Bretton Woods II still defines the international monetary system / Michael P. Dooley, David Folkerts-Landau, Peter M. Garber.
Material type:
TextSeries: Working paper series (National Bureau of Economic Research) ; no. 14731.Publication details: Cambridge, Mass. : National Bureau of Economic Research, 2009Description: [16] p. : ill. ; 22 cmSubject(s): Capital movements -- United States | International finance | Financial crisesLOC classification: HB1 | .N38 no. 14731Online resources: Click here to access online Summary: 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 prolong the decline in economic activity around the world.
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University of Macedonia Library Βιβλιοστάσιο Β (Stack Room B) | Research Papers | HB1.N38 no. 14731 (Browse shelf (Opens below)) | 1 | Available | 0013125683 |
Includes bibliographical references.
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 prolong the decline in economic activity around the world.
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