An Institutional Approach to Balancing International Monetary Relations : The Case for a US-China Settlement Facility
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 re...
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
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World Bank, Washington, DC
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2010/01/11696976/institutional-approach-balancing-international-monetary-relations-case-us-china-settlement-facility http://hdl.handle.net/10986/19859 |
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okr-10986-19859 |
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oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCUMULATION OF RESERVES ADVANCED COUNTRIES ARBITRAGE BANK ACCOUNTS BANK DEPOSITS BANK PAYMENTS BENCHMARK BILATERAL TRADE BONDS BORROWING CAPITAL LOSS CENTRAL BANK CENTRAL BANKS CIRCULAR FLOW COMPARATIVE ADVANTAGE CONSUMERS CONSUMPTION EXPENDITURES CONSUMPTION GOODS CORPORATE PROFITS CORPORATE SAVINGS CREDIBILITY CREDIT LINES CREDITOR CREDITS CURRENCY CURRENCY REGIME CURRENCY UNION CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS CURRENT ACCOUNT IMBALANCE CURRENT ACCOUNT IMBALANCES CURRENT ACCOUNT SURPLUS DEBT DEBT INSTRUMENT DEBT INSTRUMENTS DEBTOR DEBTOR COUNTRIES DEBTOR COUNTRY DEBTS DEFICITS DEPOSITORY DEPOSITORY INSTITUTIONS DEPOSITS DEPRECIATION DEPRESSION DERIVATIVE DERIVATIVE INSTRUMENT DEVELOPING COUNTRIES DEVELOPMENT BANK DEVELOPMENT ECONOMICS DEVELOPMENT POLICIES DOLLAR EXCHANGE RATE DOMESTIC DEMAND DOMESTIC ECONOMY DOMESTIC FINANCIAL MARKET DOMESTIC INTEREST RATES EARNINGS ECONOMIC ACTIVITY ECONOMIC CRISIS ECONOMIC GROWTH ECONOMIC IMBALANCE ECONOMIC SYSTEMS EMERGING MARKETS EQUILIBRIUM EXCESS CAPACITY EXCHANGE MARKET EXCHANGE MARKETS EXCHANGE RATE EXCHANGE RATE POLICY EXCHANGE RATES EXCHANGE-RATE EXPORTERS EXPORTS EXTERNAL DEBT EXTERNAL DEFICIT EXTERNAL DEFICITS EXTERNAL FINANCING EXTERNAL POSITIONS FINANCES FINANCIAL ARCHITECTURE FINANCIAL ASSETS FINANCIAL CRISIS FINANCIAL FRAGILITY FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL RELATIONSHIP FINANCIAL SECTOR FINANCIAL STABILITY FINANCIAL SYSTEM FISCAL DEFICITS FOREIGN INVESTMENT FOREIGN TRADE FOREIGN TRANSACTIONS GDP GLOBAL ECONOMY GLOBAL FINANCIAL SYSTEM GLOBAL IMBALANCES GLOBAL TRADE HOLDINGS HOUSEHOLD SAVING HOUSEHOLDS IMBALANCE IMPORTS INCOME INCREASING RETURNS INSTRUMENT INSURANCE INTERNATIONAL BANK INTERNATIONAL CLEARING SYSTEM INTERNATIONAL COOPERATION INTERNATIONAL CURRENCY INTERNATIONAL FINANCIAL ARCHITECTURE INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL MONETARY SYSTEM INTERNATIONAL RESERVE INTERNATIONAL RESERVES INTERNATIONAL SETTLEMENT INTERNATIONAL SETTLEMENTS INTERNATIONAL TRADE INTERNATIONAL TRANSACTIONS INVESTMENT GOODS ISSUANCE KEY CURRENCIES LENDER LENDER OF LAST RESORT LIQUID ASSET LIQUIDITY LOCAL CURRENCY LOW INTEREST RATES MACROECONOMICS MARKET FORCES MARKET SHARES MARKET TRANSACTIONS MISALIGNMENT MONETARY AUTHORITIES MONETARY ECONOMICS MONETARY FUND MONETARY INSTABILITY MONETARY INSTITUTION MONETARY REFORM MULTILATERAL TRADE NATIONAL CURRENCIES NATIONAL ECONOMIES OIL EXPORTERS OIL PRICES OIL-EXPORTING COUNTRIES OPEN ECONOMIES OUTPUT OUTSTANDING BALANCES PAYMENT FACILITY PAYMENT ORDERS PAYMENT