Piffaretti, Nadia F. (2008): Reshaping the International Monetary Architecture and Addressing Global Imbalances: Lessons from the Keynes Plan.
Preview |
PDF
MPRA_paper_12165.pdf Download (235kB) | Preview |
Abstract
As we witness profound changes in the global economy, and as it becomes apparent that the so-called “Revived Bretton Woods System” may be nothing more than a temporary non sustainable financing of the US structural internal imbalance, favored by the global role of the dollar, which has increased the overall vulnerability of the global financial architecture, it’s worth revisiting the origins of the Bretton Woods conference, and pointing out the relevance for today’s framework of Keynes’ original 1942 plan for an International Clearing Union. In this note we explore the main characteristics of Keynes’ original plan, by revisiting his original writings between 1940 and 1944, and we outline its relevance to the current debate on the international financial architecture, We’ll argue that reforms of the international financial architecture should include anchoring the international monetary system on a sounder institutional ground.
Item Type: | MPRA Paper |
---|---|
Original Title: | Reshaping the International Monetary Architecture and Addressing Global Imbalances: Lessons from the Keynes Plan |
Language: | English |
Keywords: | International Financial Architecture; Bretton Woods Institutions; Keynes Plan; International Currency; Global Imbalances |
Subjects: | E - Macroeconomics and Monetary Economics > E1 - General Aggregative Models > E12 - Keynes ; Keynesian ; Post-Keynesian E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E58 - Central Banks and Their Policies F - International Economics > F0 - General > F02 - International Economic Order and Integration N - Economic History > N2 - Financial Markets and Institutions > N20 - General, International, or Comparative E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E50 - General E - Macroeconomics and Monetary Economics > E0 - General > E00 - General E - Macroeconomics and Monetary Economics > E4 - Money and Interest Rates > E44 - Financial Markets and the Macroeconomy F - International Economics > F3 - International Finance > F33 - International Monetary Arrangements and Institutions |
Item ID: | 12165 |
Depositing User: | F Piffaretti |
Date Deposited: | 15 Dec 2008 02:40 |
Last Modified: | 30 Sep 2019 18:49 |
References: | Acharya, V., D. Gromb, and T. Yorulmazer (2008), Imperfect Competition in the Interbank Market for Liquidity as a Rationale for Central Banking, Mimeo. Alessandrini, P. and M. Fratianni (2008), Resurrecting Keynes to Revamp the International Monetary System, mimeo. Calomiris, C. (2008), The Subprime Turmoil: What’s Old, What’s New, and What’s Next, Mimeo, October 2008. Canzoneri, M., R. Cumby, B. Diba and D. Lopez-Salido (2008), The Macroeconomic Implications of a Key Currency, NBER Working Paper 14242. Caprio, G., A. Demirguc-Kunt and E. Kane (2008), The 2007 Meltdown in Structured Securitization. Searching for Lessons not Scapegoats. World Bank Policy Research Working Paper 4756. Demirguc-Kunt, A. and L. Serven (2008), Are All the Sacred Cows Dead? Implications of the Financial Crisis for Macro and Financial Policies. The World Bank, Mimeo. Dooley, M., D. Folkerts-Laundau, and P. Garber (2003), An Essay on the Revived Bretton Woods System, NBER Working Paper 9971. Eichengreen, B. (2004), Global Imbalances and the Lessons of Bretton Woods. NBER Working Paper 10497. Eichengreen, B. and M. Flandreau (2008), The Rise and Fall of the Dollar, or When did the Dollar Replace Sterling as the Leading Reserve Currency?, NBER Working Paper 14154. Goldberg, L. and C. Tille (2008), Macroeconomic Interdependence and the International Role of the Dollar, NBER Working Paper 13820. Goldstein, M. and N. Lardy (2005), China’s Role in the Revived Bretton Woods System: A Case of Mistaken Identity. Institute for International Economics Working Paper Series 05-2. Gorton, G. and L. Huang (2002). Banking Panics and the Origin of Central Banking. NBER Working Paper 9137. Gourinchas, P.-O. and H. Rey (2005), From World Banker to World Venture Capitalist: the U.S. external adjustment and the exorbitant privilege, NBER Working Paper 11563. Iwamoto, T. (1997), Keynes Plan for an International Clearing Union Reconsidered, Kyoto University. Keynes, J. M., Activities 1940-1944, Shaping the Post-War World: The Clearing Union, The Collected Writings of John Maynard Keynes, Royal Economic Society, Mac Millan and Cambridge University Press, Vol. XXV, London 1980. Keynes, J. M., Activities 1944-1946, The Transition to Peace, The Collected Writings of John Maynard Keynes, Royal Economic Society, Mac Millan and Cambridge University Press, Vol. XXIV, London 1980. Krugman, P. (2006), Will There be a Dollar Crisis?, mimeo. Lipsky, J. (2008), Perspective on the Global Economic Landscape and the Role of the Dollars, Address at the Brookings Institutions, Washington, D.C., July 22, 2008. Obstfeld, M. and K. Rogoff (2004), The Unsustainable US Current Account Position Revisited, NBER Working Paper 10869. Peydo, J. L. and R. Iyer (2005), How Does a Shock Propagate? A Model of Contagion in the Interbank Market Due to Financial Linkages, EFA 2005 Moscow Meetings Paper. Polak, J. J. (1996), Impasse on the Role of SDR, in J. A. Frenkel and M. Goldstein (eds), Functioning of the International Monetary System, International Monetary Fund, Vol. 2, 927-941. Rochet, J.-C. and J. Tirole (1996), Interbank Lending and Systemic Risk, Journal of Money, Credit and Banking, Vol. 28, No. 4, Nov. 1996, Part 2. Rochet, J.-C. and X. Vives (2004), Coordination Failure and the Lender of Last Resort: Was Bagehot right after all?, Journal of the European Economic Association, Vol. 2(6), December: 1116-1147. Rossi, S. (2007), The Monetary-Policy Relevance of the International Settlement Institution: The Keynes Plan 60 Years Later. In: A. Giacomina and M.C. Marcuzzo (eds), Money and Markets: a Doctrinal Approach. London and New York: Routledge. Roubini, N. (2007a), Asia is Learning the Wrong Lessons from Its 1997-98 Financial Crisis: The Rising Risks of a New and Different Type of Financial Crisis in Asia, mimeo, May 2007. Roubini, N. (2007b), The Instability of the Bretton Woods 2 Regime, mimeo, July 2007. Skidelsky, R. (2005), Keynes, Globalisation and the Bretton Woods Institutions in the Light of Changing Ideas about Market. World Economics, Vol. 6, N. 1, January-March: 15-30. Summers, L. H. (2006), Reflections on Global Account Imbalances and Emerging Markets Reserve Accumulation, L.K. Jha Memorial Lecture, Reserve Bank of India, Mumbai, India, March 24, 2006. Triffin, R. (1960), Gold and The Dollar Crisis. New Haven: Yale University Press. Warnock, F. E. and V. C. Warnock (2006), International Capital Flows and U.S. Interest Rates, NBER Working Paper 12560. |
URI: | https://mpra.ub.uni-muenchen.de/id/eprint/12165 |