scholarly journals Triffin Dilemma and International Monetary System : Evidence from Pooled Mean Group Estimation

2018 ◽  
Vol 5 (2) ◽  
pp. 5-14 ◽  
Author(s):  
Long-Fei Guan ◽  
◽  
Wee-Yeap Lau
Keyword(s):  
International Monetary System ◽  
Monetary System ◽  
Pooled Mean Group ◽  
Triffin Dilemma

scholarly journals A Model of the International Monetary System*

2017 ◽  
Vol 133 (1) ◽  
pp. 295-355 ◽  
Author(s):  
Emmanuel Farhi ◽  
Matteo Maggiori
Keyword(s):  
Simple Model ◽  
Gold Standard ◽  
Supply And Demand ◽  
International Monetary System ◽  
Rate System ◽  
Monetary System ◽  
The World ◽  
The Common ◽  
Triffin Dilemma ◽  
World Supply

AbstractWe propose a simple model of the international monetary system. We study the world supply and demand for reserve assets denominated in different currencies under a variety of scenarios: a hegemon versus a multipolar world; abundant versus scarce reserve assets; and a gold exchange standard versus a floating rate system. We rationalize the Triffin dilemma, which posits the fundamental instability of the system, as well as the common prediction regarding the natural and beneficial emergence of a multipolar world, the Nurkse warning that a multipolar world is more unstable than a hegemon world, and the Keynesian argument that a scarcity of reserve assets under a gold standard or at the zero lower bound is recessionary. Our analysis is both positive and normative.

Robert Triffin

2021 ◽  
Author(s):  
Ivo Maes ◽  
Ilaria Pasotti
Keyword(s):  
Vietnam War ◽  
International Monetary System ◽  
Monetary Integration ◽  
Monetary Reform ◽  
International Liquidity ◽  
Bretton Woods ◽  
The Great Depression ◽  
Monetary System ◽  
Triffin Dilemma ◽  
European Currency Unit

This book provides an intellectual biography of Robert Triffin. Triffin (1911–1993) played a key role in the international monetary debates in the postwar period. He became famous with trenchant analyses of the vulnerabilities of the international monetary system that was dependent on a national currency for its international liquidity (the Triffin dilemma), predicting the end of the Bretton Woods system. Triffin was a child of the interwar period, marked by the Great Depression and the rise of fascism. He became not only an eminent academic but also an influential policy adviser. In the mid-1940s he worked at the Federal Reserve, participating in several monetary reform missions in Latin America. Thereafter, Triffin played an important role in the creation of the European Payments Union. In his later academic life, Triffin put forward proposals for reforming the international monetary system. But because he doubted that they would come to fruition, he also developed plans for regional monetary integration, particularly in Europe, where he became the monetary adviser of Jean Monnet. With proposals for a European Reserve Fund and a European currency unit, he became one of the intellectual fathers of Europe’s monetary union. Throughout his life Triffin remained faithful to the ideals of his youth. The young Triffin was indignant about the Versailles Treaty, while the old Triffin fulminated against the Vietnam War. For him, economics was a way to contribute to a better world. He was strongly attached to his independence and the pursuit of a better and more peaceful world. He was a monk in economist’s clothing.

CRYPTOCURRENCY PHENOMENON IN THE INTERNATIONAL MONETARY SYSTEM

2017 ◽  
pp. 95-100
Author(s):  
Артур Анатолійович Василенко
Keyword(s):  
World Economy ◽  
International Monetary System ◽  
State University ◽  
Electronic Money ◽  
Monetary System ◽  
Current Trends ◽  
The World ◽  
Post Graduate Student ◽  
The One ◽  
Xix Century

