Dooley, Michael P. <br/><br/>
The Revived Bretton Woods System:  The Effects of Periphery Intervention and Reserve Management on Interest Rates & Exchange Rates in Center Countries / 
Michael P. Dooley, David Folkerts-Landau, Peter Garber. 
 - Cambridge, Mass.  National Bureau of Economic Research  2004. 
 - 1 online resource:  illustrations (black and white); 
 - NBER working paper series  no. w10332 .
 - Working Paper Series (National Bureau of Economic Research)  no. w10332. .
<br/><br/> March 2004. 
<br/><br/> In this paper we explore some implications of the  revived' Bretton Woods system for exchange market intervention and reserve management in periphery countries. Financial policies in these countries are seen as a component of a more general portfolio management policy in which the formation of an efficient domestic capital stock is a key objective. Because intervention in financial markets is an important part of their development strategy, intervention in exchange and financial markets has, and we argue will continue to be, large and persistent enough to generate predictable deviations of exchange rates and relative yields in industrial country financial markets from normal cyclical patterns. We argue that management of the currency composition of international reserves by emerging market governments and central banks is unlikely to alter these conclusions. 
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