This paper discusses the profound difficulties of maintaining fixed exchange rates in a world of expanding global …

Do global current account imbalances still matter in a world of deep international financial markets where gross two …" view of the world, large current account imbalances, while very possibly warranted by fundamentals and welcome, can also …

for the United States but also with reference to the wider world. We establish the outlines of international integration a … century ago and analyze the institutional and informational impediments that prevented the late nineteenth century world from … achieving the same degree of integration as today. We conclude that the world today is different: commercial and financial …

time, the definition of external balance has evolved in response to changes in the world economy's structure. The foreign …

an undervalued exchange rate. In the 1960s, the core was the United States and the periphery was Europe and Japan. Now … interest. This image of the current system as Bretton Woods reborn also overlooks how the world has changed since the 1960s … resembling the Bretton Woods System, it is not long for this world …

international monetary framework was responsible for the relatively short-lived and mild nature of pre-World War I financial crises …