By Leslie Elliott Armijo
Debating the worldwide monetary structure opens up the modern debate surrounding the reform of the “global monetary architecture.” Economists and political scientists discover the commercial and technical content material of other worldwide monetary regimes in addition to the political techniques by which such adjustments are negotiated. The individuals, although different, together worry that fast removing of the rest controls on inner most overseas monetary transactions dangers systematic problem. through starting up a cross-disciplinary dialogue, they wish to work out the politics of worldwide monetary layout tested extra truthfully, but with no discarding or devaluing a pretty good fiscal research of world cash and funding flows.
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Extra info for Debating the Global Financial Architecture
Liquidity was problematic for the same reason it had been in the freely ﬂoating days of the early 1920s: investors declined to trust currencies backed by foreign exchange, preferring only gold, but there was insufﬁcient gold to support the expansion in the world economy that had occurred since the early twentieth century. Countries whose central banks held foreign exchange as reserves, or foolishly expanded the domestic money supply in response to domestic economic conditions, were punished by private capital ﬂight.
THE SOCIAL EMBEDDEDNESS OF FINANCIAL ARCHITECTURE: THE TERMS OF THE DEBATE THAT MIGHT BE What makes for a successful ﬁnancial architecture? Suppose we accept the rough relative judgments of the preceding section. What explains these outcomes? This section reviews several attempts to account for the variable performance of past ﬁnancial architectures, in the hope that they might prove enlightening for 28 Leslie Elliott Armijo understanding present challenges. My conclusion is that an international monetary framework that is inconsistent with underlying political and social realities is unlikely to work very well or last very long.
Under ﬂoating rates, trade rebalancing was supposed to happen via exchange rate movements. Yet the bad experience with high exchange rate volatility in the early 1920s initially led most governments in the 1930s to intervene to counter market movements, hoping to dampen wild exchange rate swings. 9 The other strategies for re-equilibration were “competitive devaluation”10 and trade protectionism, as in the United States’ infamous Smoot-Hawley Tariff of 1930. S. dollars, yet there was not enough gold to support economic expansion.
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