SYSTEMS PAYMENT-VERSUS-PAYMENT POLICY RESPONSE PRIVATE PARTIES PRODUCT MARKETS PRODUCTIVE INVESTMENT PRODUCTIVITY INCREASES PUBLIC SPENDING QUOTAS RATES OF INTEREST RELATIVE PRICES REPAYMENTS RESERVE RESERVE ACCUMULATION RESERVE BANK RESERVE CURRENCIES RESERVE CURRENCY RESERVE FUND RESERVES RETURNS SALES REVENUES SETTLEMENT SETTLEMENT FACILITY SETTLEMENT PROCEDURES SETTLEMENT SYSTEM SETTLEMENT SYSTEMS SLOWDOWN SOCIAL PROTECTION SOVEREIGN BONDS STRUCTURAL REFORM STRUCTURAL REFORMS SUPPLY SIDE SURPLUS COUNTRIES SURPLUS COUNTRY SURPLUSES TIME HORIZON TOTAL OUTPUT TRADE ACCOUNTS TRADE DEFICIT TRADE DEFICITS TRADE RELATION TRADE RELATIONS TRADE SURPLUS TRADE TRANSACTIONS TRADING TRADING PARTNER TREASURY TREASURY BILLS VALUE ADDED WEALTH WORLD ECONOMY WORLD TRADE |
| spellingShingle |
ACCUMULATION OF RESERVES ADVANCED COUNTRIES ARBITRAGE BANK ACCOUNTS BANK DEPOSITS BANK PAYMENTS BENCHMARK BILATERAL TRADE BONDS BORROWING CAPITAL LOSS CENTRAL BANK CENTRAL BANKS CIRCULAR FLOW COMPARATIVE ADVANTAGE CONSUMERS CONSUMPTION EXPENDITURES CONSUMPTION GOODS CORPORATE PROFITS CORPORATE SAVINGS CREDIBILITY CREDIT LINES CREDITOR CREDITS CURRENCY CURRENCY REGIME CURRENCY UNION CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS CURRENT ACCOUNT IMBALANCE CURRENT ACCOUNT IMBALANCES CURRENT ACCOUNT SURPLUS DEBT DEBT INSTRUMENT DEBT INSTRUMENTS DEBTOR DEBTOR COUNTRIES DEBTOR COUNTRY DEBTS DEFICITS DEPOSITORY DEPOSITORY INSTITUTIONS DEPOSITS DEPRECIATION DEPRESSION DERIVATIVE DERIVATIVE INSTRUMENT DEVELOPING COUNTRIES DEVELOPMENT BANK DEVELOPMENT ECONOMICS DEVELOPMENT POLICIES DOLLAR EXCHANGE RATE DOMESTIC DEMAND DOMESTIC ECONOMY DOMESTIC FINANCIAL MARKET DOMESTIC INTEREST RATES EARNINGS ECONOMIC ACTIVITY ECONOMIC CRISIS ECONOMIC GROWTH ECONOMIC IMBALANCE ECONOMIC SYSTEMS EMERGING MARKETS EQUILIBRIUM EXCESS CAPACITY EXCHANGE MARKET EXCHANGE MARKETS EXCHANGE RATE EXCHANGE RATE POLICY EXCHANGE RATES EXCHANGE-RATE EXPORTERS EXPORTS EXTERNAL DEBT EXTERNAL DEFICIT EXTERNAL DEFICITS EXTERNAL FINANCING EXTERNAL POSITIONS FINANCES FINANCIAL ARCHITECTURE FINANCIAL ASSETS FINANCIAL CRISIS FINANCIAL FRAGILITY FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL RELATIONSHIP FINANCIAL SECTOR FINANCIAL STABILITY FINANCIAL SYSTEM FISCAL DEFICITS FOREIGN INVESTMENT FOREIGN TRADE FOREIGN TRANSACTIONS GDP GLOBAL ECONOMY GLOBAL FINANCIAL SYSTEM GLOBAL IMBALANCES GLOBAL TRADE HOLDINGS HOUSEHOLD SAVING HOUSEHOLDS IMBALANCE IMPORTS INCOME INCREASING RETURNS INSTRUMENT INSURANCE INTERNATIONAL BANK INTERNATIONAL CLEARING SYSTEM INTERNATIONAL COOPERATION INTERNATIONAL CURRENCY INTERNATIONAL FINANCIAL ARCHITECTURE INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL MONETARY SYSTEM INTERNATIONAL RESERVE INTERNATIONAL RESERVES INTERNATIONAL SETTLEMENT INTERNATIONAL SETTLEMENTS INTERNATIONAL TRADE INTERNATIONAL TRANSACTIONS INVESTMENT GOODS ISSUANCE KEY CURRENCIES LENDER LENDER OF LAST RESORT LIQUID ASSET LIQUIDITY LOCAL CURRENCY LOW INTEREST RATES MACROECONOMICS MARKET FORCES MARKET SHARES MARKET TRANSACTIONS MISALIGNMENT MONETARY AUTHORITIES MONETARY ECONOMICS MONETARY FUND MONETARY INSTABILITY MONETARY INSTITUTION MONETARY REFORM MULTILATERAL TRADE NATIONAL CURRENCIES NATIONAL ECONOMIES OIL EXPORTERS OIL PRICES OIL-EXPORTING