China, Estados Unidos y el futuro de Bretton Woods II / China, the United States and the Future of Bretton Woods II

This paper examines the future prospects of the financial regime that has
been dubbed Bretton Woods II and which has at its core commercial and
financial relations between China and the United States. If there are no changes
in current economic policies global macroeconomic imbalances will grow again.
This has serious implications for global economic governance as one of the
main causes of the international financial crisis were those imbalances. The two
possible traumatic exit options for the Bretton Woods II regime are that China
diversifies its reserves (which could trigger a dollar crisis) and that the United
States imposes unilateral tariffs on China (which could weaken the multilateral
trading system). Both options would have a negative impact on the growth and
stability of the global economy.
Federico Steinberg
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