The revived Bretton Woods system

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The revived Bretton Woods system

Author Info

Michael P. Dooley (National Bureau of Economic Research, USA)
David Folkerts-Landau (National Bureau of Economic Research, USA)
Peter Garber (National Bureau of Economic Research, USA)

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Abstract

The economic emergence of a fixed exchange rate periphery in Asia has re-established the United States as the centre country in the Bretton Woods international monetary system. We argue that the normal evolution of the international monetary system involves the emergence of a periphery for which the development strategy is export-led growth supported by undervalued exchange rates, capital controls and official capital outflows in the form of accumulation of reserve asset claims on the centre country. The success of this strategy in fostering economic growth allows the periphery to graduate to the centre. Financial liberalization, in turn, requires floating exchange rates among the centre countries. But there is a line of countries waiting to follow the Europe of the 1950s|60s and Asia today, sufficient to keep the system intact for the foreseeable future. Copyright © 2004 John Wiley & Sons, Ltd.

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Article provided by John Wiley & Sons, Ltd. in its journal International Journal of Finance & Economics.

Volume (Year): 9 (2004)
Issue (Month): 4 ()
Pages: 307-313
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Handle: RePEc:ijf:ijfiec:v:9:y:2004:i:4:p:307-313

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Bordo, Michael D & Flandreau, Marc, 2001. "Core, Periphery, Exchange Rate Regimes and Globalization," CEPR Discussion Papers 3077, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
Other versions:
- Michael D. Bordo & Marc Flandreau, 2001. "Core, Periphery, Exchange Rate Regimes, and Globalization," NBER Working Papers 8584, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)

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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

Maurice Obstfeld & Kenneth Rogoff, 2004. "The Unsustainable US Current Account Position Revisited," NBER Working Papers 10869, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
Other versions:
- Maurice Obstfeld & Kenneth Rogoff, 2006. "The Unsustainable US Current Account Position Revisited," Center for International and Development Economics Research, Working Paper Series 1063, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley. [Downloadable!]
- Obstfeld, Maurice & Rogoff, Kenneth, 2005. "The Unsustainable US Current Account Position Revisited," CEPR Discussion Papers 5416, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
- Maurice Obstfeld & Kenneth Rogoff, 2005. "The unsustainable U.S. current account position revisited," Proceedings, Federal Reserve Bank of San Francisco. [Downloadable!]
- Maurice Obstfeld & Kenneth Rogoff, 2005. "The unsustainable U.S. current account position revisited," Proceedings, Federal Reserve Bank of San Francisco, issue Feb. [Downloadable!]
Crespo Cuaresma, Jesýs & Slacik, Tomas, 2007. "An "almost-too-late" warning mechanism for currency crises," BOFIT Discussion Papers 4/2007, Bank of Finland, Institute for Economies in Transition. [Downloadable!]
Other versions:
- Jesus Crespo Cuaresma & Tomas Slacik, 2007. "An "Almost-Too-Late" Warning Mechanism For Currency Crises," Working Papers 2007-10, Faculty of Economics and Statistics, University of Innsbruck. [Downloadable!]
Gunther Schnabl, 2006. "The Evolution of the East Asian Currency Baskets – Still Undisclosed and Changing," CESifo Working Paper Series CESifo Working Paper No. , CESifo GmbH. [Downloadable!]
Ronald McKinnon & Gunther Schnabl, 2004. "The Return to Soft Dollar Pegging in East Asia. Mitigating Conflicted Virtue," International Finance 0406007, EconWPA, revised 07 Jul 2004. [Downloadable!]
Other versions:
- Ronald McKinnon & Gunther Schnabl, 2004. "The Return to Soft Dollar Pegging in East Asia: Mitigating Conflicted Virtue," International Finance, Blackwell Publishing, vol. 7(2), pages 169-201, 07. [Downloadable!] (restricted)
Barry Eichengreen, 2004. "Global Imbalances and the Lessons of Bretton Woods," NBER Working Papers 10497, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
Other versions:
- Barry Eichengreen, 2005. "Global imbalances and the lessons of Bretton Woods," Proceedings, Federal Reserve Bank of San Francisco, issue Feb. [Downloadable!]
- Barry Eichengreen, 2004. "Global Imbalances and the Lessons of Bretton Woods," Economie Internationale, CEPII research center, issue 4Q, pages 39-50. [Downloadable!]
Joshua Aizenman & Yi Sun, 2008. "Globalization and the Sustainability of Large Current Account Imbalances: Size Matters," NBER Working Papers 13734, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
Kirill Sosunov & Oleg Zamulin, 2006. "The Inflationary Consequences of Real Exchange Rate Targeting via Accumulation of Reserves," Working Papers w0082, Center for Economic and Financial Research (CEFIR). [Downloadable!]
Other versions:
- Sosunov, Kirill & Zamulin, Oleg, 2006. "The inflationary consequences of real exchange rate targeting via accumulation of reserves," BOFIT Discussion Papers 11/2006, Bank of Finland, Institute for Economies in Transition. [Downloadable!]
Marc-André Gosselin & Nicolas Parent, 2005. "An Empirical Analysis of Foreign Exchange Reserves in Emerging Asia," Working Papers 05-38, Bank of Canada. [Downloadable!]
Michael B Devereux, 2007. "Financial Globalization and Emerging Market Portfolios," IMES Discussion Paper Series 07-E-13, Institute for Monetary and Economic Studies, Bank of Japan. [Downloadable!]
Matthew Higgins & Thomas Klitgaard, 2004. "Reserve accumulation: implications for global capital flows and financial markets," Current Issues in Economics and Finance, Federal Reserve Bank of New York, issue Sep. [Downloadable!]
Morris Goldstein & Nicholas Lardy, 2006. "China's Exchange Rate Policy Dilemma," American Economic Review, American Economic Association, vol. 96(2), pages 422-426, May.
Miller, Marcus & Zhang, Lei, 2006. "Fear and Market Failure: Global Imbalances and 'Self-insurance'," CEPR Discussion Papers 6000, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
Other versions:
- Marcus Miller & Lei Zhang, 2007. "Fear and Market Failure: Global Imbalances and “Self-Insurance”," RES Working Papers 1076, Inter-American Development Bank, Research Department. [Downloadable!]

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