Summers, “The United States and the Global Adjustment Process.” Stavros S. Niarchos lecture, Institute for International Economics, 23 March, 2004, available at: <www.iie.com/publications/papers/summers0304.htm>. 6  For a description of that process, see R. G. Rajan and L. Zingales, “The Great Reversals: The Politics of Financial Development in the Twentieth Century.” Journal of Financial Economics 69 (2003): 5–50.
7  Under the gold exchange standard, 40 per cent of money supply was backed by gold. 8  See X. Zhou, “Reform the International Monetary System,” People’s Bank of China, Beijing, 24 May. 2009, available at <http://www.pbc.gov.cn/english/detail.asp?col=6500&id=178>.