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The International Monetary System in Transition

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  • Robert Guttmann

Abstract

The stagflation of the 1970s and early 1980s created a dynamic of financial instability and regulatory erosion which destroyed the postwar monetary regime of nationally administered credit-money. Since then the international monetary system has become increasingly privatized, deregulated, and globally integrated. That combination has created a new environment in which financial capital has become a dominant force in the growth dynamic of the world economy. This is an ominous development, since it threatens the public-good quality of money and the stability conditions conducive for long-term investments on a worldwide basis. Reform initiatives to stabilize the international monetary system have been lagging and need to be advanced in a more coherent fashion to deal with a rapidly evolving global-deflation scenario.

Suggested Citation

  • Robert Guttmann, 1998. "The International Monetary System in Transition," Economia politica, Società editrice il Mulino, issue 3, pages 419-436.
  • Handle: RePEc:mul:jb33yl:doi:10.1428/1876:y:1998:i:3:p:419-436
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    Cited by:

    1. Bogdan-Ion Boldea & Maria Boldea, 2008. "E-Money Development Within Contemporary Economies," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 2(10), pages 1-7.
    2. Stéfano Figuera, 2002. "The reform of the international monetary system (a Keynesian approach) [La réforme du système monétaire international (une réflexion dans une perspective keynésienne)]," Working Papers hal-01526941, HAL.
    3. FIGUERA, Stephano, 2002. "La réforme du système monétaire international : une réflexion dans une perspective keynésienne," LATEC - Document de travail - Economie (1991-2003) 2002-01, LATEC, Laboratoire d'Analyse et des Techniques EConomiques, CNRS UMR 5118, Université de Bourgogne.

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