Andrew Walter (London - Dec 2010)

Global imbalances – lessons from Bretton Woods? Andrew Walter, LSE

Global imbalances during & after the Bretton Woods period ,[object Object],[object Object],[object Object]

Current account balances, % world GDP, 1970-2009 Source: World Bank, WDI

US imbalances & inflation, 1960-2009 Source: Economic Report of the President database.

Source: US Bureau of Economic Analysis

So did the BW rules constrain global imbalances? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Modest exchange rate adjustments major currencies vs. US$ 1955-1973 (3 Jan 1960=100)

Reflected lack of agreement on two ‘Keynesian’ adjustment principles ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Lessons from, or legacy of BW? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Andrew Walter (London - Dec 2010)

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