Of the episodes considered here, the early Bretton Woods era provides the
clearest illustration of the benefits of an international lender of last resort. The
large amount of credit provided Europe in the form of grants and long-term
loans and the willingness of the United States to accept European and Japanese
exports even when these had been promoted by the extension of special incentives
illustrate two of the lender-of-last-resort functions identified by Kindleberger:
countercyclical lending and provision of an open market for distress goods.