COUNTRIES OPEN ECONOMIES OUTPUT OUTSTANDING BALANCES PAYMENT FACILITY PAYMENT ORDERS PAYMENT SYSTEMS PAYMENT-VERSUS-PAYMENT POLICY RESPONSE PRIVATE PARTIES PRODUCT MARKETS PRODUCTIVE INVESTMENT PRODUCTIVITY INCREASES PUBLIC SPENDING QUOTAS RATES OF INTEREST RELATIVE PRICES REPAYMENTS RESERVE RESERVE ACCUMULATION RESERVE BANK RESERVE CURRENCIES RESERVE CURRENCY RESERVE FUND RESERVES RETURNS SALES REVENUES SETTLEMENT SETTLEMENT FACILITY SETTLEMENT PROCEDURES SETTLEMENT SYSTEM SETTLEMENT SYSTEMS SLOWDOWN SOCIAL PROTECTION SOVEREIGN BONDS STRUCTURAL REFORM STRUCTURAL REFORMS SUPPLY SIDE SURPLUS COUNTRIES SURPLUS COUNTRY SURPLUSES TIME HORIZON TOTAL OUTPUT TRADE ACCOUNTS TRADE DEFICIT TRADE DEFICITS TRADE RELATION TRADE RELATIONS TRADE SURPLUS TRADE TRANSACTIONS TRADING TRADING PARTNER TREASURY TREASURY BILLS VALUE ADDED WEALTH WORLD ECONOMY WORLD TRADE Piffaretti, Nadia F. Rossi, Sergio An Institutional Approach to Balancing International Monetary Relations : The Case for a US-China Settlement Facility |
| geographic_facet |
East Asia and Pacific Europe and Central Asia China UNITED STATES |
| relation |
Policy Research Working Paper;No. 5188 |
| description |
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. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Piffaretti, Nadia F. Rossi, Sergio |
| author_facet |
Piffaretti, Nadia F. Rossi, Sergio |
| author_sort |
Piffaretti, Nadia F. |
| title |
An Institutional Approach to Balancing International Monetary Relations : The Case for a US-China Settlement Facility |
| title_short |
An Institutional Approach to Balancing International Monetary Relations : The Case for a US-China Settlement Facility |
| title_full |
An Institutional Approach to Balancing International Monetary Relations : The Case for a US-China Settlement Facility |
| title_fullStr |
An Institutional Approach to Balancing International Monetary Relations : The Case for a US-China Settlement Facility |
| title_full_unstemmed |
An Institutional Approach to Balancing International Monetary Relations : The Case for a US-China Settlement Facility |
| title_sort |
institutional approach to balancing international monetary relations : the case for a us-china settlement facility |
| publisher |
World Bank, Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2010/01/11696976/institutional-approach-balancing-international-monetary-relations-case-us-china-settlement-facility http://hdl.handle.net/10986/19859 |
| _version_ |
1764443949148143616 |
| spelling |
okr-10986-198592021-04-23T14:03:52Z An Institutional Approach to Balancing International Monetary Relations : The Case for a US-China Settlement Facility Piffaretti, Nadia F. Rossi, Sergio ACCUMULATION OF RESERVES ADVANCED COUNTRIES ARBITRAGE BANK ACCOUNTS BANK DEPOSITS BANK PAYMENTS BENCHMARK BILATERAL TRADE BONDS BORROWING CAPITAL LOSS CENTRAL BANK CENTRAL BANKS CIRCULAR FLOW COMPARATIVE ADVANTAGE CONSUMERS CONSUMPTION EXPENDITURES CONSUMPTION GOODS CORPORATE PROFITS CORPORATE SAVINGS CREDIBILITY CREDIT LINES CREDITOR CREDITS CURRENCY CURRENCY REGIME CURRENCY UNION CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS CURRENT ACCOUNT IMBALANCE CURRENT ACCOUNT IMBALANCES CURRENT ACCOUNT SURPLUS DEBT DEBT INSTRUMENT DEBT INSTRUMENTS