Chronic macro-economic and financial imbalances in the world economy: a meta-economic view

R. Guttmann
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引用次数: 5

Abstract

Global finance, combining offshore banking and universal banks to drive a broader globalization process, has transformed the modus operandi of the world economy. This requires a new "meta-economic" framework in which short-term portfolio-investment flows are treated as the dominant phenomenon they have become. Organized by global finance, these layered bi-directional flows between center and periphery manage a tension between financial concentration and monetary fragmentation. The resulting imbalances express the asymmetries built into that tension and render the exchange rate a more strategic policy variable than ever.
世界经济中的长期宏观经济和金融失衡:一种元经济学观点
全球金融结合离岸银行和全能银行,推动了更广泛的全球化进程,改变了世界经济的运行方式。这需要一个新的“元经济”框架,在这个框架中,短期证券投资流动被视为它们已成为的主导现象。在全球金融的组织下,这些中心和外围之间的分层双向流动管理着金融集中和货币分裂之间的紧张关系。由此产生的失衡体现了这种紧张关系所固有的不对称性,并使汇率成为一个比以往任何时候都更具战略意义的政策变量。
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