Dooley, Michael P. <br/><br/>
The Revived Bretton Woods System's First Decade / 
Michael P. Dooley, David Folkerts-Landau, Peter M. Garber. 
 - Cambridge, Mass.  National Bureau of Economic Research  2014. 
 - 1 online resource:  illustrations (black and white); 
 - NBER working paper series  no. w20454 .
 - Working Paper Series (National Bureau of Economic Research)  no. w20454. .
<br/><br/> September 2014. 
<br/><br/> The revived Bretton Woods framework we proposed in 2003 remains a useful way to understand the international financial system.  We document that the system survived the 2008 crisis.  Looking forward, we argue that the system will continue to evolve as we expected.  China is likely to graduate from the periphery to the center in the next few years.  This graduation process could be smooth or associated with recurrent financial crises.  During this transition the magnitude of net capital outflows from the periphery will continue to depress real interest rates in industrial countries at every phase of the business cycle.  Finally, recent policy initiatives suggest that India is poised to replace China as the dominant periphery country. 
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