Year: 2009
Type: report
Abstract: In this paper we argue that net capital inflows to the United States did not cause the financial crisis that now engulfs the world economy.A crisis caused by such flows has been widely predicted but that crisis has not occurred.Indeed, the international monetary system still operates in the way described by the Bretton Woods II framework and is likely to continue to do so.Failure to properly identify the causes of the current crisis risks a rise in protectionism that could intensify and prolong the decline in economic activity around the world.
DOI: 10.3386/w14731
Language: English
Subfield: Finance
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W2891892489