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The impact on the U.S. Dollar of the conflict between the American locomotive’s model and the emerging economies’ autopoietic growth

  • Carlo Viviani

    (LUISS 'Guido Carli' University, Roma, Italy)

  • Paolo Savona

    (LUISS 'Guido Carli' University, Roma, Italy)

The purpose of this paper is to put the future of the US dollar into a logical framework which comprises the global development mechanism. Two models of growth collide: the US «locomotive», based on the international use of the dollar, and which requires exogenous pushes coming permanently from the foreign deficit and periodically from the public deficit, and the «endogenous», or «autopoietic». The engine of autopoietic growth is the process of globalization, alimented by foreign investments and the emerging economies’ domestic demand, which in turn require the establishment of an international monetary standard. In absence of a real international cooperation, the conflict of the two models might bring a global currency crisis and a fall in the global growth rate, with a possible negative impact in foreign relations and policies at the global level.

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File URL: http://128.118.178.162/eps/if/papers/0504/0504009.pdf
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Paper provided by EconWPA in its series International Finance with number 0504009.

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Length: 20 pages
Date of creation: 27 Apr 2005
Date of revision:
Handle: RePEc:wpa:wuwpif:0504009
Note: Type of Document - pdf; pages: 20
Contact details of provider: Web page: http://128.118.178.162

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  1. Nouriel Roubini & Brad Setser, 2005. "Will the Bretton Woods 2 regime unravel soon? the risk of a hard landing in 2005-2006," Proceedings, Federal Reserve Bank of San Francisco, issue Feb.
  2. Maurice Obstfeld & Kenneth Rogoff, 2007. "The Unsustainable U.S. Current Account Position Revisited," NBER Chapters, in: G7 Current Account Imbalances: Sustainability and Adjustment, pages 339-376 National Bureau of Economic Research, Inc.
  3. John Williamson, 2004. "The future of the global financial system," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 26(4), pages 607-611, October.
  4. Jane D'Arista, 2004. "Dollars, debt, and dependence: the case for international monetary reform," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 26(4), pages 557-572, October.
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