A New Bretton Woods?
The Bretton Woods sisters, the International Bank for Reconstruction and Development (henceforth the World Bank) and the International Monetary Fund (IMF), were set up in 1944. The original purpose of the former was to help post-Second World War re...
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| Format: | Working Paper |
| Language: | English en_US |
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World Bank, Washington, DC
2017
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| Online Access: | http://documents.worldbank.org/curated/en/692531468177837839/A-new-Bretton-Woods http://hdl.handle.net/10986/27999 |
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okr-10986-279992021-04-23T14:04:45Z A New Bretton Woods? Rajan, Raghuram G. AGGREGATE DEMAND BANK LENDING BORROWER BORROWING BROKERS BUDGET DEFICITS CAPITAL FLOWS CAPITAL INFLOWS CASH FLOWS CLAIMANT CLIMATE CLIMATE CHANGE COLLATERAL CREDIBILITY CREDITORS CURRENT ACCOUNT CURRENT ACCOUNT DEFICITS CURRENT ACCOUNT SURPLUS DEBT CRISIS DEMONSTRATION EFFECTS DEVELOPING COUNTRIES DEVELOPING COUNTRY DISBURSEMENT DISTRIBUTION OF WEALTH DUE DILIGENCE DYNAMICS OF GROWTH ECONOMIC ADVICE ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC INTEGRATION EMERGING MARKET EMERGING MARKETS ENVIRONMENTAL BENEFITS ENVIRONMENTAL DEGRADATION EXCHANGE RATE EXPOSURE EXTERNAL DEBT FACE VALUE FEASIBILITY FEDERAL RESERVE FINANCE CORPORATION FINANCIAL CRISIS FINANCIAL DIFFICULTY FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL REGULATION FINANCIAL SECTOR FINANCIAL SECTOR REGULATION FINANCIAL STABILITY FINANCIAL SYSTEMS FISCAL POLICIES FOREIGN DIRECT INVESTMENT GLOBAL TRADE GLOBALIZATION GOVERNMENT GUARANTEE GOVERNMENT SUPPORT INCOME INDUSTRIAL COUNTRIES INDUSTRIAL COUNTRY INFLATION INSURANCE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL DEVELOPMENT INTERNATIONAL FINANCE JUDICIAL PROCESSES LENDERS LOAN MACROECONOMIC POLICY MACROECONOMIC STABILITY MACROECONOMICS MARKET BORROWERS MARKET FAILURES MONETARY FUND MONETARY INCENTIVES MONETARY POLICY MORAL SUASION MULTILATERAL FINANCIAL INSTITUTIONS MULTILATERAL LENDER NATURAL RESOURCES PEER PRESSURE PENALTIES POLICY ADVICE POLICY DESIGN POLICY MAKERS PRIVATE CAPITAL PRIVATE CAPITAL FLOWS PRIVATE FINANCE PRIVATE FINANCING PRUDENTIAL SUPERVISION PUBLIC FINANCE RAPID ECONOMIC GROWTH REGULATORS REGULATORY POLICIES REPAYMENT RESERVES RETURNS SAFETY NETS SAVINGS SAVINGS BEHAVIOR SECURITIES SHAREHOLDERS SOCIAL INVESTMENTS SPILLOVER EFFECTS SUBSIDIARY TAX TRANSITION ECONOMIES WITHDRAWAL The Bretton Woods sisters, the International Bank for Reconstruction and Development (henceforth the World Bank) and the International Monetary Fund (IMF), were set up in 1944. The original purpose of the former was to help post-Second World War reconstruction; the purpose of the latter was to help revive global trade while averting the 'beggar-thy-neighbor' exchange rate policies that characterized the interwar years. Over the years, the World Bank has refocused on helping poor countries grow while the IMF broadly attempts to foster country policies that ensure macroeconomic stability and limit adverse spillovers to the rest of the world. While these roles still remain, their nature has changed somewhat. In particular, given the development of financial markets around the