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Dynamic Stability and Changes in International Monetary Regimes

Author

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  • Michel Aglietta

Abstract

In this paper the author discusses the dynamics of the international monetaryregimes. In opposition to mainstream economics, these regimes are seen as irreversible historicalinstitutions characterized by a structural instability. They are defined by the degree ofexchange rate rigidity, by the mobility of capitals, and by weight of internal objectives in thepreference function of governments. Their dynamics is based on an irreversible sequence definedby the increasing degradation of macroeconomic adjustments, leading to the accumulationof tensions and to a structural instability, as the world economy changes, and finallyto questioning the founding principles of the international monetary regime. JEL Classification: E58; E42; F33; F36.

Suggested Citation

  • Michel Aglietta, 1992. "Dynamic Stability and Changes in International Monetary Regimes," Brazilian Journal of Political Economy, Center of Political Economy, vol. 12(2), pages 200-222.
    • Handle: RePEc:ekm:repojs:v:12:y:1992:i:2:p:200-222:id:1414
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    More about this item

    Keywords

    Monetary regime; monetary policy; economic integration; euro;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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