Reshaping the International Monetary Architecture : Lessons from Keynes’ Plan

Piffaretti, Nadia F.

dc.creator	Piffaretti, Nadia F.
dc.date	2012-03-19T19:12:13Z
dc.date	2012-03-19T19:12:13Z
dc.date	2009-08-01
dc.date.accessioned	2023-02-18T19:37:07Z
dc.date.available	2023-02-18T19:37:07Z
dc.identifier	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20090831143615
dc.identifier	http://hdl.handle.net/10986/4228
dc.identifier.uri	http://localhost:8080/xmlui/handle/CUHPOERS/249728
dc.description	As the global economy undergoes profound changes, it is becoming apparent that the so-called "Revived Bretton Woods System" has increased the overall vulnerability of the global financial architecture. Therefore, it is worth revisiting the origins of the Bretton Woods conference, and pointing out the relevance for today s framework of Keynes original 1942 plan for an International Clearing Union. This note explores the main characteristics of Keynes' original plan, by revisiting his original writings between 1940 and 1944, and outlining its relevance to the current debate on the international financial architecture. The note suggests that reforms of the international financial architecture should include anchoring the international monetary system on sounder institutional ground.
dc.language	English
dc.relation	Policy Research working paper ; no. WPS 5034
dc.rights	CC BY 3.0 IGO
dc.rights	http://creativecommons.org/licenses/by/3.0/igo/
dc.rights	World Bank
dc.subject	ACCUMULATION OF RESERVES
dc.subject	ASSETS
dc.subject	BALANCE OF PAYMENTS
dc.subject	BALANCE-SHEET
dc.subject	BANK MARKET
dc.subject	BANK MARKETS
dc.subject	BANK RUN
dc.subject	BANKING INSTITUTION
dc.subject	BANKING PANICS
dc.subject	BANKING STRUCTURE
dc.subject	BANKING SYSTEM
dc.subject	BANKING SYSTEMS
dc.subject	BILATERAL TRADE
dc.subject	CAPITAL INFLOWS
dc.subject	CENTRAL BANK
dc.subject	CENTRAL BANKING
dc.subject	CENTRAL BANKS
dc.subject	CLEARING HOUSES
dc.subject	CLEARINGHOUSE
dc.subject	COMMERCIAL BANKS
dc.subject	COMMODITIES
dc.subject	CONFIDENCE-BUILDING
dc.subject	COORDINATION FAILURE
dc.subject	COORDINATION FAILURES
dc.subject	CREDIT GROWTH
dc.subject	CREDIT MARKETS
dc.subject	CREDITOR
dc.subject	CREDITORS
dc.subject	CREDITS
dc.subject	CURRENT ACCOUNT
dc.subject	CURRENT ACCOUNT DEFICIT
dc.subject	CURRENT ACCOUNT POSITION
dc.subject	CURRENT ACCOUNT SURPLUS
dc.subject	DEBT
dc.subject	DEBTOR
dc.subject	DEBTOR COUNTRIES
dc.subject	DEBTOR COUNTRY
dc.subject	DEBTORS
dc.subject	DEBTS
dc.subject	DEFICITS
dc.subject	DEPOSIT
dc.subject	DEPOSIT INSURANCE
dc.subject	DEPOSITS
dc.subject	DEPRESSION
dc.subject	DEVELOPING COUNTRIES
dc.subject	DEVELOPMENT CORPORATION
dc.subject	DOMESTIC CREDIT
dc.subject	DOMESTIC DEMAND
dc.subject	DOMESTIC FINANCIAL SECTOR
dc.subject	DOMESTIC SAVING
dc.subject	ECONOMIC ACTIVITY
dc.subject	ECONOMIC CRISIS
dc.subject	ECONOMIC IMBALANCES
dc.subject	ECONOMIC SYSTEM
dc.subject	EMERGING MARKETS
dc.subject	EMPLOYMENT
dc.subject	EQUALITY
dc.subject	EQUILIBRIUM
dc.subject	EURO ZONE
dc.subject	EXCHANGE RATE
dc.subject	EXCHANGE RATE FLEXIBILITY
dc.subject	EXCHANGE RATE FLUCTUATION
dc.subject	EXPLOITATION
dc.subject	EXTERNAL DEFICIT
dc.subject	EXTERNAL POSITION
dc.subject	EXTERNAL TRADE
dc.subject	FEDERAL RESERVE
dc.subject	FEDERAL RESERVE BANK
dc.subject	FINANCIAL ARCHITECTURE
dc.subject	FINANCIAL CRISIS
dc.subject	FINANCIAL FRAGILITY
dc.subject	FINANCIAL GLOBALIZATION