world, the primary role of these institutions has moved to shaping, guiding, supplementing, and stabilizing the flow of private finance rather than substituting fully for it. This paper focuses on the new ways multilateral institutions may have to perform old tasks, as well as the ways they could perform new tasks such as slowing climate change. Critical to their transformation will be the attitudes of the countries that play the largest role in their governance, as well as reform of the governance process itself. 2017-08-28T16:03:10Z 2017-08-28T16:03:10Z 2009 Working Paper http://documents.worldbank.org/curated/en/692531468177837839/A-new-Bretton-Woods http://hdl.handle.net/10986/27999 English en_US Commission on Growth and Development Working Paper;No. 59 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research :: Working Paper Publications & Research |
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Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
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English en_US |
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AGGREGATE DEMAND BANK LENDING BORROWER BORROWING BROKERS BUDGET DEFICITS CAPITAL FLOWS CAPITAL INFLOWS CASH FLOWS CLAIMANT CLIMATE CLIMATE CHANGE COLLATERAL CREDIBILITY CREDITORS CURRENT ACCOUNT CURRENT ACCOUNT DEFICITS CURRENT ACCOUNT SURPLUS DEBT CRISIS DEMONSTRATION EFFECTS DEVELOPING COUNTRIES DEVELOPING COUNTRY DISBURSEMENT DISTRIBUTION OF WEALTH DUE DILIGENCE DYNAMICS OF GROWTH ECONOMIC ADVICE ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC INTEGRATION EMERGING MARKET EMERGING MARKETS ENVIRONMENTAL BENEFITS ENVIRONMENTAL DEGRADATION EXCHANGE RATE EXPOSURE EXTERNAL DEBT FACE VALUE FEASIBILITY FEDERAL RESERVE FINANCE CORPORATION FINANCIAL CRISIS FINANCIAL DIFFICULTY FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL REGULATION FINANCIAL SECTOR FINANCIAL SECTOR REGULATION FINANCIAL STABILITY FINANCIAL SYSTEMS FISCAL POLICIES FOREIGN DIRECT INVESTMENT GLOBAL TRADE GLOBALIZATION GOVERNMENT GUARANTEE GOVERNMENT SUPPORT INCOME INDUSTRIAL COUNTRIES INDUSTRIAL COUNTRY INFLATION INSURANCE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL DEVELOPMENT INTERNATIONAL FINANCE JUDICIAL PROCESSES LENDERS LOAN MACROECONOMIC POLICY MACROECONOMIC STABILITY MACROECONOMICS MARKET BORROWERS MARKET FAILURES MONETARY FUND MONETARY INCENTIVES MONETARY POLICY MORAL SUASION MULTILATERAL FINANCIAL INSTITUTIONS MULTILATERAL LENDER NATURAL RESOURCES PEER PRESSURE PENALTIES POLICY ADVICE POLICY DESIGN POLICY MAKERS PRIVATE CAPITAL PRIVATE CAPITAL FLOWS PRIVATE FINANCE PRIVATE FINANCING PRUDENTIAL SUPERVISION PUBLIC FINANCE RAPID ECONOMIC GROWTH REGULATORS REGULATORY POLICIES REPAYMENT RESERVES RETURNS SAFETY NETS SAVINGS SAVINGS BEHAVIOR SECURITIES SHAREHOLDERS SOCIAL INVESTMENTS SPILLOVER EFFECTS SUBSIDIARY TAX TRANSITION ECONOMIES WITHDRAWAL |
| spellingShingle |
