The rest of the chapter is organized as follows: Section 8.2 deals with some empirical literature on the determinants of the international reserve. Section 8.3 presents some stylized facts and the adequacy of reserves. Section 8.4 addresses data-related issues. Section 8.5 presents empirical models and estimates. The last part of the study concludes with a few recommendations. A fund is made available to the IMF, consisting of contributions from member countries in gold and their own currencies. The initial quotas totaled $8.8 billion. In the event of IMF membership, members are given “quotas” that reflect their relative economic power – and which, as a kind of credit contribution, are obliged to pay a “subscription” equal to an amount equivalent to the quota. You pay the subscription as 25% convertible into gold or convertible currency into gold (in actual terms the dollar which, at the time of creation, was the only currency still directly convertible for central banks) and 75% in their own currency. A devastated Britain had little choice. Two world wars had destroyed the country`s main industries, which paid for the import of half of the food and almost all of its raw materials except coal. The British had no choice but to ask for help. It was only when the United States signed a 4.4 billion pound British aid agreement on 6 December 1945 that the British Parliament ratified the Bretton Woods Agreements (which took place later in December 1945).

[24] The strengthening of the relative decline in American power and Europe`s and Japan`s dissatisfaction with the system was the continued decline of the dollar, the basis that had supported the global trading system after 1945. The Vietnam War and the government`s refusal of U.S. President Lyndon B. Johnson to pay for it and its Grand Corporation programs through taxation resulted in an increase in outflows of dollars to pay for military spending and widespread inflation, resulting in a deterioration in the U.S. trade balance. In the late 1960s, the dollar was overvalued with its current position, while the German mark and the yen were undervalued; and of course, the Germans and the Japanese did not want to value their exports and thus increase them, while the United States.