Under the Bretton Woods system, the U.S. dollar was the offi cial reserve asset. How did this affect the U.S. balance of payments on current and capital accounts? Could the United States experience...

Under the Bretton Woods system, the U.S. dollar was the offi cial reserve asset. How did this affect the U.S. balance of payments on current and capital accounts? Could the United States experience large balance of payments defi cits on current and capital accounts indefi nitely?