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

Robert Guttmann

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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 ows are treated as the dominant phenomenon they have be- come. Organized by global nance, these layered bi-directional ows between cen- ter and periphery manage a tension between nancial concentration and monetary fragmentation. The resulting imbalances express the asymmetries built into that ten- sion and render the exchange rate a more strategic policy variable than ever.

Keywords: global finance; monetary fragmentation; hot-money flows; meta-economic framework; exchange rates. (search for similar items in EconPapers)
Date: 2015-04
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Published in Revista de economia politica/Brazilian journal of political economy, 2015, 35 (2), pp.203-226

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01345513

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