Publication: An Institutional Approach to Balancing International Monetary Relations : The Case for a US-China Settlement Facility
Date
2010-01
ISSN
Published
2010-01
Author(s)
Piffaretti, Nadia F.
Rossi, Sergio
Abstract
Management of international monetary
relations between China and the United States will be one of
the crucial parameters for the stability or instability of
the global financial system in the next decade. Although
most of the literature suggests rebalancing through either
adjustment of relative prices or adjustment of behavior in
both countries, this paper explores an institutional
approach to rebalancing. Applying the lessons from
Keynes' 1944 plan for a United States-United Kingdom
international clearing union, the paper explores the
creation of a bilateral United States-China settlement
facility as an institutional contribution to the structural
rebalancing of global imbalances.
Citation
“Piffaretti, Nadia F.; Rossi, Sergio. 2010. An Institutional Approach to Balancing International Monetary Relations : The Case for a US-China Settlement Facility. Policy Research Working Paper;No. 5188. © World Bank, Washington, DC. http://hdl.handle.net/10986/19859 License: CC BY 3.0 IGO.”
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