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The international monetary system refers to the set of rules, institutions, agreements, practices, and mechanisms that govern international payments, exchange rates, capital flows, and the creation and transfer of reserves among nations. It provides the framework within which countries conduct trade, investment, borrowing, lending, and settlement of international transactions. Since countries use different national currencies, there must be an organized system that determines how these currencies relate to one another and how payments are made across borders. The international monetary system therefore acts as the financial architecture of the global economy. Historically, the international monetary system has evolved through different stages. In the nineteenth century and early twentieth century, the Gold Standard prevailed, under which currencies were linked to gold at fixed rates. Countries could convert their currencies into gold, creating stability in exchange rates. After the Great Depression and World War II, the Bretton Woods System was _____ ______ ______ ______ ___ ________ _____ ______ _____ ______.
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