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An institutional approach to balancing international monetary relations : the case for a US-China settlement facility, Volume 1
Author:Piffaretti, Nadia F.; Rossi, Sergio; Country:United States; United Kingdom; China;
Date Stored:2010/01/26Document Date:2010/01/01
Document Type:Policy Research Working PaperSubTopics:Access to Finance; Currencies and Exchange Rates; Emerging Markets; Economic Theory & Research; Debt Markets
Language:EnglishRegion:Rest Of The World; East Asia and Pacific; Europe and Central Asia
Report Number:WPS5188Collection Title:Policy Research working paper ; no. WPS 5188
Volume No:1  

Summary: Management of international monetary relations between China and the United States will be one of the crucial parameters for the stability or instability of the global financial system in the next decade. Although most of the literature suggests rebalancing through either adjustment of relative prices or adjustment of behavior in both countries, this paper explores an institutional approach to rebalancing. Applying the lessons from Keynes' 1944 plan for a United States-United Kingdom international clearing union, the paper explores the creation of a bilateral United States-China settlement facility as an institutional contribution to the structural rebalancing of global imbalances.

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