DEBTOR DEBTOR COUNTRIES DEBTOR COUNTRY DEBTS DEFICITS DEPOSITORY DEPOSITORY INSTITUTIONS DEPOSITS DEPRECIATION DEPRESSION DERIVATIVE DERIVATIVE INSTRUMENT DEVELOPING COUNTRIES DEVELOPMENT BANK DEVELOPMENT ECONOMICS DEVELOPMENT POLICIES DOLLAR EXCHANGE RATE DOMESTIC DEMAND DOMESTIC ECONOMY DOMESTIC FINANCIAL MARKET DOMESTIC INTEREST RATES EARNINGS ECONOMIC ACTIVITY ECONOMIC CRISIS ECONOMIC GROWTH ECONOMIC IMBALANCE ECONOMIC SYSTEMS EMERGING MARKETS EQUILIBRIUM EXCESS CAPACITY EXCHANGE MARKET EXCHANGE MARKETS EXCHANGE RATE EXCHANGE RATE POLICY EXCHANGE RATES EXCHANGE-RATE EXPORTERS EXPORTS EXTERNAL DEBT EXTERNAL DEFICIT EXTERNAL DEFICITS EXTERNAL FINANCING EXTERNAL POSITIONS FINANCES FINANCIAL ARCHITECTURE FINANCIAL ASSETS FINANCIAL CRISIS FINANCIAL FRAGILITY FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL RELATIONSHIP FINANCIAL SECTOR FINANCIAL STABILITY FINANCIAL SYSTEM FISCAL DEFICITS FOREIGN INVESTMENT FOREIGN TRADE FOREIGN TRANSACTIONS GDP GLOBAL ECONOMY GLOBAL FINANCIAL SYSTEM GLOBAL IMBALANCES GLOBAL TRADE HOLDINGS HOUSEHOLD SAVING HOUSEHOLDS IMBALANCE IMPORTS INCOME INCREASING RETURNS INSTRUMENT INSURANCE INTERNATIONAL BANK INTERNATIONAL CLEARING SYSTEM INTERNATIONAL COOPERATION INTERNATIONAL CURRENCY INTERNATIONAL FINANCIAL ARCHITECTURE INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL MONETARY SYSTEM INTERNATIONAL RESERVE INTERNATIONAL RESERVES INTERNATIONAL SETTLEMENT INTERNATIONAL SETTLEMENTS INTERNATIONAL TRADE INTERNATIONAL TRANSACTIONS INVESTMENT GOODS ISSUANCE KEY CURRENCIES LENDER LENDER OF LAST RESORT LIQUID ASSET LIQUIDITY LOCAL CURRENCY LOW INTEREST RATES MACROECONOMICS MARKET FORCES MARKET SHARES MARKET TRANSACTIONS MISALIGNMENT MONETARY AUTHORITIES MONETARY ECONOMICS MONETARY FUND MONETARY INSTABILITY MONETARY INSTITUTION MONETARY REFORM MULTILATERAL TRADE NATIONAL CURRENCIES NATIONAL ECONOMIES OIL EXPORTERS OIL PRICES OIL-EXPORTING COUNTRIES OPEN ECONOMIES OUTPUT OUTSTANDING BALANCES PAYMENT FACILITY PAYMENT ORDERS PAYMENT SYSTEMS PAYMENT-VERSUS-PAYMENT POLICY RESPONSE PRIVATE PARTIES PRODUCT MARKETS PRODUCTIVE INVESTMENT PRODUCTIVITY INCREASES PUBLIC SPENDING QUOTAS RATES OF INTEREST RELATIVE PRICES REPAYMENTS RESERVE RESERVE ACCUMULATION RESERVE BANK RESERVE CURRENCIES RESERVE CURRENCY RESERVE FUND RESERVES RETURNS SALES REVENUES SETTLEMENT SETTLEMENT FACILITY SETTLEMENT PROCEDURES SETTLEMENT SYSTEM SETTLEMENT SYSTEMS SLOWDOWN SOCIAL PROTECTION SOVEREIGN BONDS STRUCTURAL REFORM STRUCTURAL REFORMS SUPPLY SIDE SURPLUS COUNTRIES SURPLUS COUNTRY SURPLUSES TIME HORIZON TOTAL OUTPUT TRADE ACCOUNTS TRADE DEFICIT TRADE DEFICITS TRADE RELATION TRADE RELATIONS TRADE SURPLUS TRADE TRANSACTIONS TRADING TRADING PARTNER TREASURY TREASURY BILLS VALUE ADDED WEALTH WORLD ECONOMY WORLD TRADE 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. 2014-08-29T17:05:03Z 2014-08-29T17:05:03Z 2010-01 http://documents.worldbank.org/curated/en/2010/01/11696976/institutional-approach-balancing-international-monetary-relations-case-us-china-settlement-facility http://hdl.handle.net/10986/19859 English en_US Policy Research Working Paper;No. 5188 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research East Asia and Pacific Europe and Central Asia China UNITED STATES |