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Debating the Global Financial Architecture by Leslie Elliott Armijo

By Leslie Elliott Armijo

Debating the worldwide monetary structure opens up the modern debate surrounding the reform of the “global monetary architecture.” Economists and political scientists discover the industrial and technical content material of other international monetary regimes in addition to the political approaches in which such alterations are negotiated. The members, although various, together worry that fast elimination of the remainder controls on deepest foreign monetary transactions hazards systematic predicament. via beginning a cross-disciplinary dialogue, they wish to work out the politics of worldwide monetary layout tested extra in truth, but with out discarding or devaluing a superior monetary research of world funds and funding flows.

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13 That is, ad hoc crisis management became more important than originally envisioned, and institutionalized multilateral monetary governance somewhat less so, over the years. Even the end of the Bretton Woods financial architecture, which generally is referred to as a “crisis,” can instead be understood as illustrating the regime’s remarkable ability to handle serious disagreements among key actors, and to finesse fundamental economic disequilibria. S. dollar’s key role in providing liquidity, meant that trade imbalances and their attendant stresses were bound to accumulate.

In other words, the stability framework of partially institutionalized consultations (sometimes through the IMF, other times outside), along with ad hoc management by the major players (a designation that covers both the United States’ dramatic but not wild decision to break the link with gold and other countries’ considered responses), was remarkably successful in avoiding breakdowns of international trade or payments and in protecting domestic financial systems. Post–Bretton Woods Financial Architecture (1973–Present) With the shift of major countries to floating exchange rates, the adjustment (or non-adjustment) mechanism of the Bretton Woods financial architecture was gone.

I assess the interwar financial and monetary experiments as a group as “mostly unsatisfactory” in terms of both adjustment and liquidity, and “unsatisfactory” in the provision of stability, for a score of 2/9 or only 22 percent satisfactory performance. Most observers, I believe, would rate the Bretton Woods financial architecture as a success, though perhaps not quite as seamless a triumph in terms of the goals of incumbent policymakers in the major states as the pre–World War I architecture. The BW architecture provided liquidity and stability, though imperfect adjustment was a constant source of friction among the major industrial states.

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