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The crisis of US monetary hegemony and global economic adjustment

Mattias Vermeiren UGent (2013) GLOBALIZATIONS. 10(2). p.245-259
abstract
Over the past decade the world economy has been characterized by escalating global current account imbalances between the United States and East Asian states. This paper argues that US structural power in the global monetary system allowed the consolidation of a finance-led growth regime in the US based on massive capital inflows, asset inflation and consumption growth while inducing East Asian emerging market economies to establish export-led growth regimes. The global credit crisis has clearly uncovered the boundaries of US monetary hegemony, imposing severe adjustment throughout the global political economy. I analyse the political economy of global economic adjustment and argue that the crisis of US monetary hegemony is based – domestically – on the crisis of the finance-led growth regime and – globally – on the shortage of global demand. On the basis of an analysis of the impact of the crisis on the models of capitalism of the US, the Eurozone and China, this paper shows that global demand deficiency will persist in the short to medium term.
Please use this url to cite or link to this publication:
author
organization
year
type
journalArticle (original)
publication status
published
subject
keyword
CHINA, export-led growth, POLITICAL-ECONOMY, POWER, GLOBALIZATION, monetary power, finance-led growth, global imbalances
journal title
GLOBALIZATIONS
Globalizations
volume
10
issue
2
pages
245 - 259
Web of Science type
Article
Web of Science id
000317914300003
JCR category
SOCIAL SCIENCES, INTERDISCIPLINARY
JCR impact factor
0.676 (2013)
JCR rank
45/93 (2013)
JCR quartile
2 (2013)
ISSN
1474-7731
DOI
10.1080/14747731.2013.786247
language
English
UGent publication?
yes
classification
A1
copyright statement
I have transferred the copyright for this publication to the publisher
id
2132772
handle
http://hdl.handle.net/1854/LU-2132772
date created
2012-06-05 12:42:00
date last changed
2015-06-17 10:04:37
@article{2132772,
  abstract     = {Over the past decade the world economy has been characterized by escalating global current account imbalances between the United States and East Asian states. This paper argues that US structural power in the global monetary system allowed the consolidation of a finance-led growth regime in the US based on massive capital inflows, asset inflation and consumption growth while inducing East Asian emerging market economies to establish export-led growth regimes. The global credit crisis has clearly uncovered the boundaries of US monetary hegemony, imposing severe adjustment throughout the global political economy. I analyse the political economy of global economic adjustment and argue that the crisis of US monetary hegemony is based -- domestically -- on the crisis of the finance-led growth regime and -- globally -- on the shortage of global demand. On the basis of an analysis of the impact of the crisis on the models of capitalism of the US, the Eurozone and China, this paper shows that global demand deficiency will persist in the short to medium term.},
  author       = {Vermeiren, Mattias},
  issn         = {1474-7731},
  journal      = {GLOBALIZATIONS},
  keyword      = {CHINA,export-led growth,POLITICAL-ECONOMY,POWER,GLOBALIZATION,monetary power,finance-led growth,global imbalances},
  language     = {eng},
  number       = {2},
  pages        = {245--259},
  title        = {The crisis of US monetary hegemony and global economic adjustment},
  url          = {http://dx.doi.org/10.1080/14747731.2013.786247},
  volume       = {10},
  year         = {2013},
}

Chicago
Vermeiren, Mattias. 2013. “The Crisis of US Monetary Hegemony and Global Economic Adjustment.” Globalizations 10 (2): 245–259.
APA
Vermeiren, M. (2013). The crisis of US monetary hegemony and global economic adjustment. GLOBALIZATIONS, 10(2), 245–259.
Vancouver
1.
Vermeiren M. The crisis of US monetary hegemony and global economic adjustment. GLOBALIZATIONS. 2013;10(2):245–59.
MLA
Vermeiren, Mattias. “The Crisis of US Monetary Hegemony and Global Economic Adjustment.” GLOBALIZATIONS 10.2 (2013): 245–259. Print.