Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/31466 
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dc.contributor.authorBibow, Jörgen
dc.date.accessioned2010-05-14T11:08:06Z-
dc.date.available2010-05-14T11:08:06Z-
dc.date.issued2006-
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
dc.language.isoengen
dc.publisher|aLevy Economics Institute of Bard College |cAnnandale-on-Hudson, NYen
dc.relation.ispartofseries|aWorking Paper |x486en
dc.subject.jelE63en
dc.subject.jelF02en
dc.subject.jelF32en
dc.subject.jelF43en
dc.subject.jelN10en
dc.subject.ddc330en
dc.subject.keywordGlobal Imbalancesen
dc.subject.keywordRevised Bretton Woodsen
dc.subject.keywordEMUen
dc.subject.keywordDivergencesen
dc.subject.keywordExport-led Growthen
dc.subject.keywordReserve Currencyen
dc.titleGlobal imbalances, Bretton Woods II, and Euroland's role in all this-
dc.typeWorking Paperen
dc.identifier.ppn570241375en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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