Chronic macro-economic and financial imbalances in the world economy: a meta-economic view

Robert Guttmann

Brazilian Journal of Political Economy, 2015, vol. 35, issue 2, 203-226

Abstract: Global finance, combining offshore banking and universal banks to drive a broader globalization process, has transformed the modus operandi of the world economy. This requires a new “meta-economic” framework in which short-term portfolio-investment flows are treated as the dominant phenomenon they have become. Organized by global finance, these layered bi-directional flows between center and periphery manage a tension between financial concentration and monetary fragmentation. The resulting imbalances express the asymmetries built into that tension and render the exchange rate a more strategic policy variable than ever. JEL Classification: F32; F33; F44.

Keywords: global finance; monetary fragmentation; hot-money flows; meta-economic framework; exchange rates (search for similar items in EconPapers)
Date: 2015
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Working Paper: Chronic macro-economic and financial imbalances in the world economy: a meta-economic view (2015)
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