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Chronic macro-economic and financial imbalances in the world economy: a meta-economic view

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  • Robert Guttmann

Abstract

Global finance, combining offshore banking and universal banks to drive a broader globalization process, has transformed the modus operandi of the world economy. This requires a new “meta-economic” framework in which short-term portfolio-investment flows are treated as the dominant phenomenon they have become. Organized by global finance, these layered bi-directional flows between center and periphery manage a tension between financial concentration and monetary fragmentation. The resulting imbalances express the asymmetries built into that tension and render the exchange rate a more strategic policy variable than ever. JEL Classification: F32; F33; F44.

Suggested Citation

  • Robert Guttmann, 2015. "Chronic macro-economic and financial imbalances in the world economy: a meta-economic view," Brazilian Journal of Political Economy, Center of Political Economy, vol. 35(2), pages 203-226.
    • Handle: RePEc:ekm:repojs:v:35:y:2015:i:2:p:203-226:id:221
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    Cited by:

    1. Elena Popkova & Svetlana Meshkova & Evgeniya Karpunina & Elena Karpushko & Marina Karpushko, 2016. "Developing Countries as New Growth Poles of Post-Crisis Global Economy," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 10(2), June.
    2. Natalia G. Vovchenko & Olga B. Ivanova & Elena D. Kostoglodova & Marina O. Otrishko & Olga S. Dzhu, 2016. "Innovations and Fighting Global Economic Problems," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 10(4), December.

    More about this item

    Keywords

    global finance; monetary fragmentation; hot-money flows; meta-economic framework; exchange rates;
    All these keywords.

    JEL classification:

    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F44 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Business Cycles

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