AGGREGATE DEMAND BANK LENDING BORROWER BORROWING BROKERS BUDGET DEFICITS CAPITAL FLOWS CAPITAL INFLOWS CASH FLOWS CLAIMANT CLIMATE CLIMATE CHANGE COLLATERAL CREDIBILITY CREDITORS CURRENT ACCOUNT CURRENT ACCOUNT DEFICITS CURRENT ACCOUNT SURPLUS DEBT CRISIS DEMONSTRATION EFFECTS DEVELOPING COUNTRIES DEVELOPING COUNTRY DISBURSEMENT DISTRIBUTION OF WEALTH DUE DILIGENCE DYNAMICS OF GROWTH ECONOMIC ADVICE ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC INTEGRATION EMERGING MARKET EMERGING MARKETS ENVIRONMENTAL BENEFITS ENVIRONMENTAL DEGRADATION EXCHANGE RATE EXPOSURE EXTERNAL DEBT FACE VALUE FEASIBILITY FEDERAL RESERVE FINANCE CORPORATION FINANCIAL CRISIS FINANCIAL DIFFICULTY FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL REGULATION FINANCIAL SECTOR FINANCIAL SECTOR REGULATION FINANCIAL STABILITY FINANCIAL SYSTEMS FISCAL POLICIES FOREIGN DIRECT INVESTMENT GLOBAL TRADE GLOBALIZATION GOVERNMENT GUARANTEE GOVERNMENT SUPPORT INCOME INDUSTRIAL COUNTRIES INDUSTRIAL COUNTRY INFLATION INSURANCE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL DEVELOPMENT INTERNATIONAL FINANCE JUDICIAL PROCESSES LENDERS LOAN MACROECONOMIC POLICY MACROECONOMIC STABILITY MACROECONOMICS MARKET BORROWERS MARKET FAILURES MONETARY FUND MONETARY INCENTIVES MONETARY POLICY MORAL SUASION MULTILATERAL FINANCIAL INSTITUTIONS MULTILATERAL LENDER NATURAL RESOURCES PEER PRESSURE PENALTIES POLICY ADVICE POLICY DESIGN POLICY MAKERS PRIVATE CAPITAL PRIVATE CAPITAL FLOWS PRIVATE FINANCE PRIVATE FINANCING PRUDENTIAL SUPERVISION PUBLIC FINANCE RAPID ECONOMIC GROWTH REGULATORS REGULATORY POLICIES REPAYMENT RESERVES RETURNS SAFETY NETS SAVINGS SAVINGS BEHAVIOR SECURITIES SHAREHOLDERS SOCIAL INVESTMENTS SPILLOVER EFFECTS SUBSIDIARY TAX TRANSITION ECONOMIES WITHDRAWAL Rajan, Raghuram G. A New Bretton Woods? |
| relation |
Commission on Growth and Development Working Paper;No. 59 |
| description |
The Bretton Woods sisters, the
International Bank for Reconstruction and Development
(henceforth the World Bank) and the International Monetary
Fund (IMF), were set up in 1944. The original purpose of the
former was to help post-Second World War reconstruction; the
purpose of the latter was to help revive global trade while
averting the 'beggar-thy-neighbor' exchange rate
policies that characterized the interwar years. Over the
years, the World Bank has refocused on helping poor
countries grow while the IMF broadly attempts to foster
country policies that ensure macroeconomic stability and
limit adverse spillovers to the rest of the world. While
these roles still remain, their nature has changed somewhat.
In particular, given the development of financial markets
around the world, the primary role of these institutions has
moved to shaping, guiding, supplementing, and stabilizing
the flow of private finance rather than substituting fully
for it. This paper focuses on the new ways multilateral
institutions may have to perform old tasks, as well as the
ways they could perform new tasks such as slowing climate
change. Critical to their transformation will be the
attitudes of the countries that play the largest role in
their governance, as well as reform of the governance
process itself. |
| format |
Working Paper |
| author |
Rajan, Raghuram G. |
| author_facet |
Rajan, Raghuram G. |
| author_sort |
Rajan, Raghuram G. |
| title |
A New Bretton Woods? |
| title_short |
A New Bretton Woods? |
| title_full |
A New Bretton Woods? |
| title_fullStr |
A New Bretton Woods? |
| title_full_unstemmed |
A New Bretton Woods? |
| title_sort |
new bretton woods? |
| publisher |
World Bank, Washington, DC |
| publishDate |
2017 |
| url |
http://documents.worldbank.org/curated/en/692531468177837839/A-new-Bretton-Woods http://hdl.handle.net/10986/27999 |
| _version_ |
1764465545817620480 |