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As the global economy undergoes profound changes, it is becoming apparent that the so-called "Revived Bretton Woods System" has increased the overall vulnerability of the global financial architecture. Therefore, it is worth revisiting the origins of the Bretton Woods conference, and pointing out the relevance for today's framework of Keynes' original 1942 plan for an International Clearing Union. This note explores the main characteristics of Keynes' original plan, by revisiting his original writings between 1940 and 1944, and outlining its relevance to the current debate on the international financial architecture. The note suggests that reforms of the international financial architecture should include anchoring the international monetary system on sounder institutional ground.
Access to Finance --- Balance of payments --- Banks and Banking Reform --- Central banks --- Currencies and Exchange Rates --- Current account --- Debt Markets --- Economic crisis --- Emerging Markets --- Exchange rate --- Exchange rate fluctuation --- Finance and Financial Sector Development --- Financial architecture --- Fixed exchange rates --- Global economy --- Global imbalances --- Globalization --- Gold --- Imbalance --- Imbalances --- International currency --- International financial architecture --- International monetary system --- International trade --- Private Sector Development --- Reserve currency --- Surplus
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Management of international monetary relations between China and the United States will be one of the crucial parameters for the stability or instability of the global financial system in the next decade. Although most of the literature suggests rebalancing through either adjustment of relative prices or adjustment of behavior in both countries, this paper explores an institutional approach to rebalancing. Applying the lessons from Keynes' 1944 plan for a United States-United Kingdom international clearing union, the paper explores the creation of a bilateral United States-China settlement facility as an institutional contribution to the structural rebalancing of global imbalances.
Access to Finance --- Currencies --- Currencies and Exchange Rates --- Currency --- Debt Markets --- Debtor --- Debtor countries --- Deficit --- Economic Theory & Research --- Emerging Markets --- Exchange --- Exchange rate --- Exchange rates --- Finance and Financial Sector Development --- Financial crisis --- Financial system --- Future --- Global economy --- Global trade --- Interest --- International bank --- Liquid asset --- Macroeconomics and Economic Growth --- Monetary instability --- Private Sector Development --- Reserve --- Settlement --- Settlement facility
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