Bretton Woods II Still Defines the International Monetary System

@article{Dooley2009BrettonWI,
  title={Bretton Woods II Still Defines the International Monetary System},
  author={Michael P. Dooley and D. F. I. Folkerts-Landau and Peter M. Garber},
  journal={SRPN: Globalization (Sustainability) (Topic)},
  year={2009}
}
In this paper we argue that net capital inflows to the United States did not cause the financial crisis that now engulfs the world economy. A crisis caused by such flows has been widely predicted but that crisis has not occurred. Indeed, the international monetary system still operates in the way described by the Bretton Woods II framework and is likely to continue to do so. Failure to properly identify the causes of the current crisis risks a rise in protectionism that could intensify and… 
The End of the Bretton Woods International Monetary System
This paper examines two episodes of international economic policy coordination: the efforts to modify the Bretton Woods international monetary system in the 1960s and early 1970s and to reform the
Global Imbalances and Bretton Woods II Postulate
The paper intends to revisit this argument, particularly in the light of the change in deficits and surpluses in the world economy. The paper tries to trace the genesis of BWII to the debates which
For a New System of International Payments
World-wide economic turmoil and international uncertainty are threatening the development of our economies, and experts increasingly evoke the ghost of recession. The aim of this paper is to show
The Assymetrical Dollar-Based Monetary System and Global Financial Imbalances
This paper aims to describe the shortcomings of today’s dollar-based monetary system and comparing them with the concept of the currency union elaborated by Keynes in the 1940s that still have
Bretton-Woods Systems, Old and New, and the Rotation of Exchange-Rate Regimes
A recent contribution to the literature argues that the present international monetary system operates like the Bretton-Woods system. Asia is the new periphery of the system and pursues an export-led
The Global Crisis and the Future of the Dollar: Toward Bretton Woods III?
This paper investigates the United States dollar's role as the international currency of choice as a key contributing factor in critical global developments that led to the crisis of 2007-09, and
Crisis and Global Imbalances: the Fragility of the Current International Monetary System
Global structural factors both monetary and real played a prominent role in the burst of the subprime crisis: 1) the so-called Bretton Woods II international monetary system; 2) the reduction of US
Reshaping the International Monetary Architecture: Lessons from Keynes' Plan
As the global economy undergoes profound changes, it is becoming apparent that the so-called"Revived Bretton Woods System"has increased the overall vulnerability of the global financial architecture.
The Revived Bretton Woods System, Liquidity Creation, and Asset Price Bubbles
In this article, we argue that the present constellation of exchange rate arrangements among the major currencies has led to the creation of excessive global liquidity, which has contributed to asset
Bubbles, External Imbalances & Demand for International Liquidity in the Bretton Woods II System
Global structural factors both monetary and real played a prominent role in the burst of subprime crisis: 1) the Bretton Woods II international monetary system; 2) the reduction of US real investment
...
1
2
3
4
5
...

References

SHOWING 1-10 OF 21 REFERENCES
The Revived Bretton Woods System: The Effects of Periphery Intervention and Reserve Management on Interest Rates & Exchange Rates in Center Countries
In this paper we explore some implications of the revived' Bretton Woods system for exchange market intervention and reserve management in periphery countries. Financial policies in these countries
Financial Turmoil and Global Imbalances: The End of Bretton Woods II?
Since August 2007, the global economy has been subject to a sharp and adverse financial shock, with re-pricing of risk and higher cost of funds. This article argues that this shock is a consequence
A Model of Crises in Emerging Markets
This paper presents a perfect foresight model of speculative attacks on emerging markets. Credit constrained governments are assumed to have two objectives: to accumulate liquid assets in order to
Global Imbalances and Financial Fragility
The U.S. is currently engulfed in the most severe financial crisis since the Great Depression. A key structural factor behind this crisis is the large demand for riskless assets from the rest of the
Global imbalances: recent developments and prospects
In a speech given in March 2005 (Bernanke, 2005), I discussed a number of important and interrelated developments in the global economy, including the substantial expansion of the current account
Current Account Patterns and National Real Estate Markets
This paper studies the association between the current account and real estate valuation across countries, subject to data availability [43 countries, of which 25 are OECD], during 1990 - 2005. We
The themes and thinking behind New Zealand’s 1967 decimal coin designs
New Zealand’s switch to decimal currency in July 1967 concluded around three years’ continuous and, at times, controversial work by officials from the Decimal Currency Board, The Treasury and the
Paulson Says Crisis Sown by Imbalance
  • Financial Times
  • 2009
The Aftermath of Financial Crises
  • 2009
...
1
2
3
...