What is next for the Washington consensus? The fifteenth anniversary, 1989-2004

摘要

The collapse of the Bretton Woods system marked the end of almost three decades of global stability and growth in which currency crises were few and far between. Its collapse has dramatically changed the way in which currency markets operate. In the post-Bretton Woods era, the U.S. dollar increasingly has become the international reserve currency, and the current international financial structure evolves around the hegemonic role of the U.S. dollar. Around the globe, countries compete for U.S. imports as a way of accumulating U.S. dollar reserves, and export-led policies are now favored above all others in a way to foster growth.