Reshaping the International Monetary Architecture : Lessons from Keynes’ Plan

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 th...

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Main Author:	Piffaretti, Nadia F.
Format:	Policy Research Working Paper
Language:	English
Published:	2012
Subjects:	ACCUMULATION OF RESERVES ASSETS BALANCE OF PAYMENTS BALANCE-SHEET BANK MARKET BANK MARKETS BANK RUN BANKING INSTITUTION BANKING PANICS BANKING STRUCTURE BANKING SYSTEM BANKING SYSTEMS BILATERAL TRADE CAPITAL INFLOWS CENTRAL BANK CENTRAL BANKING CENTRAL BANKS CLEARING HOUSES CLEARINGHOUSE COMMERCIAL BANKS COMMODITIES CONFIDENCE-BUILDING COORDINATION FAILURE COORDINATION FAILURES CREDIT GROWTH CREDIT MARKETS CREDITOR CREDITORS CREDITS CURRENT ACCOUNT CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT POSITION CURRENT ACCOUNT SURPLUS DEBT DEBTOR DEBTOR COUNTRIES DEBTOR COUNTRY DEBTORS DEBTS DEFICITS DEPOSIT DEPOSIT INSURANCE DEPOSITS DEPRESSION DEVELOPING COUNTRIES DEVELOPMENT CORPORATION DOMESTIC CREDIT DOMESTIC DEMAND DOMESTIC FINANCIAL SECTOR DOMESTIC SAVING ECONOMIC ACTIVITY ECONOMIC CRISIS ECONOMIC IMBALANCES ECONOMIC SYSTEM EMERGING MARKETS EMPLOYMENT EQUALITY EQUILIBRIUM EURO ZONE EXCHANGE RATE EXCHANGE RATE FLEXIBILITY EXCHANGE RATE FLUCTUATION EXPLOITATION EXTERNAL DEFICIT EXTERNAL POSITION EXTERNAL TRADE FEDERAL RESERVE FEDERAL RESERVE BANK FINANCIAL ARCHITECTURE FINANCIAL CRISIS FINANCIAL FRAGILITY FINANCIAL GLOBALIZATION FINANCIAL INTERMEDIATION FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL VULNERABILITIES FINANCIAL VULNERABILITY FINANCING FACILITY FISCAL DEFICIT FIXED EXCHANGE RATES FLOW OF FUNDS FREE ASSETS GLOBAL ECONOMIC LANDSCAPE GLOBAL ECONOMY GLOBAL FINANCIAL SYSTEM GLOBAL IMBALANCES GLOBALIZATION GOLD GOVERNMENT BONDS HOLDING HOLDINGS HOME COUNTRY HOUSING IMBALANCE IMBALANCES IMPORT IMPORTS INDEBTED HOUSEHOLDS INFLOWS OF CAPITAL INSTRUMENT INTERBANK MARKETS INTEREST RATE INTERNAL FINANCING INTERNAL SAVING INTERNATIONAL BANK INTERNATIONAL BANKING INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL FLOWS INTERNATIONAL CLEARING INTERNATIONAL COOPERATION INTERNATIONAL CURRENCY INTERNATIONAL DEBATE INTERNATIONAL ECONOMICS INTERNATIONAL FINANCIAL ARCHITECTURE INTERNATIONAL FINANCIAL CRISIS INTERNATIONAL FINANCIAL SYSTEM INTERNATIONAL INVESTMENT INTERNATIONAL INVESTMENTS INTERNATIONAL MONETARY SYSTEM INTERNATIONAL MONETARY SYSTEMS INTERNATIONAL RESERVE INTERNATIONAL RESERVES INTERNATIONAL SETTLEMENT INTERNATIONAL TRADE INTERNATIONAL TRANSACTIONS ISSUANCE KEY CURRENCIES KEY CURRENCY LEGAL TENDER LENDER LENDER OF LAST RESORT LEVERAGE LEVY LIABILITY LIABILITY SIDE LIQUIDITY LIQUIDITY ASSISTANCE LIQUIDITY MANAGEMENT LONG-TERM INTEREST LONG-TERM INTEREST RATES LOW INTEREST RATES MARKET POWER MONETARY FUND MONETARY POLICY MONETARY REFORM NATIONAL BONDS NATIONAL CURRENCIES NATURAL RESOURCES OVERDRAFT OVERDRAFT FACILITIES OVERDRAFTS PAYMENTS ARRANGEMENTS PAYMENTS IMBALANCES