Globalization and the Reform of the International Banking by O. Hieronymi

By O. Hieronymi

The e-book argues profitable financial and banking reform calls for: a rollback of economic nationalism and go back to financial internationalism; belief within the banking procedure with its simple features restored; a stability among festival and unity with the intention to guarantee political and social reputation of globalization.

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Globalization and the Reform of the International Banking and Monetary System

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Sample text

The exchange rate and balance of payments were de facto abolished for “rich” countries both in theory and in practice of virtually all-major OECD central banks. For the rest, the devil takes the hindmost. 6 Predictability and managing risk There are avoidable and unavoidable risks. One of the principal goals of economic policy and, in particular monetary policy, is to help reduce risk by providing certain measures of predictability of the key aspects of the economic environment, as well as businesses and households.

7) Excessive speculation and artificial risk taking. (8) The lack of effective checks and balances (balance of payments). (9) Illusion that money is just like any other commodity. (10) Breakdown of the “social contract” between the “winners” and the “losers” in the globalized economy. 2 The end of Bretton Woods and the victory of monetary nationalism An international monetary system is easier to destroy than to rebuild. It was easy enough for a few amateurs in a few hours to wreck the international monetary system in August 1971.

The need for international liquidity has led to US balance-of-payment deficits, thus resulting in a resource transfer to the world’s richest country. Professor Triffin’s advocacy for the creation of a new international, jointly managed reserve currency led to the creation of the Special Drawing Rights (SDR), through the first reform of the Articles of Agreement of the IMF. The central issue of the reform debate was not so much the fixed exchange rate system or international liquidity creation, but the alleged constraints on domestic policy autonomy through the balance of payments: imported inflation and imported recession.

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