「新ブレトンウッズ体制」説をめぐって : 米国の経常収支赤字の持続性とアジア諸国の輸出主導型成長

概要

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Many economists have long been expecting America's widening current account deficit to cause a financial meltdown in the dollar and the bond market. The main reason why this has not happened so far is that emerging economies have been happy to finance it The flow of capital from poor countries to the richest country in the world is exactly the opposite of what economic theory would predict. America today has a deficit of GDP. It seems perverse that poor countries today prefer to buy low-yielding American government bonds. One explanation is so-called "Bretton Woods" thesis put forward by Dooley and others. In this note, this view is criticized from 4 points. Through the arguments over Bretton Woods 2, financial and currency coordination should be considered. Furthermore possibility of Asian common currency is studied.