dc.subject	FINANCIAL INTERMEDIATION
dc.subject	FINANCIAL MARKET
dc.subject	FINANCIAL MARKETS
dc.subject	FINANCIAL VULNERABILITIES
dc.subject	FINANCIAL VULNERABILITY
dc.subject	FINANCING FACILITY
dc.subject	FISCAL DEFICIT
dc.subject	FIXED EXCHANGE RATES
dc.subject	FLOW OF FUNDS
dc.subject	FREE ASSETS
dc.subject	GLOBAL ECONOMIC LANDSCAPE
dc.subject	GLOBAL ECONOMY
dc.subject	GLOBAL FINANCIAL SYSTEM
dc.subject	GLOBAL IMBALANCES
dc.subject	GLOBALIZATION
dc.subject	GOLD
dc.subject	GOVERNMENT BONDS
dc.subject	HOLDING
dc.subject	HOLDINGS
dc.subject	HOME COUNTRY
dc.subject	HOUSING
dc.subject	IMBALANCE
dc.subject	IMBALANCES
dc.subject	IMPORT
dc.subject	IMPORTS
dc.subject	INDEBTED HOUSEHOLDS
dc.subject	INFLOWS OF CAPITAL
dc.subject	INSTRUMENT
dc.subject	INTERBANK MARKETS
dc.subject	INTEREST RATE
dc.subject	INTERNAL FINANCING
dc.subject	INTERNAL SAVING
dc.subject	INTERNATIONAL BANK
dc.subject	INTERNATIONAL BANKING
dc.subject	INTERNATIONAL CAPITAL
dc.subject	INTERNATIONAL CAPITAL FLOWS
dc.subject	INTERNATIONAL CLEARING
dc.subject	INTERNATIONAL COOPERATION
dc.subject	INTERNATIONAL CURRENCY
dc.subject	INTERNATIONAL DEBATE
dc.subject	INTERNATIONAL ECONOMICS
dc.subject	INTERNATIONAL FINANCIAL ARCHITECTURE
dc.subject	INTERNATIONAL FINANCIAL CRISIS
dc.subject	INTERNATIONAL FINANCIAL SYSTEM
dc.subject	INTERNATIONAL INVESTMENT
dc.subject	INTERNATIONAL INVESTMENTS
dc.subject	INTERNATIONAL MONETARY SYSTEM
dc.subject	INTERNATIONAL MONETARY SYSTEMS
dc.subject	INTERNATIONAL RESERVE
dc.subject	INTERNATIONAL RESERVES
dc.subject	INTERNATIONAL SETTLEMENT
dc.subject	INTERNATIONAL TRADE
dc.subject	INTERNATIONAL TRANSACTIONS
dc.subject	ISSUANCE
dc.subject	KEY CURRENCIES
dc.subject	KEY CURRENCY
dc.subject	LEGAL TENDER
dc.subject	LENDER
dc.subject	LENDER OF LAST RESORT
dc.subject	LEVERAGE
dc.subject	LEVY
dc.subject	LIABILITY
dc.subject	LIABILITY SIDE
dc.subject	LIQUIDITY
dc.subject	LIQUIDITY ASSISTANCE
dc.subject	LIQUIDITY MANAGEMENT
dc.subject	LONG-TERM INTEREST
dc.subject	LONG-TERM INTEREST RATES
dc.subject	LOW INTEREST RATES
dc.subject	MARKET POWER
dc.subject	MONETARY FUND
dc.subject	MONETARY POLICY
dc.subject	MONETARY REFORM
dc.subject	NATIONAL BONDS
dc.subject	NATIONAL CURRENCIES
dc.subject	NATURAL RESOURCES
dc.subject	OVERDRAFT
dc.subject	OVERDRAFT FACILITIES
dc.subject	OVERDRAFTS
dc.subject	PAYMENTS ARRANGEMENTS
dc.subject	PAYMENTS IMBALANCES
dc.subject	PENALTIES
dc.subject	PRIVATE FINANCIAL INTERMEDIARIES
dc.subject	PROPERTY MARKETS
dc.subject	PUBLIC POLICY
dc.subject	PURCHASING POWER
dc.subject	REGIONALISM
dc.subject	RESERVE ACCUMULATION
dc.subject	RESERVE BANK OF INDIA
dc.subject	RESERVE CURRENCY
dc.subject	RESERVE FUND
dc.subject	RETURN
dc.subject	SAFETY NET
dc.subject	SAVINGS
dc.subject	SECURITIES
dc.subject	SETTLEMENT
dc.subject	SHAREHOLDERS
dc.subject	SOLVENCY
dc.subject	STOCK MARKETS
dc.subject	STOCKS
dc.subject	SURPLUS
dc.subject	SURPLUS COUNTRIES
dc.subject	SURPLUS COUNTRY
dc.subject	SURPLUSES
dc.subject	SWAP
dc.subject	SYSTEMIC RISK
dc.subject	T-BILLS
dc.subject	TRADE FLOWS
dc.subject	TRADE SHOCKS
dc.subject	TRADE SURPLUS
dc.subject	TREASURIES
dc.subject	TREASURY
dc.subject	TREASURY BONDS
dc.subject	UNION
dc.subject	VENTURE CAPITALIST
dc.subject	VOLUME OF TRADE
dc.subject	WORLD ECONOMY
dc.title	Reshaping the International Monetary Architecture : Lessons from Keynes’ Plan
dc.type	Publications & Research :: Policy Research Working Paper
dc.coverage	The World Region
dc.coverage	The World Region