The Gold Pool (1961–1968) and the Fall of the Bretton Woods System: Lessons for Central Bank Cooperation
研究了历史上最雄心勃勃的中央银行合作案例：黄金总库的兴衰，揭示其因英镑贬值和美国通胀政策而崩溃的过程，为理解储备货币间的传染效应和合作局限提供教训。
The Gold Pool was probably the most ambitious case of central bank cooperation in history. Major central banks pooled interventions to stabilize the dollar price of gold. Why did it collapse? From at least 1964, the fate of the Pool was, in fact, tied to sterling, the first line of defense for the dollar. Sterling’s devaluation in November 1967 eventually spurred speculation and unbearable losses for the Pool. Inflationary U.S. policies were weakening confidence in the dollar. The demise of the Pool provides a striking example of contagion between reserve currencies and the limits of central bank cooperation.