From Great Depression to Great Recession

From Great Depression to Great Recession

by International Monetary Fund (Editor)

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Overview

The global financial crisis and the ensuing Great Recession raised concerns about adjustment fatigue, deflation, currency wars, and secular stagnation that presented a sense of déjà vu: similar concerns had arisen at the time of the Great Depression and at the end of World War II. As with earlier crises, these concerns prompted calls for greater international policy cooperation—both to achieve a sustainable recovery from the crisis and to prevent future crises. This volume compiles papers from a 2015 symposium of eminent scholars convened by the IMF to discuss how history can inform current debates about the functioning and challenges of the international monetary system. An introductory chapter sets the stage for the other chapters in the volume by giving a broad overview of the performance of the international monetary system over the past century, highlighting the key events and challenges that shaped it. Subsequent sections look at historical antecedents of today’s challenges, describe how the modern international monetary system has been—and continues to be—shaped through international financial diplomacy, provide a present-day perspective, and examine the analytics of international policy coordination.

Product Details

ISBN-13: 9781513514277
Publisher: International Monetary Fund
Publication date: 04/06/2017
Pages: 214
Product dimensions: 6.07(w) x 9.01(h) x 0.65(d)

About the Author

The International Monetary Fund (IMF) is an international organization of 185 Member Countries. It was established to promote international monetary cooperation, exchange stability, and orderly exchange arrangements; to foster economic growth and high levels of employment; and to provide temporary financial assistance to countries in order to help ease balance of payments adjustments.

Table of Contents

Foreword v

Preface ix

Abbreviations xi

Contributors xiii

1 From Great Depression to Great Recession: An Overview Atish R. Ghosh Mahvash S. Qureshi 1

Part I Perspectives from the Past: Secular Stagnation and Asymmetric Burden of Adjustment

2 Learning Lessons from Previous Crises: The Capital Account and the Current Account Harold James 37

3 Debates about Economic Adjustment in Europe before the Euro Emmanuel Mourlon-Druol 57

4 Coordination Failures during and after Bretton Woods Catherine R. Schenk 69

5 Capital Flows and International Order: Trilemmas and Trade-Offs from Macroeconomics to Political Economy and International Relations Michael D. Bordo Harold James 91

Part II International Monetary Negotiations and the International Monetary System

6 Forgotten Foundations of Bretton Woods Eric Helleiner 111

7 Hurling BRICS at the International Monetary System Benn Steil 123

8 The IMF Is-or Was?-the Keystone of the International Financial System James M. Boughton 129

Part III Currency Wars and Secular Stagnation-the New Normal?

9 Reform of the International Monetary System: A Modest Proposal Richard N. Cooper 137

10 Global Bond Market Spillovers from Monetary Policy and Reserve Management Robert N. McCauley 147

11 International Liquidity and Governance Edwin M. Truman 167

Part IV Prospects for the Future: Toward a More Cooperative System

12 Three Myths about International Policy Coordination Atish R. Ghosh 177

13 Moving Toward a More Cooperative International Monetary System Maurice Obstfeld 189

14 Reforming the Global Reserve System José Antonio Ocampo 193

15 Macroeconomic Policy: What and How to Coordinate Internationally Alexander K. Swoboda 205

16 Toward a More Cooperative International Monetary System: Some Remarks Paul A. Volcker 215

17 Toward a More Stable International Monetary System: Key Takeaways Atish R. Ghosh Mahvash S. Qureshi 219

Index 227

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