PENALTIES PRIVATE FINANCIAL INTERMEDIARIES PROPERTY MARKETS PUBLIC POLICY PURCHASING POWER REGIONALISM RESERVE ACCUMULATION RESERVE BANK OF INDIA RESERVE CURRENCY RESERVE FUND RETURN SAFETY NET SAVINGS SECURITIES SETTLEMENT SHAREHOLDERS SOLVENCY STOCK MARKETS STOCKS SURPLUS SURPLUS COUNTRIES SURPLUS COUNTRY SURPLUSES SWAP SYSTEMIC RISK T-BILLS TRADE FLOWS TRADE SHOCKS TRADE SURPLUS TREASURIES TREASURY TREASURY BONDS UNION VENTURE CAPITALIST VOLUME OF TRADE WORLD ECONOMY
Online Access:	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 http://hdl.handle.net/10986/4228

id	okr-10986-4228
recordtype	oai_dc
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	ACCUMULATION OF RESERVES ASSETS BALANCE OF PAYMENTS BALANCE-SHEET BANK MARKET BANK MARKETS BANK RUN BANKING INSTITUTION BANKING PANICS BANKING STRUCTURE BANKING SYSTEM BANKING SYSTEMS BILATERAL TRADE CAPITAL INFLOWS CENTRAL BANK CENTRAL BANKING CENTRAL BANKS CLEARING HOUSES CLEARINGHOUSE COMMERCIAL BANKS COMMODITIES CONFIDENCE-BUILDING COORDINATION FAILURE COORDINATION FAILURES CREDIT GROWTH CREDIT MARKETS CREDITOR CREDITORS CREDITS CURRENT ACCOUNT CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT POSITION CURRENT ACCOUNT SURPLUS DEBT DEBTOR DEBTOR COUNTRIES DEBTOR COUNTRY DEBTORS DEBTS DEFICITS DEPOSIT DEPOSIT INSURANCE DEPOSITS DEPRESSION DEVELOPING COUNTRIES DEVELOPMENT CORPORATION DOMESTIC CREDIT DOMESTIC DEMAND DOMESTIC FINANCIAL SECTOR DOMESTIC SAVING ECONOMIC ACTIVITY ECONOMIC CRISIS ECONOMIC IMBALANCES ECONOMIC SYSTEM EMERGING MARKETS EMPLOYMENT EQUALITY EQUILIBRIUM EURO ZONE EXCHANGE RATE EXCHANGE RATE FLEXIBILITY EXCHANGE RATE FLUCTUATION EXPLOITATION EXTERNAL DEFICIT EXTERNAL POSITION EXTERNAL TRADE FEDERAL RESERVE FEDERAL RESERVE BANK FINANCIAL ARCHITECTURE FINANCIAL CRISIS FINANCIAL FRAGILITY FINANCIAL GLOBALIZATION FINANCIAL INTERMEDIATION FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL VULNERABILITIES FINANCIAL VULNERABILITY FINANCING FACILITY FISCAL DEFICIT FIXED EXCHANGE RATES FLOW OF FUNDS FREE ASSETS GLOBAL ECONOMIC LANDSCAPE GLOBAL ECONOMY GLOBAL FINANCIAL SYSTEM GLOBAL IMBALANCES GLOBALIZATION GOLD GOVERNMENT BONDS HOLDING HOLDINGS HOME COUNTRY HOUSING IMBALANCE IMBALANCES IMPORT IMPORTS INDEBTED HOUSEHOLDS INFLOWS OF CAPITAL INSTRUMENT INTERBANK MARKETS INTEREST RATE INTERNAL FINANCING INTERNAL SAVING INTERNATIONAL BANK INTERNATIONAL BANKING INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL FLOWS INTERNATIONAL CLEARING INTERNATIONAL COOPERATION INTERNATIONAL CURRENCY INTERNATIONAL DEBATE INTERNATIONAL ECONOMICS INTERNATIONAL FINANCIAL ARCHITECTURE INTERNATIONAL FINANCIAL CRISIS INTERNATIONAL FINANCIAL SYSTEM INTERNATIONAL INVESTMENT INTERNATIONAL INVESTMENTS INTERNATIONAL MONETARY SYSTEM INTERNATIONAL MONETARY SYSTEMS INTERNATIONAL RESERVE INTERNATIONAL RESERVES INTERNATIONAL SETTLEMENT INTERNATIONAL TRADE INTERNATIONAL TRANSACTIONS ISSUANCE KEY CURRENCIES KEY CURRENCY LEGAL TENDER LENDER LENDER OF