Crise financière et déséquilibres mondiaux, la stabilité du dollar en question
The dollar has proved remarkably stable during the financial crisis despite a persistent US current account deficit. Nevertheless global imbalances may have played a role in the financial turmoil by explaining why long-term interest rates have remained low for a prolonged period fueling then demand for toxic assets. Contrary to this view, we believe that the house price and structured assets bubbles are mainly due to intrinsic instability of finance. Question around the dollar stability remains then acute. The so-called Bretton Woods II system is fragile as shown by the recent financing of the US current account deficit. A better coordination of macroeconomic policies is then still needed in order to avoid undesirable exchange rate market instability.
Volume (Year): XLIX (2010)
Issue (Month): 4 ()
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