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Reshaping the international monetary architecture : lessons from Keynes'plan


  • Piffaretti, Nadia F.


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.

Suggested Citation

  • Piffaretti, Nadia F., 2009. "Reshaping the international monetary architecture : lessons from Keynes'plan," Policy Research Working Paper Series 5034, The World Bank.
  • Handle: RePEc:wbk:wbrwps:5034

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    References listed on IDEAS

    1. Maurice Obstfeld & Kenneth Rogoff, 2007. "The Unsustainable U.S. Current Account Position Revisited," NBER Chapters,in: G7 Current Account Imbalances: Sustainability and Adjustment, pages 339-376 National Bureau of Economic Research, Inc.
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    7. Robert Skidelsky, 2005. "Keynes, Globalisation and the Bretton Woods Institutions in the Light of Changing Ideas about Markets," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 6(1), pages 15-30, January.
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    Cited by:

    1. Philip B. Whyman, 2015. "Keynes and the International Clearing Union: A Possible Model for Eurozone Reform?," Journal of Common Market Studies, Wiley Blackwell, vol. 53(2), pages 399-415, March.
    2. Lino Sau, 2015. "Do the International Monetary and Financial Systems Need More Than Short-Term Cosmetic Reforms?," International Journal of Political Economy, Taylor & Francis Journals, vol. 44(4), pages 325-340, October.
    3. Marcus Giamattei & Johann Lambsdorff, 2015. "Balancing the current account: experimental evidence on underconsumption," Experimental Economics, Springer;Economic Science Association, vol. 18(4), pages 670-696, December.

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

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