The Legalization of the International Monetary Fund: Exchange Rate Surveillance over China

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Focusing on the evolution of international law regarding exchange rates, this thesis explores the transition from the unregulated gold standard to the structured Bretton Woods system and the subsequent ambiguity post-Second Amendment of the IMF's Articles. It posits that international monetary stability is a public good, necessitating cooperation. The study critiques the IMF's bilateral surveillance, highlighting that hard legalization became less favorable for member states due to high uncertainty and sovereignty costs, ultimately favoring soft commitments.