Economics at your fingertips  


Gerardo della Paolera ()

Middle East Development Journal (MEDJ), 2011, vol. 03, issue 01, 11-28

Abstract: After the 2007–2009 economic deluge, the policy and theoretical case for a New Global Monetary and Financial Architecture gained momentum. This article analyzes some key features of the global crisis that severely limited the range of action of modern central banking. Earlier episodes of concerted institutional or implicit collective efforts to "anchor" a global system and the search for a stable international key currency in a cooperative atmosphere have, in general, failed. The incentives to reinvent a new Gold Standard or Bretton Woods are always inversely related to the international business cycle. Questions regarding the heterodox political open economy stance of the new emerging economies during the contemporaneous crisis are also discussed.

Keywords: Global architecture; central banks; international currencies; Bretton Woods; emerging countries (search for similar items in EconPapers)
Date: 2011
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
Access to full text is restricted to subscribers.

Related works:
Working Paper: The Unending Search for a New Global Monetary and Financial Architecture (2010) Downloads
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:

Ordering information: This journal article can be ordered from

DOI: 10.1142/S1793812011000302

Access Statistics for this article

Middle East Development Journal (MEDJ) is currently edited by Lyn Squire

More articles in Middle East Development Journal (MEDJ) from World Scientific Publishing Co. Pte. Ltd.
Bibliographic data for series maintained by Tai Tone Lim ().

Page updated 2020-06-07
Handle: RePEc:wsi:medjxx:v:03:y:2011:i:01:n:s1793812011000302