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The Economics of Systemic Disorder: Roots of and Remedies for Unsustainable Monetary Imbalances

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  • Edoardo Beretta

    (Università della Svizzera Italiana (USI), Political and Economic and Monetary Department, Via Giuseppe Buffi 13, CH-6900 Lugano)

Abstract

What are the principal steps to a truly new international economic order, which would structurally eradicate global monetary imbalances, namely crises due to the intrinsic properties of the current economic system? Why should an international currency unit (f. i. the “renewed” Special Drawing Rights (SDR)) issued by a so called “Central Bank of Central Banks” (f. i. the “reformed” International Monetary Fund (IMF)) cure many sources of disorders and structural imbalances? The article deals precisely with these ‘evergreen’ concerns from an innovative methodological as well as argumentative perspective. In the last sections, we analyze the intrinsic faults of the Euro Area case and focus on the impact of the Euro currency in terms of wide spreading trade, growth and debt imbalances. As we will see, the durability of the Eurozone as a whole is threatened not only by the intrinsic faults of the current international economic order (Sections I.–IV.), but also by the ‘one-size-fits-all’ approach underlying monetary unification (Section V.).

Suggested Citation

  • Edoardo Beretta, 2013. "The Economics of Systemic Disorder: Roots of and Remedies for Unsustainable Monetary Imbalances," Credit and Capital Markets, Credit and Capital Markets, vol. 46(1), pages 53-77.
  • Handle: RePEc:kuk:journl:v:46:y:2013:i:1:p:53-77
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    References listed on IDEAS

    as
    1. Jean Pisani-Ferry & André Sapir & Nicolas Véron & Guntram B. Wolff, 2012. "What kind of European banking union?," Policy Contributions 731, Bruegel.
    2. Beck, Thorsten & Laeven, Luc, 2006. "Resolution of failed banks by deposit insurers : cross-country evidence," Policy Research Working Paper Series 3920, The World Bank.
    3. Schoenmaker, Dirk & Gros, Daniel, 2012. "A European Deposit Insurance and Resolution Fund - An Update," CEPS Papers 7276, Centre for European Policy Studies.
    4. André Sapir & Jean Pisani-Ferry & Guntram Wolff, 2012. "The Messy Rebuilding of Europe," ULB Institutional Repository 2013/174289, ULB -- Universite Libre de Bruxelles.
    5. Schoenmaker, Dirk & Gros, Daniel, 2012. "A European Deposit Insurance and Resolution Fund," CEPS Papers 6918, Centre for European Policy Studies.
    6. André Sapir & Jean Pisani-Ferry & Nicolas Véron & Guntram Wolff, 2012. "What Kind of Banking Union ?," ULB Institutional Repository 2013/174288, ULB -- Universite Libre de Bruxelles.
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    More about this item

    Keywords

    international payments system; global imbalances; monetary macroeconomics;

    JEL classification:

    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • F02 - International Economics - - General - - - International Economic Order and Integration

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