The impact on the U.S. Dollar of the conflict between the American locomotive’s model and the emerging economies’ autopoietic growth
AbstractThe 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 InfoPaper provided by EconWPA in its series International Finance with number 0504009.
Length: 20 pages
Date of creation: 27 Apr 2005
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Note: Type of Document - pdf; pages: 20
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International monetary system; Dollar; Euro; Exchange rate; Economic growth; International Finance; International Political Economy.;
Find related papers by JEL classification:
- F02 - International Economics - - General - - - International Economic Order; Noneconomic International Organizations;; Economic Integration and Globalization: General
- F31 - International Economics - - International Finance - - - Foreign Exchange
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
- F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
This paper has been announced in the following NEP Reports:
- NEP-ALL-2005-04-30 (All new papers)
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