The dollar rose by about 35 percent in real terms from 1995 through the end of 2001, supporting the booming US economy of the late 1990s but pushing the current account deficit to a record high of almost 5 percent of GDP. This special report provides alternative views of how large a dollar depreciation would be needed to restore a sustainable position (Jim O'Neill, Michael Rosenberg, and Catherine Mann), analyzes the impact of currency misalignments on each of the three major economies (Martin Baily for the United States, William Cline for Japan, and Daniel Gros for Euroland), and discusses the role of exchange market intervention in addressing the issues (Kathryn Dominguez, Edwin M. Truman, and Ernest Preeg).
|Publisher:||Columbia University Press|
|Sold by:||Barnes & Noble|
|File size:||4 MB|
About the Author
John Williamson, senior fellow (retired), was associated with the Institute from 1981 to 2012. He was project director for the UN High-Level Panel on Financing for Development (the Zedillo Report) in 2001; on leave as chief economist for South Asia at the World Bank during 199699; economics professor at Pontifica Universidade Católica do Rio de Janeiro (197881), University of Warwick (197077), Massachusetts Institute of Technology (1967, 1980), University of York (196368), and Princeton University (196263); adviser to the International Monetary Fund (197274); and economic consultant to the UK Treasury (196870).