The global imbalances and the contradictions of US monetary hegemony
(2010) JOURNAL OF INTERNATIONAL RELATIONS AND DEVELOPMENT. 13(2). p.105-135- abstract
- Over the last decade, the world economy has been characterised by escalating global current account imbalances between the United States (US) and East Asia in particular. This article argues that US monetary hegemony has been a necessary condition for the emergence of these imbalances. It is contended that the notion of structural power is indispensable to understanding the nature of US monetary hegemony and its relation to the imbalances. US monetary structural power has both induced East Asian states to increase their accumulation of dollar-denominated assets and allowed the US to decrease its savings. The article also shows that the mechanisms of US structural monetary power contain several contradictory dynamics that are able to undermine its own purpose, which is to avoid the burden of adjustment to balance-of-payments disequilibria. Journal of International Relations and Development (2010) 13, 105-135. doi:10.1057/jird.2009.36
Please use this url to cite or link to this publication:
http://hdl.handle.net/1854/LU-816481
- author
- Mattias Vermeiren UGent
- organization
- year
- 2010
- type
- journalArticle (original)
- publication status
- published
- subject
- keyword
- stability, US dollar, monetary power, imbalances, hegemony, CHINA, ECONOMY, LIMITS, STABILITY, STRUCTURAL POWER, DOLLAR
- journal title
- JOURNAL OF INTERNATIONAL RELATIONS AND DEVELOPMENT
- J. Int. Relat. Dev.
- volume
- 13
- issue
- 2
- pages
- 105 - 135
- Web of Science type
- Article
- Web of Science id
- 000278345000001
- JCR category
- INTERNATIONAL RELATIONS
- JCR impact factor
- 0.429 (2010)
- JCR rank
- 47/73 (2010)
- JCR quartile
- 3 (2010)
- ISSN
- 1408-6980
- DOI
- 10.1057/jird.2009.36
- language
- English
- UGent publication?
- yes
- classification
- A1
- copyright statement
- I have transferred the copyright for this publication to the publisher
- id
- 816481
- handle
- http://hdl.handle.net/1854/LU-816481
- date created
- 2009-12-28 16:46:59
- date last changed
- 2011-09-02 08:54:24
@article{816481,
abstract = {Over the last decade, the world economy has been characterised by escalating global current account imbalances between the United States (US) and East Asia in particular. This article argues that US monetary hegemony has been a necessary condition for the emergence of these imbalances. It is contended that the notion of structural power is indispensable to understanding the nature of US monetary hegemony and its relation to the imbalances. US monetary structural power has both induced East Asian states to increase their accumulation of dollar-denominated assets and allowed the US to decrease its savings. The article also shows that the mechanisms of US structural monetary power contain several contradictory dynamics that are able to undermine its own purpose, which is to avoid the burden of adjustment to balance-of-payments disequilibria. Journal of International Relations and Development (2010) 13, 105-135. doi:10.1057/jird.2009.36},
author = {Vermeiren, Mattias},
issn = {1408-6980},
journal = {JOURNAL OF INTERNATIONAL RELATIONS AND DEVELOPMENT},
keyword = {stability,US dollar,monetary power,imbalances,hegemony,CHINA,ECONOMY,LIMITS,STABILITY,STRUCTURAL POWER,DOLLAR},
language = {eng},
number = {2},
pages = {105--135},
title = {The global imbalances and the contradictions of US monetary hegemony},
url = {http://dx.doi.org/10.1057/jird.2009.36},
volume = {13},
year = {2010},
}
- Chicago
- Vermeiren, Mattias. 2010. “The Global Imbalances and the Contradictions of US Monetary Hegemony.” Journal of International Relations and Development 13 (2): 105–135.
- APA
- Vermeiren, M. (2010). The global imbalances and the contradictions of US monetary hegemony. JOURNAL OF INTERNATIONAL RELATIONS AND DEVELOPMENT, 13(2), 105–135.
- Vancouver
- 1.Vermeiren M. The global imbalances and the contradictions of US monetary hegemony. JOURNAL OF INTERNATIONAL RELATIONS AND DEVELOPMENT. 2010;13(2):105–35.
- MLA
- Vermeiren, Mattias. “The Global Imbalances and the Contradictions of US Monetary Hegemony.” JOURNAL OF INTERNATIONAL RELATIONS AND DEVELOPMENT 13.2 (2010): 105–135. Print.