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The impact on the U.S. Dollar of the conflict between the American locomotive’s model and the emerging economies’ autopoietic growth

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Author Info

  • Carlo Viviani

    (LUISS 'Guido Carli' University, Roma, Italy)

  • Paolo Savona

    (LUISS 'Guido Carli' University, Roma, Italy)

Abstract

The purpose of this paper is to put the future of the US dollar into a logical framework which comprises the global development mechanism. Two models of growth collide: the US «locomotive», based on the international use of the dollar, and which requires exogenous pushes coming permanently from the foreign deficit and periodically from the public deficit, and the «endogenous», or «autopoietic». The engine of autopoietic growth is the process of globalization, alimented by foreign investments and the emerging economies’ domestic demand, which in turn require the establishment of an international monetary standard. In absence of a real international cooperation, the conflict of the two models might bring a global currency crisis and a fall in the global growth rate, with a possible negative impact in foreign relations and policies at the global level.

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Bibliographic Info

Paper provided by EconWPA in its series International Finance with number 0504009.

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Length: 20 pages
Date of creation: 27 Apr 2005
Date of revision:
Handle: RePEc:wpa:wuwpif:0504009

Note: Type of Document - pdf; pages: 20
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Web page: http://128.118.178.162

Related research

Keywords: International monetary system; Dollar; Euro; Exchange rate; Economic growth; International Finance; International Political Economy.;

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  1. Maurice Obstfeld & Kenneth Rogoff & Richard Clarida, . "The Unsustainable US Current Account Position Revisited," Working Paper 14901, Harvard University OpenScholar.
  2. John Williamson, 2004. "The future of the global financial system," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 26(4), pages 607-611, October.
  3. Jane D'Arista, 2004. "Dollars, debt, and dependence: the case for international monetary reform," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 26(4), pages 557-572, October.
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