A monetary system that sought to restore features of the Gold Standard in the 1920s and again in the Bretton Woods System, while economizing on gold. Instead of money being backed directly by gold, central banks issued liabilities against foreign currency assets (mostly U.S. dollars under Bretton Woods) that were in turn backed by gold.
Gold fixing Gold standard
an exchange-rate system in which each nation fixes the value of its currency in terms of gold, but buys and sells the U.S. dollar rather than gold to maintain fixed exchange rates
a mixed system consisting of a cross between a reserve currency standard and a gold standard
A monetary system in which national currencies are exchangeable into gold. Under the gold exchange standard, Canada kept its monetary policy in close harmony with the policies of other countries in a system of fixed exchange rates.
a variant on the gold standard under which the US dollar was exchangeable for a fixed amount of gold, and all other participating currencies were exchangeable for US dollars.
An exchange rate system used from 1925 to 1931 in which the United States and England were allowed to hold only gold reserves while other nations could hold gold, U.S. dollars, or pounds sterling as reserves.
A fixed exchange rate system adopted in the Bretton Woods agreement. It required the U.S. to peg the dollar to gold and other countries to peg their currencies to the dollar.
An international monetary agreement according to which money consists of fiat national currencies that can be converted into gold at established price ratios.
A monetary system in which some countries' currencies are directly convertible into gold while other countries' currencies are indirectly convertible by being convertible into the gold-backed currencies at a fixed rate. Under the Bretton Woods version, only the US-dollar was directly convertible into gold.
A system of fixing exchange rates adopted in the Bretton Woods agreement. It involved the U.S. pegging the dollar to gold and other countries pegging their currencies to the dollar.
A monetary system adopted by some countries which did not have enough gold to go onto the gold standard so they deposited their gold with one of the leading gold standard countries and made their currency more or less freely convertible to the currency of that country.
A variant form of the gold standard under which a country pegged the value of its currency to the value of the currency of a 'major' country, e.g. sterling or dollars, which was itself on a gold standard. The international monetary regime in force between 1958 and 1970 is frequently described as a gold exchange standard system because of the wide use of the dollar, itself pegged to gold, as a reserve currency and as an accepted medium of exchange internationally.
Herstatt risk Historical exchange rate