Triffin Dilemma and Regional Monetary Approach : An Appraisal
Robert Triffin (1960) was the first to formalize that , under the gold exchange standard , the key currency issuing country faced a dilemma. Either the United States would stop providing more dollar balances for international finance , leading to trade stagnation and deflationary bias in the global economy ; either the United States would continue to provide more of the international reserve currency , leading ultimately to a loss of confidence in the dollar. This paper shows that the formulation of this dilemma is the consequence of Triffin ' s early critics of the Bretton Woods system in the 1940s leading him to advocate a reform of the international monetary system at the regional level , ie. the European one , in the 1950s .
|Date of creation:||01 Mar 2016|
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References listed on IDEAS
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- Ivo Maes, 2013. "On the origins of the Triffin dilemma," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 20(6), pages 1122-1150, December.
- Helleiner, Eric, 2009. "Central bankers as good neighbours: US money doctors in Latin America during the 1940s," Financial History Review, Cambridge University Press, vol. 16(01), pages 5-25, April.
- Oscar L. Altman, 1961. "Professor Triffin on International Liquidity and the Role of the Fund," IMF Staff Papers, Palgrave Macmillan, vol. 8(2), pages 151-191, May.
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