By M. Vermeiren
The writer examines the oblique macroeconomic roots of the worldwide monetary main issue and Eurozone debt drawback: the escalation of worldwide exchange imbalances among the united states and China and local alternate imbalances within the Eurozone. He offers new insights into the assets and dynamics of strength and instability within the modern international financial procedure
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Additional info for Power and Imbalances in the Global Monetary System: A Comparative Capitalism Perspective
The importance of non-intentional articulations of international monetary power ensues from the presence of “asymmetric interdependencies” in the global monetary system (Nye and Keohane 1977). These asymmetric interdependencies have two dimensions: (1) asymmetric sensitivities – the fact that the macroeconomic conditions in some nations are more affected positively or negatively by conditions in other nations than vice versa; and (2) asymmetric vulnerabilities – the fact that some nations are more capable of overriding the effects of foreign macroeconomic conditions than others (Cohen 2006).
But it is manifestly necessary – the essential precondition of inﬂuence. Therefore, the argument is that a nation must be ﬁrst and foremost free to pursue its domestic macroeconomic goals without external constraint – by being able to delay adjustment – before it can be in a position to enforce compliance elsewhere by forcing other nations to do the adjustment. Nevertheless, it should be noted that without the power to deﬂect the burden of adjustment in a context of unsustainable imbalances a nation can never entirely safeguard its macroeconomic autonomy.
The power to delay needs to be understood as “poweras-autonomy”: a nation’s capacity to delay adjustment by being able to ﬁnance external imbalances supports its autonomy to continue its 24 Power and Imbalances in the Global Monetary System macroeconomic policies. The power to deﬂect, on the other hand, needs to be understood as “power-as-inﬂuence”: a nation’s capacity to divert the burden of adjustment to another nation reﬂects an ability to shape the outcome of a balance-of-payments conﬂict. While both dimensions of international monetary power are unavoidably related, Cohen (2006: 32–33) argues that they are not of equal importance: Logically, power begins with autonomy, the internal dimension.
Power and Imbalances in the Global Monetary System: A Comparative Capitalism Perspective by M. Vermeiren