"We identify incentives generated by the Bretton Woods II system that may have contributed to the sub-prime liquidity … liquidity crisis is or will become a balance of payments crisis for the United States. Given that it happens, the additional … that will help limit the damage from the liquidity crisis"--National Bureau of Economic Research web site …

We identify incentives generated by the Bretton Woods II system that may have contributed to the sub-prime liquidity … liquidity crisis is or will become a balance of payments crisis for the United States. Given that it happens, the additional … that will help limit the damage from the liquidity crisis …