The international monetary system
Subtitle: living with asymmetry
By: Maurice Obstfeld
Contributors: National Bureau of Economic Research
Series: NBER working paper series -- working paper 17641; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 17641.
Publisher: National Bureau of Economic Research
Published: 2011
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Description: "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"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 2/9/2012.

Includes bibliographical references.

Also available in print.

System requirements: Adobe Acrobat Reader.

Mode of access: World Wide Web.