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Which of the following was/were the outcomes of the Bretton Woods Conference held in 1944?
Setting up of International Monetary Fund (IMF) and the World Bank
Setting up of World Trade Organisation
Establishment of international gold exchange standard
Select the correct answer using the code given below.
- a)1 only
- b)1 and 2 only
- c)1 and 3 only
- d)2 and 3 only
Correct answer is option 'A'. Can you explain this answer?
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Verified Answer
Which of the following was/were the outcomes of the Bretton Woods Con...
- The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all the 44 allied nations at Bretton Woods, New Hampshire, United States. It was aimed at regulating the international monetary and financial order after the conclusion of World War II.
- It led to the setting up of International Monetary Fund (IMF) and the World Bank. It reestablished a system of fixed exchange rates. This was different from the international gold standard in the choice of the asset in which national currencies would be convertible.
- A two-tier system of convertibility was established at the centre of which was the dollar. The US monetary authorities guaranteed the convertibility of the dollar into gold at the fixed price of $35 per ounce of gold. The second-tier of the system was the commitment of monetary authority of each IMF member participating in the system to convert their currency into dollars at a fixed price. The latter was called the official exchange rate.
- Hence option (a) is the correct answer.
- World Trade Organisation.
- It was established in 1995 after the Uruguay Round negotiations (1986-94).
- It is the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world‘s trading nations and ratified in their parliaments. The goal is to ensure that trade flows as smoothly, predictably and freely as possible.
Most Upvoted Answer
Which of the following was/were the outcomes of the Bretton Woods Con...
Outcome of Bretton Woods Conference 1944:
The Bretton Woods Conference was held in July 1944, in Bretton Woods, New Hampshire. The outcome of the conference was the establishment of the international monetary system and the creation of two important international institutions: the International Monetary Fund (IMF) and the World Bank.
1. Setting up of International Monetary Fund (IMF) and the World Bank:
The IMF was established to promote international monetary cooperation and to facilitate international trade. It was created to ensure the stability of the international monetary system and to help countries in financial difficulties. The World Bank was created to provide loans and technical assistance to developing countries for economic development.
2. Establishment of international gold exchange standard:
An international gold exchange standard was also established at the Bretton Woods Conference. Under this system, currencies were fixed to the US dollar, which was in turn fixed to gold at a rate of $35 per ounce. This system provided stability to the international monetary system and helped to promote international trade.
Conclusion:
Thus, the correct answer is option A, i.e., the outcomes of the Bretton Woods Conference held in 1944 were the setting up of the IMF and the World Bank. The establishment of the international gold exchange standard was also one of the outcomes of the conference.
The Bretton Woods Conference was held in July 1944, in Bretton Woods, New Hampshire. The outcome of the conference was the establishment of the international monetary system and the creation of two important international institutions: the International Monetary Fund (IMF) and the World Bank.
1. Setting up of International Monetary Fund (IMF) and the World Bank:
The IMF was established to promote international monetary cooperation and to facilitate international trade. It was created to ensure the stability of the international monetary system and to help countries in financial difficulties. The World Bank was created to provide loans and technical assistance to developing countries for economic development.
2. Establishment of international gold exchange standard:
An international gold exchange standard was also established at the Bretton Woods Conference. Under this system, currencies were fixed to the US dollar, which was in turn fixed to gold at a rate of $35 per ounce. This system provided stability to the international monetary system and helped to promote international trade.
Conclusion:
Thus, the correct answer is option A, i.e., the outcomes of the Bretton Woods Conference held in 1944 were the setting up of the IMF and the World Bank. The establishment of the international gold exchange standard was also one of the outcomes of the conference.
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Which of the following was/were the outcomes of the Bretton Woods Conference held in 1944? Setting up of International Monetary Fund (IMF) and the World Bank Setting up of World Trade Organisation Establishment of international gold exchange standard Select the correct answer using the code given below.a)1 onlyb)1 and 2 onlyc)1 and 3 onlyd)2 and 3 onlyCorrect answer is option 'A'. Can you explain this answer?
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