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On the origins of the Triffin dilemma

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  • Ivo Maes

Abstract

Robert Triffin became famous with his trenchant analyses of the vulnerabilities of the Bretton Woods system. These are still at the centre of many discussions today. This article argues that there is a remarkable continuity in Triffin's work. From his earliest writings, Triffin developed a vision that the international adjustment process was not functioning according to the classical mechanisms. This view was based on thorough empirical analyses of the Belgian economy during the Great Depression and shaped by a business cycle perspective with an emphasis on the disequilibria and the transition period. His doctoral dissertation on imperfect competition theory and his Latin American experience further reinforced this basic view.

Suggested Citation

  • Ivo Maes, 2013. "On the origins of the Triffin dilemma," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 20(6), pages 1122-1150, December.
  • Handle: RePEc:taf:eujhet:v:20:y:2013:i:6:p:1122-1150
    DOI: 10.1080/09672567.2013.852601
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    References listed on IDEAS

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    1. Eichengreen, Barry, 2012. "Exorbitant Privilege: The Rise and Fall of the Dollar," OUP Catalogue, Oxford University Press, number 9780199642472.
    2. Ivo Maes, 2002. "Economic Thought and the Making of European Monetary Union," Books, Edward Elgar Publishing, number 2515.
    3. Ivo Maes, 2010. "A century of macroeconomic and monetary thought at the National Bank of Belgium," Working Paper Research 188, National Bank of Belgium.
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    Cited by:

    1. Pierre-Hernan Rojas, 2016. "Triffin Dilemma and Regional Monetary Approach : An Appraisal," Working Papers hal-01298999, HAL.
    2. Maes, Ivo & Pasotti, Ilaria, 2024. "Robert Triffin, Japan and the quest for Asian Monetary Union," SocArXiv 8xgtv, Center for Open Science.

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