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Global Imbalances and the Lessons of Bretton Woods (Cairoli Lectures) Paperback – January 22, 2010
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Eichengreen's book should be the starting point for the debate about what will happen after the inevitable end of an unsustainable system. With this and his many other books, Eichengreen has established himself as one of the most important voices in that debate.(Rawi Abdelal Business History Review)
Barry Eichengreen's examination of international monetary history throws much light on current global imbalances and the serious problems they create for the United States.(Robert Solomon, guest scholar, Brookings Institution)
History is not what we can readily recall. It is what we must be made to remember before we draw facile analogies between past and present. In this remarkable book, Eichengreen shows why. The present international monetary system may resemble the earlier Bretton Woods system, but Eichengreen finds big differences and argues that the present system is not likely to endure. We may be closer to the end than to the beginning.(Peter B. Kenen, Senior Fellow in International Economics, Council on Foreign Relations, and Professor of Economics, Emeritus, Princeton University)
Anyone interested in learning how a developing country might fare in eliminating exchange controls and floating its currency would benefit from studying Eichengreen's book. Much richer than its title suggests, it should be required reading for those interested not only in the history of international monetary arrangements but in their future as well.(Francesco Giavazzi, Bocconi University, Milan)
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This book wa originally published in 2007, right before the world-wide Great Recession. It would be interesting to see how how Mr. Eichenberg's opinions and predictions have changed since the events of 2008 and the weeks-old revaluation of the Renminbi.
The interrelationships between currencies of the world is an ongoing story and I would encourage Mr. Eichengreen to update his Bretton Woods Lessons by encorporating the major financial and economic events since his original publication, and publish his update in electronic for so the reader can easily access the underlying data and time-series economic mathematical models. Also, this reader would prefer footnotes to the distracting endnotes.
The richness of the Asia countries modifies partially this context, but it isn't very clear the true role of China in the economic equilibria. If before Bretton Woods the great part of the economiy was sthatic, next we must talk about dynamic and not-linear conditions.