Chronic macro-economic and financial imbalances in the world economy : a meta-economic view
By: GUTTMANN, Robert
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ArticlePublisher: São Paulo : Editora 34, Apr./June 2015Subject(s): Economia Internacional | Globalização | MacroeconomiaOnline resources: Acesso Revista de Economia Política = Brazilian Journal of Political Economy 35, 2 (139), p. 203-226Abstract: 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
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
ISSN eletrônico: 18094538
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