LAST RESORT LEVERAGE LEVY LIABILITY LIABILITY SIDE LIQUIDITY LIQUIDITY ASSISTANCE LIQUIDITY MANAGEMENT LONG-TERM INTEREST LONG-TERM INTEREST RATES LOW INTEREST RATES MARKET POWER MONETARY FUND MONETARY POLICY MONETARY REFORM NATIONAL BONDS NATIONAL CURRENCIES NATURAL RESOURCES OVERDRAFT OVERDRAFT FACILITIES OVERDRAFTS PAYMENTS ARRANGEMENTS PAYMENTS IMBALANCES PENALTIES PRIVATE FINANCIAL INTERMEDIARIES PROPERTY MARKETS PUBLIC POLICY PURCHASING POWER REGIONALISM RESERVE ACCUMULATION RESERVE BANK OF INDIA RESERVE CURRENCY RESERVE FUND RETURN SAFETY NET SAVINGS SECURITIES SETTLEMENT SHAREHOLDERS SOLVENCY STOCK MARKETS STOCKS SURPLUS SURPLUS COUNTRIES SURPLUS COUNTRY SURPLUSES SWAP SYSTEMIC RISK T-BILLS TRADE FLOWS TRADE SHOCKS TRADE SURPLUS TREASURIES TREASURY TREASURY BONDS UNION VENTURE CAPITALIST VOLUME OF TRADE WORLD ECONOMY
spellingShingle	ACCUMULATION OF RESERVES ASSETS BALANCE OF PAYMENTS BALANCE-SHEET BANK MARKET BANK MARKETS BANK RUN BANKING INSTITUTION BANKING PANICS BANKING STRUCTURE BANKING SYSTEM BANKING SYSTEMS BILATERAL TRADE CAPITAL INFLOWS CENTRAL BANK CENTRAL BANKING CENTRAL BANKS CLEARING HOUSES CLEARINGHOUSE COMMERCIAL BANKS COMMODITIES CONFIDENCE-BUILDING COORDINATION FAILURE COORDINATION FAILURES CREDIT GROWTH CREDIT MARKETS CREDITOR CREDITORS CREDITS CURRENT ACCOUNT CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT POSITION CURRENT ACCOUNT SURPLUS DEBT DEBTOR DEBTOR COUNTRIES DEBTOR COUNTRY DEBTORS DEBTS DEFICITS DEPOSIT DEPOSIT INSURANCE DEPOSITS DEPRESSION DEVELOPING COUNTRIES DEVELOPMENT CORPORATION DOMESTIC CREDIT DOMESTIC DEMAND DOMESTIC FINANCIAL SECTOR DOMESTIC SAVING ECONOMIC ACTIVITY ECONOMIC CRISIS ECONOMIC IMBALANCES ECONOMIC SYSTEM EMERGING MARKETS EMPLOYMENT EQUALITY EQUILIBRIUM EURO ZONE EXCHANGE RATE EXCHANGE RATE FLEXIBILITY EXCHANGE RATE FLUCTUATION EXPLOITATION EXTERNAL DEFICIT EXTERNAL POSITION EXTERNAL TRADE FEDERAL RESERVE FEDERAL RESERVE BANK FINANCIAL ARCHITECTURE FINANCIAL CRISIS FINANCIAL FRAGILITY FINANCIAL GLOBALIZATION FINANCIAL INTERMEDIATION FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL VULNERABILITIES FINANCIAL VULNERABILITY FINANCING FACILITY FISCAL DEFICIT FIXED EXCHANGE RATES FLOW OF FUNDS FREE ASSETS GLOBAL ECONOMIC LANDSCAPE GLOBAL ECONOMY GLOBAL FINANCIAL SYSTEM GLOBAL IMBALANCES GLOBALIZATION GOLD GOVERNMENT BONDS HOLDING HOLDINGS HOME COUNTRY HOUSING IMBALANCE IMBALANCES IMPORT IMPORTS INDEBTED HOUSEHOLDS INFLOWS OF CAPITAL INSTRUMENT INTERBANK MARKETS INTEREST RATE INTERNAL FINANCING INTERNAL SAVING INTERNATIONAL BANK INTERNATIONAL BANKING INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL FLOWS INTERNATIONAL CLEARING INTERNATIONAL COOPERATION INTERNATIONAL CURRENCY INTERNATIONAL DEBATE INTERNATIONAL ECONOMICS INTERNATIONAL FINANCIAL ARCHITECTURE INTERNATIONAL FINANCIAL CRISIS INTERNATIONAL FINANCIAL SYSTEM INTERNATIONAL INVESTMENT INTERNATIONAL INVESTMENTS INTERNATIONAL MONETARY SYSTEM INTERNATIONAL MONETARY SYSTEMS