By M. Vermeiren
The writer examines the oblique macroeconomic roots of the worldwide monetary obstacle and Eurozone debt main issue: the escalation of worldwide alternate imbalances among the U.S. and China and local exchange imbalances within the Eurozone. He offers new insights into the assets and dynamics of strength and instability within the modern worldwide financial process
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Extra resources for Power and Imbalances in the Global Monetary System: A Comparative Capitalism Perspective
Cohen (2008a; 2008b), for instance, argued that power in the global monetary system has become increasingly “diffused” as a result of the formation of the Eurozone and the unparalleled accumulation of foreign exchange reserves in China – two highly signiﬁcant developments that portend the shift toward an increasingly “leaderless” currency system. g. Helleiner and Kirshner 2008; Chey 2012; Eichengreen 2011; McNamara 2008; Bowles and Wang 2008). Moreover, international monetary power analysis is by deﬁnition a systemic approach that neglects the domestic institutional context in which macroeconomic policies are embedded.
One of the main advantages of the euro for its prospects as an international currency was the creation of European ﬁnancial markets in which the bulk of ﬁnancial transactions would be denominated in the newly formed European currency. 9 and 36 percent for the dollar International Monetary Power: A Comparative Capitalism Perspective 29 (BIS 2007). The key problem of European ﬁnancial integration is that the Eurozone’s ﬁnancial markets – particularly those for government debt securities – have remained segmented along national lines and have not been backed by a regional-level authority for ﬁnancial crisis management.
Nevertheless, it is generally argued that entrapment ensuing from China’s unprecedented dollar accumulation has to a large extent constrained its macroeconomic inﬂuence: China’s growth dependency on exports to the United States and its desire to safeguard the real value of its huge dollar reserves have kept it from using these reserves as an instrument of international ﬁnancial inﬂuence – for example, by threatening to dump these dollar reserves on international ﬁnancial markets in a strategy that Kirshner (1995) has called “systemic disruption” (Cohen 2008; Drezner 2009; Helleiner and Chin 2008).