BRETTON WOODS II STILL DEFINES THE INTERNATIONAL MONETARY SYSTEM

. In this paper we argue that net capital inflows to the USA did not cause the financial crisis that now engulfs the world economy. A crisis caused by such flows has been widely predicted but that crisis has not occurred. Indeed, the international monetary system still operates in the way described...

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Veröffentlicht in:	Pacific economic review (Oxford, England) England), 2009-08, Vol.14 (3), p.297-311
Hauptverfasser:	Dooley, Michael, Folkerts-Landau, David, Garber, Peter
Format:	Artikel
Sprache:	eng
Schlagworte:	Capital movement Economic activity Economic crisis Economic theory Foreign exchange Global economy International Protectionism Studies
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description	. In this paper we argue that net capital inflows to the USA did not cause the financial crisis that now engulfs the world economy. A crisis caused by such flows has been widely predicted but that crisis has not occurred. Indeed, the international monetary system still operates in the way described by the Bretton Woods II framework and is likely to continue to do so. Failure to properly identify the causes of the current crisis risks a rise in protectionism that could intensify and prolong the decline in economic activity around the world.
doi_str_mv	10.1111/j.1468-0106.2009.00453.x
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In this paper we argue that net capital inflows to the USA did not cause the financial crisis that now engulfs the world economy. A crisis caused by such flows has been widely predicted but that crisis has not occurred. Indeed, the international monetary system still operates in the way described by the Bretton Woods II framework and is likely to continue to do so. Failure to properly identify the causes of the current crisis risks a rise in protectionism that could intensify and prolong the decline in economic activity around the world.</description><subject>Capital movement</subject><subject>Economic activity</subject><subject>Economic crisis</subject><subject>Economic theory</subject><subject>Foreign exchange</subject><subject>Global economy</subject><subject>International</subject><subject>Protectionism</subject><subject>Studies</subject><issn>1361-374X</issn><issn>1468-0106</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2009</creationdate><recordtype>article</recordtype><recordid>eNqNkF1PwjAUhhejiYj-h8YL7zbbdf3YhYkTCiyOzbAa4KoZo0tAvlwhwr-3iOHCK3vTk57nOel5HQcg6CF7HuceCih3IYLU8yEMPQgDgr39hdM4Ny5tjSlyMQtG186NMXMIIeM-aTjPLwMhZZaCYZa1cxDHIJdxkoC26MSpyIHsCRCnUgzSSMZZGiWgn6VCRoMxyMe5FP1b56oqFkbf_d5N570jZKvnJlk3bkWJWxLOsMsLTjidcjrRBAU6hEEV0oqEQTVlUz5FBOEqnOAJ9suwCH37VAUUlr5vGcQpw03n4TR3U68_d9ps1XJmSr1YFCu93hnlQ98OYdSC93_A-XpXr-zfLEMCxghEFuInqKzXxtS6Upt6tizqg0JQHXNVc3WMTx3jU8dc1U-uam_Vp5P6NVvow7899RaJga2s7578mdnq_dkv6g9l12REDdOuGnHYbb0OqUrwNyolhbY</recordid><startdate>200908</startdate><enddate>200908</enddate><creator>Dooley, Michael</creator><creator>Folkerts-Landau, David</creator><creator>Garber, Peter</creator><general>Blackwell Publishing Asia</general><general>Blackwell Publishing Ltd</general><scope>BSCLL</scope><scope>AAYXX</scope><scope>CITATION</scope><scope>7U1</scope><scope>7U2</scope><scope>C1K</scope></search><sort><creationdate>200908</creationdate><title>BRETTON WOODS II STILL DEFINES THE INTERNATIONAL MONETARY SYSTEM</title><author>Dooley, Michael ; Folkerts-Landau, David ; Garber, Peter</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c5873-8a8586d86be514e904f96f594fd7d8d1513f9b3b32c9a92d8df460c22f5918673</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2009</creationdate><topic>Capital movement</topic><topic>Economic activity</topic><topic>Economic crisis</topic><topic>Economic theory</topic><topic>Foreign exchange</topic><topic>Global economy</topic><topic>International</topic><topic>Protectionism</topic><topic>Studies</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Dooley, Michael</creatorcontrib><creatorcontrib>Folkerts-Landau, David</creatorcontrib><creatorcontrib>Garber, Peter</creatorcontrib><collection>Istex</collection><collection>CrossRef</collection><collection>Risk Abstracts</collection><collection>Safety Science and Risk</collection><collection>Environmental Sciences and Pollution Management</collection><jtitle>Pacific economic review (Oxford, England)</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Dooley, Michael</au><au>Folkerts-Landau, David</au><au>Garber, Peter</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>BRETTON WOODS II STILL DEFINES THE INTERNATIONAL MONETARY SYSTEM</atitle><jtitle>Pacific economic review (Oxford, England)</jtitle><date>2009-08</date><risdate>2009</risdate><volume>14</volume><issue>3</issue><spage>297</spage><epage>311</epage><pages>297-311</pages><issn>1361-374X</issn><eissn>1468-0106</eissn><abstract>. In this paper we argue that net capital inflows to the USA did not cause the financial crisis that now engulfs the world economy. A crisis caused by such flows has been widely predicted but that crisis has not occurred. Indeed, the international monetary system still operates in the way described by the Bretton Woods II framework and is likely to continue to do so. Failure to properly identify the causes of the current crisis risks a rise in protectionism that could intensify and prolong the decline in economic activity around the world.</abstract><cop>Melbourne, Australia</cop><pub>Blackwell Publishing Asia</pub><doi>10.1111/j.1468-0106.2009.00453.x</doi><tpages>15</tpages><oa>free_for_read</oa></addata></record>
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subjects	Capital movement Economic activity Economic crisis Economic theory Foreign exchange Global economy International Protectionism Studies
title	BRETTON WOODS II STILL DEFINES THE INTERNATIONAL MONETARY SYSTEM
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