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The Fixed Parity System, also known as the Bretton Woods System, was established after World War II in 1944 during a conference held at Bretton Woods, New Hampshire, USA. It aimed to create a stable and organized international monetary system to prevent competitive devaluations and economic instability that had occurred during the interwar period. The system operated until the early 1970s and played a crucial role in post-war economic reconstruction and global trade development. Its broad features and the reasons for its collapse provide important insights into the evolution of the global financial system. The Fixed Parity System was based on a system of fixed exchange rates tied to gold and the U.S. dollar. Under this arrangement, each member country of the International Monetary Fund (IMF) agreed to maintain the value of its currency within a narrow margin against the U.S. dollar. In turn, the U.S. dollar was convertible into gold at a fixed price of \$35 per ounce. This made the dollar the principal reserve currency of the world. Countries were required to intervene in foreign exchange markets to maintain their exchange rates within the agreed limits, using their foreign exchange reserves for this purpose. The IMF was established as a key institution to oversee the system, provide short-term financial assistance to countries facing balance of payments difficulties, and ensure stability. One ________ ______ ___ _______ _____ __________ _______ ________.
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