The Debate About the Resilience of the Bretton Woods System: Kindleberger, Nurkse, and Friedman
比较了金德尔伯格、纳克斯和弗里德曼对汇率制度的观点，指出金德尔伯格关于美元主导和美联储最后贷款人角色的看法部分正确，但弗里德曼更准确地预见了布雷顿森林体系崩溃和浮动汇率制的到来。
Abstract Charles Kindleberger has recently been singled out as having envisioned the present international monetary system in which the US dollar is the dominant global currency and the Federal Reserve plays the role of global lender of last resort, providing dollar liquidity to other central banks through swap transactions during crises. I show how Kindleberger's views on exchange rate systems were influenced by those put forward by Ragnar Nurkse in the 1940s. I then compare Kindleberger's views on exchange rate systems with those of Milton Friedman during the 1950s and 1960s. I show that what I call “the revisionist view” of Kindleberger's contributions to the international financial system is on the mark only up to a point. It overlooks Kindleberger's positions that were not borne out. Moreover, it should make some room for Friedman, who foresaw the breakdown of the Bretton Woods system and the move to flexible exchange rates by the industrial countries. Friedman also predicted that the dollar would remain the main global currency but, in contrast to Kindleberger, foresaw that it would do so under a regime of flexible exchange rates.