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An analogy has been made between the collapse of the Bretton Woods system in 1971 and the recent Eurozone crisis. The … (analogous to Germany today).However Bretton Woods is very different from the Eurozone in many dimensions. An even better analogy … than BWS is a comparison of the clearing mechanism in the U.S.--The Gold Settlement account-- with the Target payments …
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An analogy has been made between the collapse of the Bretton Woods system in 1971 and the recent Eurozone crisis. The …However Bretton Woods is very different from the Eurozone in many dimensions. An even better analogy than BWS is a … comparison of the clearing mechanism in the U.S.--The Gold Settlement account-- with the Target payments mechanism for the …
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In 2009, demand in the world's major economies fell, relative to its pre-crisis trend, by around US$2.5 trillion or 5% of GDP. The financial crisis damaged virtually every country. Global imbalances helped to fuel the financial crisis. And today they threaten the sustainability of the recovery...
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Over the last thirty years or so the developments in the area of monetary and macroeconomic policies have been quite substantial. Within the new consensus macroeconomics (NCM), monetary policy is upgraded while fiscal policy is downgraded. This new monetary policy has been the main instrument of...
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