INTERNATIONAL RESERVE INTERNATIONAL RESERVES INTERNATIONAL SETTLEMENT INTERNATIONAL TRADE INTERNATIONAL TRANSACTIONS ISSUANCE KEY CURRENCIES KEY CURRENCY LEGAL TENDER LENDER LENDER OF LAST RESORT LEVERAGE LEVY LIABILITY LIABILITY SIDE LIQUIDITY LIQUIDITY ASSISTANCE LIQUIDITY MANAGEMENT LONG-TERM INTEREST LONG-TERM INTEREST RATES LOW INTEREST RATES MARKET POWER MONETARY FUND MONETARY POLICY MONETARY REFORM NATIONAL BONDS NATIONAL CURRENCIES NATURAL RESOURCES OVERDRAFT OVERDRAFT FACILITIES OVERDRAFTS PAYMENTS ARRANGEMENTS PAYMENTS IMBALANCES PENALTIES PRIVATE FINANCIAL INTERMEDIARIES PROPERTY MARKETS PUBLIC POLICY PURCHASING POWER REGIONALISM RESERVE ACCUMULATION RESERVE BANK OF INDIA RESERVE CURRENCY RESERVE FUND RETURN SAFETY NET SAVINGS SECURITIES SETTLEMENT SHAREHOLDERS SOLVENCY STOCK MARKETS STOCKS SURPLUS SURPLUS COUNTRIES SURPLUS COUNTRY SURPLUSES SWAP SYSTEMIC RISK T-BILLS TRADE FLOWS TRADE SHOCKS TRADE SURPLUS TREASURIES TREASURY TREASURY BONDS UNION VENTURE CAPITALIST VOLUME OF TRADE WORLD ECONOMY Piffaretti, Nadia F. Reshaping the International Monetary Architecture : Lessons from Keynes’ Plan
geographic_facet	The World Region The World Region
relation	Policy Research working paper ; no. WPS 5034
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.
format	Publications & Research :: Policy Research Working Paper
author	Piffaretti, Nadia F.
author_facet	Piffaretti, Nadia F.
author_sort	Piffaretti, Nadia F.
title	Reshaping the International Monetary Architecture : Lessons from Keynes’ Plan
title_short	Reshaping the International Monetary Architecture : Lessons from Keynes’ Plan
title_full	Reshaping the International Monetary Architecture : Lessons from Keynes’ Plan
title_fullStr	Reshaping the International Monetary Architecture : Lessons from Keynes’ Plan
title_full_unstemmed	Reshaping the International Monetary Architecture : Lessons from Keynes’ Plan
title_sort	reshaping the international monetary architecture : lessons from keynes’ plan
publishDate	2012
url	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 http://hdl.handle.net/10986/4228
_version_	1764390501908217856
spelling	okr-10986-42282021-04-23T14:02:16Z Reshaping the International Monetary Architecture : Lessons from Keynes’ Plan Piffaretti, Nadia F. ACCUMULATION OF RESERVES ASSETS BALANCE OF PAYMENTS BALANCE-SHEET BANK MARKET BANK MARKETS BANK RUN BANKING INSTITUTION BANKING PANICS BANKING STRUCTURE BANKING SYSTEM BANKING SYSTEMS BILATERAL TRADE CAPITAL INFLOWS CENTRAL BANK CENTRAL BANKING CENTRAL BANKS CLEARING HOUSES CLEARINGHOUSE COMMERCIAL BANKS COMMODITIES CONFIDENCE-BUILDING COORDINATION FAILURE COORDINATION FAILURES CREDIT GROWTH CREDIT MARKETS CREDITOR CREDITORS CREDITS CURRENT ACCOUNT CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT POSITION CURRENT ACCOUNT SURPLUS DEBT DEBTOR DEBTOR COUNTRIES DEBTOR COUNTRY DEBTORS DEBTS DEFICITS DEPOSIT DEPOSIT INSURANCE DEPOSITS DEPRESSION DEVELOPING COUNTRIES DEVELOPMENT