For the first few decades, this system leaned heavily toward “peg,” owing to the US dollar’s direct convertibility to gold. This brought significant stability to the global monetary order, following the competitive devaluations of the 1930s that some economists considered damaging.
在最初几十年里，这一制度严重倾向于“盯住”，这是因为美元与黄金直接可兑换。这给全球货币秩序带来了巨大的稳定性，许多经济学家认为有害的20世纪30年代式的竞争性贬值一去不返。