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Financial globalization: the need for a single currency and a global central bank

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Author Info

  • PHILIP ARESTIS
  • SANTONU BASU
  • SUSHANTA MALLICK

Abstract

Financial globalization, by definition, means the integration of financial markets of all countries of the world into one. This is only possible provided uniformity can be brought in the terms and conditions across the globe for raising international loans. The existence of different currencies with their different degrees of convertibility prevents uniformity in the terms and the conditions for loans. Consequently, not only does the existence of different currencies act as a barrier to such integration, but it disproportionately benefits the developed countries. This problem can only be eliminated provided a single worldwide currency is introduced. In its absence, financial globalization remains incomplete.

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Bibliographic Info

Article provided by M.E. Sharpe, Inc. in its journal Journal of Post Keynesian Economics.

Volume (Year): 27 (2005)
Issue (Month): 3 (April)
Pages: 507-531

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Handle: RePEc:mes:postke:v:27:y:2005:i:3:p:507-531

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Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=109348

Related research

Keywords: financial globalization; financial liberalization; single international currency; world central bank;

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Cited by:
  1. Andrea Terzi, 2005. "International Financial Instability in a World of Currencies Hierarchy," DISCE - Quaderni dell'Istituto di Economia e Finanza ief0064, Università Cattolica del Sacro Cuore, Dipartimenti e Istituti di Scienze Economiche (DISCE).
  2. Moshirian, Fariborz, 2008. "Financial services in an increasingly integrated global financial market," Journal of Banking & Finance, Elsevier, vol. 32(11), pages 2288-2292, November.
  3. Degens, Philipp, 2013. "Alternative Geldkonzepte - ein Literaturbericht," MPIfG Discussion Paper 13/1, Max Planck Institute for the Study of Societies.

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