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dc.contributor.authorBibow, Jörgen_US
dc.date.accessioned2010-05-14T11:08:06Z-
dc.date.available2010-05-14T11:08:06Z-
dc.date.issued2006en_US
dc.identifier.urihttp://hdl.handle.net/10419/31466-
dc.description.abstractApproaching 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_US
dc.language.isoengen_US
dc.publisherThe Levy Economics Inst. of Bard College Annandale-on-Hudson, NYen_US
dc.relation.ispartofseriesWorking papers // The Levy Economics Institute 486en_US
dc.subject.jelE63en_US
dc.subject.jelF02en_US
dc.subject.jelF32en_US
dc.subject.jelF43en_US
dc.subject.jelN10en_US
dc.subject.ddc330en_US
dc.subject.keywordGlobal Imbalancesen_US
dc.subject.keywordRevised Bretton Woodsen_US
dc.subject.keywordEMUen_US
dc.subject.keywordDivergencesen_US
dc.subject.keywordExport-led Growthen_US
dc.subject.keywordReserve Currencyen_US
dc.titleGlobal imbalances, Bretton Woods II, and Euroland's role in all thisen_US
dc.typeWorking Paperen_US
dc.identifier.ppn570241375en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
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