“Crises” named for this quantity involve a loss in demand for a state’s currency that results in its central bank being unable to defend the currency’s fixed exchange rate. For 10 points each:
[10m] Identify this term that denotes the cumulative result of all transactions between residents of one country and residents of foreign countries.
ANSWER: balance of payments [accept balance of payments crisis]
[10h] A dilemma named for this economist holds that any state whose currency is used as the international reserve currency will have to run a consistent balance-of-payments deficit in order to provide the supply of currency necessary for the world financial system to function.
ANSWER: Robert Triffin
[10e] Triffin first formulated his namesake dilemma in the context of this postwar system of exchange rates based around the US dollar, which effectively collapsed when Richard Nixon suspended the gold standard.
ANSWER: Bretton Woods system
<S, Social Science>