The rst
the old countries of the periphery
Asia
the answer is obviously that they were. It has not taken for the initiatives of the post-war period of recovery to the restoration pr0sperity long and, from then, the old countries of the periphery have gone from resistance to resistance. While the Cold War era D still in progress, & of F; G supports that when the old countries of the periphery have joined the countries of the center not there were candidates in order to compose the new periphery. But that all variable ones when l' Asia concluded and emerged of Cold War has been transformed in the new periphery. The countries in the new periphery now follow a similar export-main strategy of development, maintain their costs of the labor low, their reservoirs in dollars and, if necessary to maintain their currencies underrated, take part in the currency markets. The total priority of century of the rst of venti-fi of key is program of China in order urbanizzare 200 million laborers. But, as China can only absorb 10 million new laborers a l' year, D, & of F; G supports that Bretton Woods II can alone last 20 years of support from China and, in any case, other countries will maintain emerged it to go for the decades. D, & OF F; The rst of G fi it has published their opinions in 2003 as test on the made system to live again of Bretton Woods. A short one extracted that it introduces the test reads: L' economic emersione of the periphery xed fi of exchange rate in Asia has red-establish the United States as the country to concentrate in the international of Bretton Woods arranges monetary. The normal development of international the monetary system is involved l' emersione of the periphery for which the strategy of development it is supported export-main development from the underrated exchange rates, from the controls of the capital flows them and from the ows it happens them cial of the outfl of offi under form d' accumulation of the claims dell' activity of reservoir on the country to concentrate. The happened one of this strategy in the stimulus of the economic development allows that the periphery lauri to the center. The liberalizzazione financial institution, in its turn, demands the exchange rates oating of Florida between the countries to concentrate. But there is a line of countries that attend in order to follow today l' Europe of the 1950s/60s and dell' Asia suffi cient to maintain to the intact system for future.15 expectable a concept key in D, & of F; L' analysis of G of the monetary system current is dollars US those of the `Of the earned has replaced l' gold like l' last activity of reservoir. The dollars are earned of the `when the physical delivery of a shipment is carried out and an invoice of the dollar becomes payable. Moreover obligation of the exporter discusses those money from the new periphery held in dollars in the bank about the United States servisce loan to assure it. This argument has sure resonance since China is still a communist country and the property rights are not good protecting. But it is most unusual so that the debtor supplies the loan to the creditor. A normal disposition of emergency is viceversa. There is moreover worry approximately from if the model of Florida of saving that must the pæsi in via of development in the United States, a phenomenon that has been described like Florida of the money that must in climb, can be supported. Miranda Xafa, a member of the executive council of the FMI (International Monetary Fund), it is one of those who believes that it can. It has written: 16 86 d and m. y s t f y n g t h as an example or l d p r the C and the sight of Bretton made Woods to live again `(Dooley and others (2003, 2004) explain the paradox of Florida of saving that must from the pæsi in via of development in the United States, thus like the low total interest rates, with the export-main strategy persecuted dall' Asian countries for scav canaliare domestic servant and foreign direct investment in the export industries. The result is persistent accumulation in surplus and of the reservoir of checking account from the central banks them Asian, thus generating the total glut of saving of the Bernanke and maintaining the interest rates low.17 in this sight, Asian countries us with the underdeveloped systems nancial of fi are richer exporting their saving in the United States buying the ties of the United States and reimportando some of this saving under form d' the FDI (foreign direct investment). L' accumulation of the assets of the dollar from the central banks them Asian is used effective like loan for FDI. The contrary to popular wisdom, this strategy of development has concurred the development countries that are clean lenders to develop itself fastly assessing to effi the mediation cient of their saving and thus acquiring it happens them social of international level. Critic of Nouriel Roubini di Bretton Woods II Between many critics us of Bretton the noisiest Woods II has been Nouriel Roubini, a university professor of economy to the strict school dell' university of New York of the commerce and to the founder of main Web site RGE monitor.18 of macroeconomics Since the theory of Bretton Woods II was the rst of fi published in Roubini 2004 has defied every function of it.19 that it discusses the case that the United States must take to points in order to reduce the relative requirement of external fi that nancing before it they exhaust the compiacenza of the rest of the world to add to their reservoirs of the dollar. The rest of the world must also undertake the action in order to reduce the relative dependency from indefensible increase of the question of the families of the United States in order to support relative the own industrial development. Otherwise the risks of hard the landings for the United States and l' total economy is limited in order to develop itself. Roubini previews the distance to a hard landing like: Cutting fall of the `To in the value of dollar US, a fast increase in the interest rates in the long term of the United States and a cutting fall in the price of a range of the assets of comprised risk the common stocks and l' lodging. ' A steep fall of the dollar in its opinion can also lead to a strict total economic slowing down, if to a recession.20 authentic they have not been strange to read in a phase that Roubini has had ripensamenti approximately Bretton Woods II. the 13 september 2007 has introduced to a seminary to the staff to the FMI (International Monetary Fund) on `the risk of hard landing and implications of the United States for the total L' economy and Markets' .21 financial ones in answer to a question on the total imbalances nancial of fi have answered to that it had thought that the regime of Bretton Woods II unravels more soon rather than more successively, but what has obtained to `wrong was the compiacenza of the central banks them of the world to not only continue the fi that nancing the United States but to increase to theirs nancing and the `that of fi unravelling of some thing of indefensible does not have I know far'. happened it has added it to Roubini was not even sure if a hard landing of the United States would have lead
