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Global Imbalances, Declining Hegemony and the Need for a New Global Governance

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  • Pasquale Tridico

Abstract

The objective of the paper is to show that the recovery from the current economic crisis in US and in EU requires a new policy paradigm and a new global governance. I argue that, contrary to the recent austerity policies in EU and US, a new level of government involvement is required in order to keep aggregate demand stable, make full employment possible, and create a transparent financial sector, serving the real economy and encouraging productive investments. Moreover, at global level, two main issues seem to affect negatively the markets: first the lack of an independent international currency, and second the instability of one of the biggest market, the Eurozone. The first needs a wider international solution, the latter needs a political responses at EU level in order to deepen integration

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File URL: http://dipeco.uniroma3.it/public/WP%20130%20Tridico%202011.pdf
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Bibliographic Info

Paper provided by Department of Economics - University Roma Tre in its series Departmental Working Papers of Economics - University 'Roma Tre' with number 0130.

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Date of creation: May 2011
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Handle: RePEc:rtr:wpaper:0130

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Keywords: global imbalances; global governance; international currency;

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  1. Philip Arestis & Theodore Pelagidis, 2010. "Absurd Austerity Policies in Europe," Challenge, M.E. Sharpe, Inc., vol. 53(6), pages 54-61, November.
  2. Robert J. Barro, 1988. "The Ricardian Approach to Budget Deficits," NBER Working Papers 2685, National Bureau of Economic Research, Inc.
  3. Maria N. Ivanova, 2010. "Hegemony and Seigniorage," International Journal of Political Economy, M.E. Sharpe, Inc., vol. 39(1), pages 93-130, April.
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