Titelaufnahme

Titel
The German undervaluation regime under Bretton Woods : how Germany became the nightmare of the world economy / Martin Höpner
VerfasserHöpner, Martin
ErschienenKöln : Max-Planck-Institut für Gesellschaftsforschung, February 2019
Ausgabe
Elektronische Ressource
Umfang1 Online-Ressource (iv, 31 Seiten) : Diagramme
Anmerkung
Zusammenfassung in deutscher und englischer Sprache
SerieMPIfG discussion paper ; 19/1
URNurn:nbn:de:hbz:5:2-180758 
Zugriffsbeschränkung
 Das Dokument ist öffentlich zugänglich im Rahmen des deutschen Urheberrechts.
Volltexte
The German undervaluation regime under Bretton Woods [2.68 mb]
Links
Nachweis
Verfügbarkeit In meiner Bibliothek
Zusammenfassung

Germany is an undervaluation regime, a regime that steers economic behavior towards deterioration of the real exchange rate and thereby towards export surpluses. This regime has brought the eurozone to the brink of collapse. But it is much older than the euro. It was established during the Bretton Woods years and has survived all subsequent European currency orders. The regime operates in two steps: competitive disinflation against trading partners; and resistance against correcting revaluations. The Bretton Woods order provided perfect conditions for the establishment and perpetuation of the regime: it was flexible enough for sufficient macroeconomic policy autonomy to bring about differential inflation rates, and sticky enough to delay and minimize revaluations.