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A Hegemonic and a Post-Hegemonic World Functioning and the New Global Monetary and Financial System


  • Martina Jiránková


The article deals with the world functioning from the view of the hegemonic stability theory, which proposes that open international systems are connected with a dominant state existence, and possibly its post-hegemonic functioning in the form of country co-operation. The question is demonstrated on the example of the US dollar performing the role of the key world currency in both private and official use at present: it prevails in foreign currency transactions, in international reserves, in overseas bank deposits and loans, etc. Problems of the global economy, especially global imbalances, have led to suggestions by China, other countries and the International Monetary Fund to reform the global monetary order. These suggestions have taken the form of a multi-polar system of more currencies belonging to the economically most important countries (dollar zone, euro zone, Asian currency zone). Other suggestions include a system based on Special Drawing Rights, where a change ought to be made in the basket currencies adequately to the world economic situation, and a system of creating a new global currency. The advantages of a new global currency would be especially no connection to national economy developments, higher stability and no risk on assets denominated in this currency due to the highest rating. It is discussed which attitudes of the main countries such as the USA, BRIC and others could be possible in the view of the theories mentioned.

Suggested Citation

  • Martina Jiránková, 2011. "A Hegemonic and a Post-Hegemonic World Functioning and the New Global Monetary and Financial System," Acta Oeconomica Pragensia, University of Economics, Prague, vol. 2011(6), pages 3-20.
  • Handle: RePEc:prg:jnlaop:v:2011:y:2011:i:6:id:348:p:3-20

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    References listed on IDEAS

    1. Hans-Ulrich Derlien & B. Guy Peters, 2008. "Introduction," Chapters,in: The State at Work, Volume 2, chapter 1 Edward Elgar Publishing.
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    More about this item


    US dollar; hegemony; co-operation; key world currency; reform of the international monetary and financial system;

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements
    • F59 - International Economics - - International Relations, National Security, and International Political Economy - - - Other


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