@techreport{Bibow2006Global,
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&rsquo;s supposed export-led development strategy is misplaced. It also suggests, similar to Japan&rsquo;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.},
address = {Annandale-on-Hudson, NY},
author = {J\"{o}rg Bibow},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {E63; F02; F32; F43; N10; 330; Global Imbalances; Revised Bretton Woods; EMU; Divergences; Export-led Growth; Reserve Currency},
language = {eng},
number = {486},
publisher = {The Levy Economics Inst. of Bard College},
title = {Global imbalances, Bretton Woods II, and Euroland's role in all this},
type = {Working papers // The Levy Economics Institute},
url = {http://hdl.handle.net/10419/31466},
year = {2006}
}
