The next major financial crisis could unfold against a very different global economic backdrop. BWC Member David Lubin explores the concept of a “reverse Kindleberger Trap,” in which the US may be unwilling to provide stability while China remains unable to do so. He considers what this could mean for global financial stability, including the future of the US dollar and Treasury market, as well as the ability of the world’s major powers to respond effectively to a future crisis

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All views expressed by members are their own and do not necessarily reflect the views of the Bretton Woods Committee.