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http://hdl.handle.net/10419/57061
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| Title: | | The global crisis and the future of the dollar: Toward Bretton Woods III?  |
| Authors: | | Bibow, Jörg |
| Issue Date: | | 2010 |
| Series/Report no.: | | Working paper, Levy Economics Institute 584 |
| Abstract: | | This paper investigates the United States dollar's role as the international currency of choice as a key contributing factor in critical global developments that led to the crisis of 2007-09, and considers the future role of the dollar as the global economy emerges from that crisis. It is argued that the dollar is likely to retain its hegemonic status for a few more decades, but that United States spending powered by public rather than private debt would provide a more sustainable motor for global growth. In the process, the 'Bretton Woods II' regime depicted by Dooley, Folkerts-Landau, and Garber (2003) as sustainable despite featuring persistent U.S. current account deficits may turn into a 'Bretton Woods III' regime that sees U.S. fiscal policy and public debt as 'minding the store' in maintaining U.S. and global growth. |
| Subjects: | | reserve currency global monetary order global financial crisis |
| JEL: | | E12 E61 E62 F02 F33 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Working Papers, Levy Economics Institute of Bard College
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