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The Revived Bretton Woods System's First Decade

Author

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  • Michael P. Dooley
  • David Folkerts-Landau
  • Peter M. Garber

Abstract

The revived Bretton Woods framework we proposed in 2003 remains a useful way to understand the international financial system. We document that the system survived the 2008 crisis. Looking forward, we argue that the system will continue to evolve as we expected. China is likely to graduate from the periphery to the center in the next few years. This graduation process could be smooth or associated with recurrent financial crises. During this transition the magnitude of net capital outflows from the periphery will continue to depress real interest rates in industrial countries at every phase of the business cycle. Finally, recent policy initiatives suggest that India is poised to replace China as the dominant periphery country.

Suggested Citation

  • Michael P. Dooley & David Folkerts-Landau & Peter M. Garber, 2014. "The Revived Bretton Woods System's First Decade," NBER Working Papers 20454, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:20454
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    Blog mentions

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    1. La première décennie du nouveau système de Bretton Woods
      by ? in D'un champ l'autre on 2014-10-11 20:17:00

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    Cited by:

    1. Jean-Pierre Allegret & Audrey Allegret, 2018. "The role of international reserves holding in buffering external shocks," Applied Economics, Taylor & Francis Journals, vol. 50(29), pages 3128-3147, June.
    2. Bonizzi, Bruno, 2017. "Institutional investors’ allocation to emerging markets: A panel approach to asset demand," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 47(C), pages 47-64.
    3. Rui Mao & Yang Yao, 2016. "Fixed Exchange Rate Regimes, Real Undervaluation, and Economic Growth," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 7(02), pages 1-35, June.
    4. Keddad, Benjamin, 2019. "How do the Renminbi and other East Asian currencies co-move?," Journal of International Money and Finance, Elsevier, vol. 91(C), pages 49-70.

    More about this item

    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F3 - International Economics - - International Finance
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development

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