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https://hdl.handle.net/10419/31466
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DC Field | Value | Language |
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dc.contributor.author | Bibow, Jörg | en |
dc.date.accessioned | 2010-05-14T11:08:06Z | - |
dc.date.available | 2010-05-14T11:08:06Z | - |
dc.date.issued | 2006 | - |
dc.identifier.uri | http://hdl.handle.net/10419/31466 | - |
dc.description.abstract | Approaching the issue of mounting global imbalances from the perspective of the "Bretton Woods II hypothesis," this paper argues that the popular preoccupation with China's supposed export-led development strategy is misplaced. It also suggests, similar to Japan's depression, subdued growth in Euroland for most of the time since the Maastricht Treaty has been of first-order importance in these developments. Germany is identified as being at the heart of the European trouble. Globally, there is an ongoing clash between two approches to macroeconomic policy making: a highly dogmatic German approach, and a very pragmatic Anglo-Saxon one. The low levels of interest at which global demand imbalances have been smoothed out financially reflect deficient global demand in an environment of vast supply-side opportunities. After contributing greatly to the build-up of imbalances, Euroland is unlikely to play any constructive part in their unwinding. Hampered by an exchange-rate policy vacuum, a small-country mindset, and soaring intra-area imbalances, Euroland is also illpositioned to cope with fading external growth stimuli. | en |
dc.language.iso | eng | en |
dc.publisher | |aLevy Economics Institute of Bard College |cAnnandale-on-Hudson, NY | en |
dc.relation.ispartofseries | |aWorking Paper |x486 | en |
dc.subject.jel | E63 | en |
dc.subject.jel | F02 | en |
dc.subject.jel | F32 | en |
dc.subject.jel | F43 | en |
dc.subject.jel | N10 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | Global Imbalances | en |
dc.subject.keyword | Revised Bretton Woods | en |
dc.subject.keyword | EMU | en |
dc.subject.keyword | Divergences | en |
dc.subject.keyword | Export-led Growth | en |
dc.subject.keyword | Reserve Currency | en |
dc.title | Global imbalances, Bretton Woods II, and Euroland's role in all this | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 570241375 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
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