The international monetary system created by the Bretton woods agreement collapsed because <u>of its heavy dependence on the stability of the dollar.</u>
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An international monetary system is a set of the world over agreed rules, conventions, and supporting institutions that facilitate worldwide trade, pass border investment, and typically the reallocation of capital among states that have one-of-a-kind currencies.
The international monetary system gives the institutional framework for figuring out the rules and processes for worldwide payments, the dedication of trade fees, and movement of capital.
It includes 4 elements: change preparations and exchange quotes; global bills and transfers relating to modern global transactions; international capital actions; and worldwide reserves.
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