| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8703 |
| DP8703 The International Monetary System: Living with Asymmetry | |
| Maurice Obstfeld | |
| 发表日期 | 2011-12-01 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | 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 on to discuss institutions and policies that might mitigate some of these inefficiencies. |
| 主题 | International Macroeconomics |
| 关键词 | Currency wars Exchange rates Global imbalances International monetary system Liquidity Triffin dilemma |
| URL | https://cepr.org/publications/dp8703 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537539 |
| 推荐引用方式 GB/T 7714 | Maurice Obstfeld. DP8703 The International Monetary System: Living with Asymmetry. 2011. |
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