Reserve Currencies and the Dollar's Role in Containing Global Imbalances
Economics One-Pager Archive from Levy Economics Institute
The stability of the international reserve currency's purchasing power is less a question of what serves as that currency and more a question of the international adjustment mechanism, as well as the compatibility of export-led development strategies with international payment balances. Export-led growth and free capital flows are the real causes of sustained international imbalances. The only way out of this predicament is to shift to domestic demand–led development strategies-and capital flows will have to be part of the solution.
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