As I noted last week, clashes over how to adjust external imbalances have recurred roughly every two decades since the 1980s. I should have added the 1920s and the 1960s. The latter ended with the collapse of the Bretton Woods system of fixed but adjustable exchange rates and, ultimately, with a world of floating rates (except in the Eurozone). The former ended with a global economic depression and a world war and so, among other things, with the creation of the Bretton Woods system in 1944. One of its products was the birth of the IMF, whose job it is to help manage such imbalances today.
正如我不久前的文章指出的，自20世纪80年代以来，围绕如何调整外部失衡的冲突大约每20年就会发生一次。我原本还应该加上20世纪20年代和60年代。后者终结于布雷顿森林体系（可调节的固定汇率制度）的崩溃，还有浮动汇率时代的诞生（欧元区除外）。前者终结于一场manbetx app苹果 manbetx20客户端下载 大萧条和一场世界大战，还有布雷顿森林体系（成立于1944年）等制度的创立。该体系的产物之一便是国际货币基金组织(IMF)，该组织的任务正是协助管理跟今天一样的失衡问题。