Dollars, debt, and dependence: the case for international monetary reform

Proposals for dollarization and for expanding currency blocs implicitly acknowledge that the international monetary system is deeply flawed. The ongoing failures of fixed, floating, and pegged exchange rate regimes and currency boards are signaling that it is the currency regime itself that is colla...

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Bibliographic Details
Published inJournal of post Keynesian economics Vol. 26; no. 4; pp. 557 - 572
Main Author Jane, D'Arista
Format Journal Article
LanguageEnglish
Published Abingdon Routledge 01.07.2004
M. E. Sharpe
M.E. Sharpe, Inc
Taylor & Francis Ltd
SeriesJournal of Post Keynesian Economics
Subjects
Bretton Woods system
Central banks
Currencies
Currency
currency blocs
Dollarization
Economic reform
Economic theory
Economics
financial stability
International finance
International financial institutions
International monetary policy
International monetary reform
international monetary system
International monetary systems
Investment credit
Keynesianism
Monetary policy
Payments
Post Keynesian economics
Reform
Studies
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Summary:Proposals for dollarization and for expanding currency blocs implicitly acknowledge that the international monetary system is deeply flawed. The ongoing failures of fixed, floating, and pegged exchange rate regimes and currency boards are signaling that it is the currency regime itself that is collapsing. This paper argues that the current dollar-based system requires policies that favor export-led growth and describes how that paradigm affects the global and U.S. economies. It calls attention to the instability inherent in competing currency blocs, analyzes previous reform efforts, and concludes with an alternative proposal to reinstate public management of the international payments system.
Bibliography:ObjectType-Article-2
SourceType-Scholarly Journals-1
ObjectType-Feature-1
content type line 23
ISSN:0160-3477
1557-7821
DOI:10.1080/01603477.2004.11051419