The revived Bretton Woods System
Subtitle: the effects of periphery intervention and reserve management on interest rates & exchange rates in center countries
By: Michael P. Dooley, David Folkerts-Landau, Peter Garber.
Contributors: Folkerts-Landau, David Fokke Ihno, 1949-; Garber, Peter.; National Bureau of Economic Research.
Series: NBER working paper series ;; working paper 10332; Working paper series (National Bureau of Economic Research : Online) ;; working paper no. 10332.
Publisher: National Bureau of Economic Research
Published: 2004
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Description: "In this paper we explore some implications of the revived' Bretton Woods system for exchange market intervention and reserve management in periphery countries.  Financial policies in these countries are seen as a component of a more general portfolio management policy in which the formation of an efficient domestic capital stock is a key objective.  Because intervention in financial markets is an important part of their development strategy, intervention in exchange and financial markets has, and we argue will continue to be, large and persistent enough to generate predictable deviations of exchange rates and relative yields in industrial country financial markets from normal cyclical patterns.  We argue that management of the currency composition of international reserves by emerging market governments and central banks is unlikely to alter these conclusions"--National Bureau of Economic Research web site.
Notes: Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 1/21/2005.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.