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Reshaping the international monetary architecture : lessons from Keynes'plan

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Piffaretti, Nadia F.

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Abstract

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. Therefore, it is worth revisiting the origins of the Bretton Woods conference, and pointing out the relevance for today’s framework of Keynes’ original 1942 plan for an International Clearing Union. This note explores the main characteristics of Keynes'original plan, by revisiting his original writings between 1940 and 1944, and outlining its relevance to the current debate on the international financial architecture. The note suggests that reforms of the international financial architecture should include anchoring the international monetary system on sounder institutional ground.

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Paper provided by The World Bank in its series Policy Research Working Paper Series with number 5034.

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Date of creation: 01 Aug 2009
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Handle: RePEc:wbk:wbrwps:5034

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Keywords: Currencies and Exchange Rates; Debt Markets; Banks&Banking Reform; Emerging Markets; Access to Finance;

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  2. Jean-Charles Rochet & Jean Tirole, 1996. "Interbank lending and systemic risk," Proceedings, Board of Governors of the Federal Reserve System (U.S.), pages 733-765.
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  3. Ricardo J. Caballero & Arvind Krishnamurthy, 2009. "Global Imbalances and Financial Fragility," American Economic Review, American Economic Association, vol. 99(2), pages 584-88, May. [Downloadable!]
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  4. Barry Eichengreen, 2004. "Global Imbalances and the Lessons of Bretton Woods," NBER Working Papers 10497, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  5. Pietro ALESSANDRINI & Michele FRATIANNI, 2008. "Resurrecting Keynes to Revamp the International Monetary System," Working Papers 310, Universita' Politecnica delle Marche (I), Dipartimento di Economia. [Downloadable!]
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  6. Matthew Canzoneri & Robert E. Cumby & Behzad Diba & David Lopez-Salido, 2008. "The Macroeconomic Implications of a Key Currency," NBER Working Papers 14242, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  7. Gary Gorton & Lixin Huang, 2002. "Banking Panics and the Origin of Central Banking," NBER Working Papers 9137, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  9. Robert Skidelsky, 2005. "Keynes, Globalisation and the Bretton Woods Institutions in the Light of Changing Ideas about Markets," World Economics, World Economics, Economic & Financial Publishing, PO Box 69, Henley-on-Thames, Oxfordshire, United Kingdom, RG9 1GB, vol. 6(1), pages 15-30, January. [Downloadable!]
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