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The Sources and Limits of Monteary Hegemony.
- Source :
-
Conference Papers -- International Studies Association . 2004 Annual Meeting, Montreal, Cana, p1-25. 25p. - Publication Year :
- 2004
-
Abstract
- What is the meaning of monetary power in world politics? What distinguishes power in the context of monetary relations, I argue, is its link to the problem of balance-of-payments disrequilibrium. The central issue is the distribution of the burden of adjustment to external imbalance. Monetary power is best understood as being dual in nature: the Power to Delay, which is largely a function of each country’s international liquidity position, comprising both owned reserves and borrowing capacity; and the Power to Deflect, which has its source in more fundamental structural variables. The Power to Delay is limited only by a government’s appetitie for reserves and by the willingness of foreign agents to lend. The Power to Deflect is limited by a country’s underlying attributes and endowments. [ABSTRACT FROM AUTHOR]
Details
- Language :
- English
- Database :
- Academic Search Index
- Journal :
- Conference Papers -- International Studies Association
- Publication Type :
- Conference
- Accession number :
- 16049872