Economia
The International Monetary System: Living with Asymmetry
Maurice Obstfeld*
UC Berkeley, NBER, and CEPR
Final draft: November 24, 2011
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 onto discuss institutions and policies that might
mitigate some of these inefficiencies.
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Economia
O sistema monetário internacional da atualidade
The International Monetary System: Living with Asymmetry
Maurice Obstfeld*
UC Berkeley, NBER, and CEPR
Final draft: November 24, 2011
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 onto discuss institutions and policies that might
mitigate some of these inefficiencies.
Mais
loading...
- Não é Apenas Coincidência...
Estava a ler este interessante discurso de Janet Yellen da Reserva Federal sobre o sistema monetário financeiro internacional onde defende uma evolução para um "international monetary system characterized by more-flexible exchange rates, open...
- Brazil Will Fight Back Against The Currency Manipulators
Dilma, a presidente do Brasil, hoje no FINANCIAL TIMES. We are living in turbulent days. The financial crisis of 2008 is not over, especially in advanced economies. With growth still weak, these countries have been adopting extremely expansionary...
- Entenda Bretton Woods
What was decided at the Bretton Woods summit Jun 30th 2014, 23:50 by Buttonwood ON JULY 1ST 1944 the rich world’s finance experts convened in a hotel in the New Hampshire mountains to discuss the post-war monetary system. The Bretton Woods system...
- Bretton Woods
What was decided at the Bretton Woods summit ON JULY 1ST 1944 the rich world’s finance experts convened in a hotel in the New Hampshire mountains to discuss the post-war monetary system. The Bretton Woods system that emerged from the conference saw...
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