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The international monetary (non-)order and the
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The international monetary (non-)order and the "global capital flows paradox"

30 pages · 3.97 EUR
(December 2008)

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The forces behind the so-called ?global capital flows paradox? and the related ?dollar glut? observed in the era of advancing financial globalisation are examined by Jörg Bibow in ?The international monetary (non-)order and the ?global capital flows paradox? ?. The supposed paradox is that the developing world has increasingly come to pursue policies that resulted in current account surpluses and thus net capital exports ? destined primarily to the capital-rich USA. The hypothesis put forward by Bibow is that systemic deficiencies in the international monetary and financial order have been the root cause behind today?s situation. Furthermore, it is argued that the position of the USA as issuer of the world?s premier reserve currency and its supremacy in global finance explain the related conundrum of a positive investment income balance despite a negative international investment position. The assessment is carried out in the light of Keynes?s views on a sound international monetary and financial order.

quotable essay from ...
Finance-led Capitalism?
Eckhard Hein, Torsten Niechoj, Peter Spahn, Achim Truger (eds.):
Finance-led Capitalism?
the author
Jörg Bibow
Jörg Bibow

Assistant Professor of Economics, Skidmore College, Saratoga Springs, New York, USA, and Research Associate, Levy Economics Institute of Bard College, Annandale-on-Hudson, New York, USA.

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