UDC 336.74   Vasylenko Artur, post-graduate student. Mariupol State University. Cryptocurrency Phenomenon in the International Monetary System. The main prerequisites of cryptocurrency emergence in the international monetary system in terms of regionalization of the world economy are defined in the article. Determination of «cryptocurrency» category was analysed from the point of two main approaches to its treatment: on the one hand cryptocurrency is admitted to be the currency equally to the sovereign currency, and on the other hand it is considered as an unrecognized virtual asset. The main consequences which arise in case of widespread use of crypto currency for the country and for the parties that agreed to use cryptocurrency were analysed and systematized. On the basis of the research, given the current trends in the world economy, the author put forward and substantiated the hypothesis to classify the phenomenon of cryptocurrency as the effects of a famous philosophical «Negation of negation law» formulated by G. Hegel at the beginning of the XIX century.   Keywords: cryptocurrency, material money, electronic money, digital currency, regional currency integration, blockchain, mining, capitalization, «Negation of negation law».

Wilfred Ethier. Modern International Economics. New York: W. W. Norton and Company. 1983. xviii + 588 pp.

1988 ◽  
Vol 27 (1) ◽  
pp. 81-83
Author(s):  
Nadeem A. Burney
Keyword(s):  
International Economic ◽  
New York ◽  
Economic Theory ◽  
International Economics ◽  
International Monetary System ◽  
International Markets ◽  
The Past ◽  
Monetary System ◽  
Recent Developments

Its been long recognized that various economies of the world are interlinked through international trade. The experience of the past several years, however, has demonstrated that this economic interdependence is far greater than was previously realized. In this context, the importance of international economic theory as an area distinct from general economics hardly needs any mentioning. What gives international economic theory this distinction is international markets for some goods and effects of national sovereignty on the character of economic activity. Wilfred Ethier's book, which incorporates recent developments in the field, is an excellent addition to textbooks on international economics for one- or twosemester undergraduate courses. The book mostly covers standard topics. A distinguishing feature of this book is its detailed analysis of the flexible exchange rates and a discussion of the various approaches used for their determination. Within each chapter, the author has extensively used facts, figures and major events to clarify the concepts in the light of the theoretical framework. The book also discusses, in a fair amount of detail, the existing international monetary system and the role of various international organizations.

THE MODERN INTERNATIONAL MONETARY SYSTEM: THE POSSIBILITY OF USING CRYPTOCURRENCIES AS ALTERNATIVE MONETARY CALCULATIONS

2019 ◽  
Vol 9 (12) ◽  
pp. 1868-1877
Author(s):  
Lilia Abdrakhmanova ◽  
◽  
Amir Abdrakhmanov ◽  
Elena Shchigortsova ◽  
◽  
...  
Keyword(s):  
International Monetary System ◽  
Monetary System

Conclusion

2017 ◽  
Author(s):  
Aled Davies
Keyword(s):  
International Monetary System ◽  
The State ◽  
Real Economy ◽  
Social Democratic ◽  
Monetary System ◽  
1960S And 1970S ◽  
Post War ◽  
The 1960S ◽  
City Of London ◽  
The City

The aim of this book has been to evaluate the relationship between Britain’s financial sector, based in the City of London, and the social democratic economic strategy of post-war Britain. The central argument presented in the book was that changes to the City during the 1960s and 1970s undermined a number of the key post-war social democratic techniques designed to sustain and develop a modern industrial economy. Financial institutionalization weakened the state’s ability to influence investment, and the labour movement was unable successfully to integrate the institutionalized funds within a renewed social democratic economic agenda. The post-war settlement in banking came under strain in the 1960s as new banking and credit institutions developed that the state struggled to manage. This was exacerbated by the decision to introduce competition among the clearing banks in 1971, which further weakened the state’s capacity to control the provision and allocation of credit to the real economy. The resurrection of an unregulated global capital market, centred on London, overwhelmed the capacity of the state to pursue domestic-focused macroeconomic policies—a problem worsened by the concurrent collapse of the Bretton Woods international monetary system. Against this background, the fundamental social democratic assumption that national prosperity could be achieved only through industry-led growth and modernization was undermined by an effective campaign to reconceptualize Britain as a fundamentally financial and commercial nation with the City of London at its heart....

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