CORPORATION DOMESTIC CREDIT DOMESTIC DEMAND DOMESTIC FINANCIAL SECTOR DOMESTIC SAVING ECONOMIC ACTIVITY ECONOMIC CRISIS ECONOMIC IMBALANCES ECONOMIC SYSTEM EMERGING MARKETS EMPLOYMENT EQUALITY EQUILIBRIUM EURO ZONE EXCHANGE RATE EXCHANGE RATE FLEXIBILITY EXCHANGE RATE FLUCTUATION EXPLOITATION EXTERNAL DEFICIT EXTERNAL POSITION EXTERNAL TRADE FEDERAL RESERVE FEDERAL RESERVE BANK FINANCIAL ARCHITECTURE FINANCIAL CRISIS FINANCIAL FRAGILITY FINANCIAL GLOBALIZATION FINANCIAL INTERMEDIATION FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL VULNERABILITIES FINANCIAL VULNERABILITY FINANCING FACILITY FISCAL DEFICIT FIXED EXCHANGE RATES FLOW OF FUNDS FREE ASSETS GLOBAL ECONOMIC LANDSCAPE GLOBAL ECONOMY GLOBAL FINANCIAL SYSTEM GLOBAL IMBALANCES GLOBALIZATION GOLD GOVERNMENT BONDS HOLDING HOLDINGS HOME COUNTRY HOUSING IMBALANCE IMBALANCES IMPORT IMPORTS INDEBTED HOUSEHOLDS INFLOWS OF CAPITAL INSTRUMENT INTERBANK MARKETS INTEREST RATE INTERNAL FINANCING INTERNAL SAVING INTERNATIONAL BANK INTERNATIONAL BANKING INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL FLOWS INTERNATIONAL CLEARING INTERNATIONAL COOPERATION INTERNATIONAL CURRENCY INTERNATIONAL DEBATE INTERNATIONAL ECONOMICS INTERNATIONAL FINANCIAL ARCHITECTURE INTERNATIONAL FINANCIAL CRISIS INTERNATIONAL FINANCIAL SYSTEM INTERNATIONAL INVESTMENT INTERNATIONAL INVESTMENTS INTERNATIONAL MONETARY SYSTEM INTERNATIONAL MONETARY SYSTEMS INTERNATIONAL RESERVE INTERNATIONAL RESERVES INTERNATIONAL SETTLEMENT INTERNATIONAL TRADE INTERNATIONAL TRANSACTIONS ISSUANCE KEY CURRENCIES KEY CURRENCY LEGAL TENDER LENDER LENDER OF LAST RESORT LEVERAGE LEVY LIABILITY LIABILITY SIDE LIQUIDITY LIQUIDITY ASSISTANCE LIQUIDITY MANAGEMENT LONG-TERM INTEREST LONG-TERM INTEREST RATES LOW INTEREST RATES MARKET POWER MONETARY FUND MONETARY POLICY MONETARY REFORM NATIONAL BONDS NATIONAL CURRENCIES NATURAL RESOURCES OVERDRAFT OVERDRAFT FACILITIES OVERDRAFTS PAYMENTS ARRANGEMENTS PAYMENTS IMBALANCES PENALTIES PRIVATE FINANCIAL INTERMEDIARIES PROPERTY MARKETS PUBLIC POLICY PURCHASING POWER REGIONALISM RESERVE ACCUMULATION RESERVE BANK OF INDIA RESERVE CURRENCY RESERVE FUND RETURN SAFETY NET SAVINGS SECURITIES SETTLEMENT SHAREHOLDERS SOLVENCY STOCK MARKETS STOCKS SURPLUS SURPLUS COUNTRIES SURPLUS COUNTRY SURPLUSES SWAP SYSTEMIC RISK T-BILLS TRADE FLOWS TRADE SHOCKS TRADE SURPLUS TREASURIES TREASURY TREASURY BONDS UNION VENTURE CAPITALIST VOLUME OF TRADE WORLD ECONOMY 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. 2012-03-19T19:12:13Z 2012-03-19T19:12:13Z 2009-08-01 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 http://hdl.handle.net/10986/4228 English Policy Research working paper ; no. WPS 5034 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Publications & Research :: Policy Research Working Paper The World Region The World Region

Reshaping the International Monetary Architecture : Lessons from Keynes’ Plan

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