01884nam a22002297a 4500 BJBSDDR 20260203101402.0 ta 260203s2010 ||||| |||| 00| 0 eng d 9780262514149 9780262050845, spa BJBSDDR eng EI34 2010 Eichengreen, Barry J., (Barry Julian), 1952- 2678 Global imbalances and the lessons of Bretton Woods / Barry Eichengreen Massachusetts : MIT Press, 2010 187 pages : illustrations ; 20 cm Why the current Bretton Woods-like international financial system, featuring large current account deficits in the center country, the United States, and massive reserve accumulation by the periphery, is not sustainable. In Global Imbalances and the Lessons of Bretton Woods, Barry Eichengreen takes issue with the argument that today's international financial system is largely analogous to the Bretton Woods System of the period 1958 to 1973. Then, as now, it has been argued, the United States ran balance of payment deficits, provided international reserves to other countries, and acted as export market of last resort for the rest of the world. Then, as now, the story continues, other countries were reluctant to revalue their currencies for fear of seeing their export-led growth slow and suffering capital losses on their foreign reserves. Eichengreen argues in response that the power of historical analogy lies not just in finding parallels but in highlighting differences, and he finds important differences in the structure of the world economy today. Such differences, he concludes, mean that the current constellation of exchange rates and payments imbalances is unlikely to last as long as the original Bretton Woods System. lcc 0 BK cmc 126317 126317 0 0 lcc 0 0 APT BJB BJB APT 2026-02-03 0 EI34 2010 00000197110 2026-02-03 14:16:06 1 2026-02-03 BK