Interview: Ronald McKinnon

Commentators have said the present set of currency arrangements is a "second Bretton Woods". How would you describe the current international monetary system compared with the original Bretton Woods?

There is the similarity pointed out by Michael Dooley, David Folkerts-Landau and Peter Garber1 that there is a periphery around the United States which is keeping its exchange rate fairly constant against the dollar. In the early period it was the European periphery mainly, plus Japan, and that was

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