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The Triffin Dilemma and a multipolar international reserve systemReferencesAlogoskoufis, G, L Papademos, and R Portes (1991), External Constraints onMacroeconomic Policy, Cambridge: Cambridge University Press for CEPR.Bini Smaghi, L (2011),” The Triffin Dilemma revisited”, 3 October, at http://www.ecb.int/press/key/date/2011/html/sp111003.en.html, and in this volume.Borio, C, and P Disyatat (2011), “Global imbalances and the financial crisis: Link or nolink?”, BIS Working Paper 346.Caballero, R (2006), “On the macroeconomics of asset shortages”, NBER WorkingPaper 12753.Despres, E, C Kindleberger, and W Salant (1966), “The dollar and world liquidity: aminority view”, The Economist, 6 February.Farhi, E, P-O Gourinchas, and H Rey (2011), Reforming the International MonetarySystem, CEPR eBook, French version published by Conseil d’Analyse Economique.Goodhart, C A E (2011), “Global macroeconomic and financial supervision: wherenext?”, paper for Bank of England–NBER conference.Gourinchas, P-O, and H Rey (2007), “From world banker to world venture capitalist:the US external adjustment and the exorbitant privilege”, in Clarida, R (ed), G7 CurrentAccount Imbalances: Sustainability and Adjustment, Chicago: University of ChicagoPress for NBER.Mendoza, E, and J Ostry (2008), “International evidence on fiscal solvency: Is fiscalpolicy ‘responsible’?”, Journal of Monetary Economics 55: 1081–93.Obstfeld, M (1993), “The adjustment mechanism”, in Bordo, M, and B Eichengreen(eds), A Retrospective on the Bretton Woods System, Chicago: University of ChicagoPress for NBER.53

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