Il crescente indebolimento del sistema finanziario internazionale (The ongoing weakening of the international financial system)

H.P. GRAY

Abstract


A hegemon-by-committee, or a group of nations playing the role of a dominant financial power, is necessary for the international financial system to withstand crises arising from drastic shifts of funds among national currencies, accompanied by large movements of exchange rates. These wide fluctuations in exchange rates and subsequent financial transactions can trigger a collapse of prices in dollar-denominated financial assets in US financial markets, thus undermining the global economy. With no single nation apparently capable of playing the hegemon, international cooperation is imperative. An important theme of the paper is that allocative efficiency may not be compatible with adequate financial stability efficiency.


JEL: F31, G28


Parole chiave


Administration of General Economic Programs, Intnl Economic Policy, Exchange rates, global instability

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ISSN 2037-3651

Reg. Tribunale di Roma n.377/2009 del 19/11/2009