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The international monetary system : living with asymmetry

Author: Maurice Obstfeld; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2011.
Series: Working paper series (National Bureau of Economic Research), no. 17641.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
This paper analyzes current stresses in the two key areas that concerned the architects of the original Bretton Woods system: international liquidity and exchange rate management. Despite radical changes since World War II in the market context for liquidity and exchange rate concerns, they remain central to discussions of international macroeconomic policy coordination. To take two prominent examples of specific  Read more...
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Additional Physical Format: Print version:
Obstfeld, Maurice.
International monetary system.
Cambridge, Mass. : National Bureau of Economic Research, ©2011
(DLC) 2011657531
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Maurice Obstfeld; National Bureau of Economic Research.
OCLC Number: 767644508
Notes: Title from http://www.nber.org/papers/17641 viewed Dec. 6, 2011.
"December 2011."
Description: 1 online resource (56 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 17641.
Responsibility: Maurice Obstfeld.

Abstract:

This paper analyzes current stresses in the two key areas that concerned the architects of the original Bretton Woods system: international liquidity and exchange rate management. Despite radical changes since World War II in the market context for liquidity and exchange rate concerns, they remain central to discussions of international macroeconomic policy coordination. To take two prominent examples of specific (and related) coordination problems, liquidity issues are paramount in strategies of national self-insurance through foreign reserve accumulation, while recent attempts by emerging market economies (EMEs) to limit real currency appreciation have relied heavily on nominal exchange rate management. A central message is that a diverse set of potential asymmetries among sovereign member states provides fertile ground for a variety of coordination failures. The paper goes on to discuss institutions and policies that might mitigate some of these inefficiencies.

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