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The fatal flaw: the revived Bretton-woods system, liquidity creation, and commodity-price bubbles

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Author Info

  • Harris Dellas

    (University of Bern and CEPR)

  • George S. Tavlas

    ()
    (Bank of Greece)

Abstract

Dooley, Folkerts-Landau and Garber (DFG) argue that the present constellation of global exchange-rate arrangements constitutes a revived Bretton-Woods system. DFG ALSO argue that the revived system will be sustainable, despite its large global imbalances. We argue that, to the extent that the present system constitutes a revived Bretton-Woods system, it is vulnerable to the same set of destabilizing forces - - including asset price bubbles and global financial crises - - that led to the breakdown of the earlier regime.

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File URL: http://www.bankofgreece.gr/BogEkdoseis/Paper2011122.pdf
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Bibliographic Info

Paper provided by Bank of Greece in its series Working Papers with number 122.

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Length: 20
Date of creation: Jan 2011
Date of revision:
Handle: RePEc:bog:wpaper:122

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Web page: http://www.bankofgreece.gr
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Related research

Keywords: Bretton-Woods system; international liquidity; price bubbles; Markov switching model;

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  1. Barry Eichengreen & Peter Temin, 2010. "Fetters of gold and paper," Oxford Review of Economic Policy, Oxford University Press, vol. 26(3), pages 370-384, Autumn.
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Cited by:
  1. Sengupta, Rajeswari & Aizenman, Joshua, 2010. "Global imbalances: Is Germany the new China? A skeptical view," MPRA Paper 25578, University Library of Munich, Germany.

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