Bretton Woods II Still Defines the International Monetary System

Michael Dooley, David Folkerts-Landau and Peter Garber

No 14731, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: In this paper we argue that net capital inflows to the United States 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.

JEL-codes: F02 F32 F33 (search for similar items in EconPapers)
Date: 2009-02
New Economics Papers: this item is included in nep-cba, nep-mon and nep-opm
Note: IFM
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (77)

Published as Michael Dooley & David Folkerts-Landau & Peter Garber, 2009. "Bretton Woods Ii Still Defines The International Monetary System," Pacific Economic Review, Blackwell Publishing, vol. 14(3), pages 297-311, 08.

Downloads: (external link)
http://www.nber.org/papers/w14731.pdf (application/pdf)

Related works:
Journal Article: BRETTON WOODS II STILL DEFINES THE INTERNATIONAL MONETARY SYSTEM (2009)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nbr:nberwo:14731

Ordering information: This working paper can be ordered from
http://www.nber.org/papers/w14731

Access Statistics for this paper

More papers in NBER Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC.
Bibliographic data for series maintained by ().