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An Alternative Perspective on Global Imbalances and International Reserve Currencies

  • Jan Kregel

The stability of the international reserve currency’s purchasing power is less a question of what serves as that currency and more a question of the international adjustment mechanism, as well as the compatibility of export-led development strategies with international payment balances. According to Senior Scholar Jan Kregel, export-led growth and free capital flows are the real causes of sustained international imbalances. The only way out of this predicament is to shift to domestic demand–led development strategies—and capital flows will have to be part of the solution.

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File URL: http://www.levyinstitute.org/pubs/ppb_116.pdf
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Paper provided by Levy Economics Institute in its series Economics Public Policy Brief Archive with number ppb_116.

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Date of creation: Sep 2010
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Handle: RePEc:lev:levppb:ppb_116
Contact details of provider: Web page: http://www.levyinstitute.org

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