Bretton Woods Ii Still Defines the International Monetary System

18 Pages Posted: 21 Feb 2009 Last revised: 21 Nov 2013

See all articles by Michael P. Dooley

Michael P. Dooley

Deceased

David Folkerts-Landau

Deutsche Bank, London; National Bureau of Economic Research (NBER)

Peter M. Garber

Brown University - Department of Economics; National Bureau of Economic Research (NBER)

Date Written: February 2009

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.

Suggested Citation

Dooley, Michael Patrick and Folkerts-Landau, David and Garber, Peter M., Bretton Woods Ii Still Defines the International Monetary System (February 2009). NBER Working Paper No. w14731. Available at SSRN: https://ssrn.com/abstract=1347214

Michael Patrick Dooley

Deceased

N/A

David Folkerts-Landau (Contact Author)

Deutsche Bank, London ( email )

Winchester House
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London EC2N 2DB
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(44) 171 545-4545 (Phone)

National Bureau of Economic Research (NBER)

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Peter M. Garber

Brown University - Department of Economics ( email )

64 Waterman Street
Providence, RI 02912
United States
401-863-2145 (Phone)

National Bureau of Economic Research (NBER) ( email )

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

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