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Bretton Woods 1.0: A Constructive Retrieval For Sustainable Finance, Robert Hockett
Bretton Woods 1.0: A Constructive Retrieval For Sustainable Finance, Robert Hockett
Robert C. Hockett
Global trade imbalance and domestic financial fragility are intimately related. When a nation runs persistently massive current account deficits to maintain global liquidity as has the United States now for decades, its central bank effectively relinquishes exchange rate flexibility to become a de facto central bank to the world. That in turn prevents the bank from playing its essential credit-modulatory role at home, at least absent strict capital controls that are difficult to administer and have long been taboo. And this can in turn render credit-fueled asset price bubbles and busts all but impossible to prevent, irrespective of the nation's …
Legally Defending Mission-Creep: How The Bretton Woods Charters Anticipate And Justify Imf Attention To "Structural" Variables In Its Oversight Of The Global Financial System, Robert C. Hockett
Robert C. Hockett
No abstract provided.