&01'2ή &7&:Bή &;1(ύ 7(; &7(2&%(ύ/" 1( «2&*"01ώ- 16- >'(%ί0*606-». 20.5 :1 ;ύ)&<$' &=-,0$'#-1$έ-=- >)1&#$#ώ- Q"1ά 16+ "D2&1ά%"'T6 1(; 0;01ή/&1(- 01&*":ώ+ '0(1'/'ώ+ 1(; Bretton Woods, &2(%(ύ*60" 6 /"Dά%6 &ύ=606 18+ 1'/ώ+ 1(; 7"1:"%&ί(; 01( >'ά016/& A218E:ί(;- )"2"/E:ί(; 1973, 2&1ά 16 >'ά:2"'& 1(; &:&E(U0:&6%'+(ύ 7(%έ/(;, 2&*ώ- 2&' 6 &ύ=606 18+ 1'/ώ+ 18+ 7:ώ18+ ;%ώ+. A 2ό0/(- /"1έE6 0" έ+& 2&*"01ώ- 2;/&'+(/έ+8+ '0(1'/'ώ+, 7(; 0" /"Dά%( E&*/ό >'&16:"ί1&' έ8-0ή/":&.?( 06/":'+ό 0ύ016/& B&:&216:ί<"1&' &7ό /"Dά%6 7('2'%ί& 01'- "7'%(Dέ- 18+ >'&#ό:8+ B8:ώ+ 0" 0Bέ06 /" 1:ί%6//& 18+ &+('21ώ+ ('2(+(/'ώ+. A' 2ύ:'"- E'(/6B&+'2έ- Bώ:"- (GHI, M;:87&U2ή Έ+806, J&78+ί&) έb(;+ "7'%έ="' 2;/&'+ό/"+"- '0(1'/ί"- /"1&=ύ 1(;-. H(%%έ- &+&>;ό/"+"- ('2(+(/ί"- "7έ%"=&+ 01&*":έ- '0(1'/ί"-, 2;:ί8- /" 1( >(%ά:'(. H(%%έ- ('2(+(/ί"- ά%%&=&+ &2ό/6 2&' 1( +ό/'0/ά 1(;- 2&' 1( &+1'2&1έ0160&+ "ί1" /" 1( >(%ά:'( (M2(;&>ό:), "ί1" /" 1( ";:ώ (Q&;:(E(ύ+'(). )6/'(;:Dή*62&+ 7":'#":"'&2ά 0;01ή/&1& 01&*":ώ+ '0(1'/'ώ+, ό78-1( M;:87&U2ό.(/'0/&1'2ό 4ύ016/&.?( 06/":'+ό 0ύ016/& 2;/&'+(/έ+8+ '0(1'/'ώ+ >"+ 0;D2:ί+"1&' /" 16 B&(1'2ή 2&1ά01&06 16-7":'ό>(; 1(; /"0(7(%έ/(;. M+ώ &:B'2ά ;7ή:=" 06/&+1'2ή &ύ=606 1(; 7%6*8:'0/(ύ 7&D2(0/ί8-, &;1ή 7(%ύ D:ήD(:& 1έ*62" ;7ό έ%"db(. X7ή:=" /"Dά%6 "7έ21&06 1(; >'"*+(ύ- "/7(:ί(; 2&' 01&*":ή &7"%";*έ:806 18+ >'"*+ώ+ &D(:ώ+ B:ή/&1(- 2&' 2"#&%&ί(;. I7ό 16+ ά%%6, (' "%7ί>"- 18+ ;7(016:'21ώ+ 1(; 0;01ή/&1(- D'& &;1ό/&16 &7(2&1ά01&06 16- "=81":'2ή- '0(::(7ί&- >"+ ";(>ώ*62&+.!&' 1( 06/":'+ό 0ύ016/& B&:&216:ί<"1&' &7ό 06/&+1'2έ- &+'0(::(7ί"- 01& '0(<ύD'& 7%6:8/ώ+, έ+1(+6 /"1&E%61ό161& 18+ 0;+&%%&D/&1'2ώ+ '0(1'/'ώ+ 2&' /"Dά%"- "7ί/(+"- >'&2;/ά+0"'- 016 >'"*+ή &+1&D8+'01'2ό161& 18+ >'&#ό:8+ B8:ώ+. 17?( ό+(/ά 16-1( 7ή:" &7ό 1( Smithsonian Institution 016+ Washington, ό7(; έ%&e" Bώ:& 6 0;+ά+1606 16- A/ά>&- 18+ )έ2& (G-10) 01'- 17-18 )"2"/E:ί(; 1971. 12

41& 7%&ί0'& 1(; 06/":'+(ύ 0;01ή/&1(- 18+ 2;/&'+(/έ+8+ '0(1'/'ώ+, 0;+1"%έ0162" 2&' έ+& &7ό 1& 06/&+1'2ό1":& 7"':ά/&1& 16-7&D2ό0/'&- +(/'0/&1'2ή- '01(:ί&-. G >6/'(;:Dί& 1(; ";:ώ, 8- /"1"=έ%'=6-1(; M;:87&U2(ύ.(/'0/&1'2(ύ 4;01ή/&1(-, 2ά1' 7(; *& /&- &7&0B(%ή0"' 01( "7ό/"+( 2"#ά%&'(. 13

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