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The declining dollar, global economic growth, and macro stability

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  • PAUL DAVIDSON

Abstract

Despite a significant decline in the value of the dollar, the U.S. trade imbalance has almost doubled in the past three years indicating that the Marshall-Lerner condition is not applicable. Continued political pressure to devalue the dollar may result in the end of the de facto dollar standard that historians will call "bursting the dollar bubble." The result will be a regression to the flexible exchange rates that exacerbated economic problems in the Great Depression. An alternative is presented in this paper.

Suggested Citation

  • Paul Davidson, 2006. "The declining dollar, global economic growth, and macro stability," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 28(3), pages 473-493.
    • Handle: RePEc:mes:postke:v:28:y:2006:i:3:p:473-493
    DOI: 10.2753/PKE0160-3477280306
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    Cited by:

    1. Bollino, Carlo Andrea, 2007. "Oil prices and the U.S. trade deficit," Journal of Policy Modeling, Elsevier, vol. 29(5), pages 729-738.
    2. Bill Lucarelli, 2011. "The Economics of Financial Turbulence," Books, Edward Elgar Publishing, number 14252.
    3. Mark Hayes, 2006. "The Economics of Keynes: A New Guide to The General Theory," Books, Post Keynesian Economics Society (PKES), number nggt.
    4. Laura Barbosa de Carvalho, 2012. "Current Account Imbalances and Economic Growth: a two-country model with real-financial linkages," Working Papers 1203, New School for Social Research, Department of Economics.

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