Global imbalances and lessons of Bretton Woods. Eichengrin B.

In his book “Global Dysbans and Lessons Bretton - Woods” Barry Eichengrin disputes the allegations that today's financial system is largely similar to Bretton - the Wood system of 1958–1973. Among the arguments, in favor of these statements it is indicated that then, as now, the United States had deficiency of payment balance, provided international reserves to other countries and acted as the export market of the last instance for the whole world. Then, as now, other countries did not want to overestimate their currencies out of fear of slowing down their growth export and possible losses on international reserves. Eichengrin states in response that the effectiveness of a historical analogy lies not only in finding parallels, but also in pointing attention to differences, and indicates important differences in the structure of the world economy today. He concludes that the current structure of foreign exchange rates and payment imbalances is unlikely to remain as long as the original Bretton - the Wood system.