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

  • Harris Dellas

    (University of Bern and CEPR)

  • George S. Tavlas


    (Bank of Greece)

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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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
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Handle: RePEc:bog:wpaper:122
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  1. Barry Eichengreen & Peter Temin, 2010. "Fetters of Gold and Paper," NBER Working Papers 16202, National Bureau of Economic Research, Inc.
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