Triffin Dilemma and Regional Monetary Approach: An Appraisal

Pierre-Hernan Rojas

Working Papers from HAL

Abstract: Robert Triffin (1960) was the first to formalize that , under the gold exchange standard , the key currency issuing country faced a dilemma. Either the United States would stop providing more dollar balances for international finance , leading to trade stagnation and deflationary bias in the global economy ; either the United States would continue to provide more of the international reserve currency , leading ultimately to a loss of confidence in the dollar. This paper shows that the formulation of this dilemma is the consequence of Triffin ' s early critics of the Bretton Woods system in the 1940s leading him to advocate a reform of the international monetary system at the regional level , ie. the European one , in the 1950s .

Keywords: international money; European Payments Union; Triffin Classification; Bretton Woods; International Monetary Fund; clearing mechanism (search for similar items in EconPapers)
Date: 2016-03-01
New Economics Papers: this item is included in nep-his and nep-mon
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