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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)

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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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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
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Handle: RePEc:wpa:wuwpif:0504009

Note: Type of Document - pdf; pages: 20
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Related research
Keywords: 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

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Maurice Obstfeld & Kenneth Rogoff, 2004. "The Unsustainable US Current Account Position Revisited," NBER Working Papers 10869, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  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. [Downloadable!] (restricted)
  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. [Downloadable!] (restricted)
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