The New Resilience of Emerging and Developing Countries: Systemic Interlocking, Currency Swaps and Geoeconomics

Andreas Antoniades

MPRA Paper from University Library of Munich, Germany

Abstract: The vulnerability/resilience nexus that defined the interaction between developing and advanced economies in the post-WWII era is undergoing a fundamental transformation. The aim of the paper is to analyse the nature of this transformation and its impact on the role and place of Emerging and Developing Countries (EDCs) in the global economy. The current debate is dominated by two approaches: on the one hand econometric studies that examine the decoupling hypothesis, and on the other structural explanations that are focusing on the dominant role of the US. The paper attempts to advance this debate by focusing on the EDCs agency and in particular their resilience-enhancing policies. We conclude that the EDCs 'new resilience' and the conditions of ‘systemic interlocking’ that currently define the relations between emerging powers and advanced economies, increase the EDCs leverage and policy space in the global economy. Furthermore, although a new series of EDCs crises cannot be ruled out (for instance as a result of monetary tightening in the US), their potential global economic and geoeconomic consequences make them too dangerous an outcome for advanced economies.

Keywords: Economic resilience; emerging markets; emerging powers; BRICS; developing countries; geoeconomics; currency swaps; China; vulnerability; US monetary tightening (search for similar items in EconPapers)
JEL-codes: F32 F34 F4 F5 O1 (search for similar items in EconPapers)
Date: 2015-06-19
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://mpra.ub.uni-muenchen.de/68181/1/MPRA_paper_68181.pdf original version (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:68181

Access Statistics for this paper

More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Joachim Winter ().