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

Revista de Economia Política

Robert Guttmann¹ 

关键词: global finance;    monetary fragmentation;    hot-money flows;    meta-economic framework;    exchange rates;    finanças globais;    fragmentação monetária;    fluxos de dinheiro;    estrutura meta-econômica;    taxas de câmbio;   

DOI  :  10.1590/0101-31572015v35n02a01

来源: SciELO

【 摘 要 】

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.

【 授权许可】

CC BY   
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