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Financial intermediation and fragility: the role of the periphery

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  • Ramaa Vasudevan

Abstract

A peculiar feature of the present international economy is that the leading 'hegemonic' country, USA, has a large and mounting external deficit which it finances by issuing debt in its own currency. The US can be seen to be at the apex of a pattern of triangular payments recycling the surpluses of creditor countries to debtor countries in the periphery. The paper shows, within a stock-flow-consistent framework, how capital flight from debtor periphery countries, by precipitating a shift from assets denominated in domestic currency to those denominated in dollars, acts like a safety valve for the international monetary system.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/02692170903424281
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal International Review of Applied Economics.

Volume (Year): 24 (2010)
Issue (Month): 1 ()
Pages: 57-74

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Handle: RePEc:taf:irapec:v:24:y:2010:i:1:p:57-74

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Related research

Keywords: global imbalances; international financial system; financial intermediation; Minskian fragility; core-periphery relations;

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