Journal articles: 'International Monetary Theory'

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Coleman, William Oliver, and Alvaro Cencini. "Monetary Theory: National and International." Southern Economic Journal 63, no. 3 (January 1997): 821. http://dx.doi.org/10.2307/1061119.

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Shone, Ronald, and John E. Floyd. "World Monetary Equilibrium: International Monetary Theory in an Historical-Institutional Context." Economic Journal 95, no. 380 (December 1985): 1127. http://dx.doi.org/10.2307/2233288.

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Chrystal, Alec, and John E. Floyd. "World Monetary Equilibrium: International Monetary Theory in an Historical Institutional Context." Canadian Journal of Economics 20, no. 2 (May 1987): 427. http://dx.doi.org/10.2307/135378.

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Boughton, J. M. "Monetary Theory and Bretton Woods: The Construction of an International Monetary Order." History of Political Economy 40, no. 3 (January 1, 2008): 561–63. http://dx.doi.org/10.1215/00182702-2008-020.

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Vergnhanini, Rodrigo, and Bruno De Conti. "Modern Monetary Theory: a criticism from the periphery." Brazilian Keynesian Review 3, no. 2 (January 31, 2018): 16. http://dx.doi.org/10.33834/bkr.v3i2.115.

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<p>This paper presents the recent debate on modern monetary theory (MMT) and contributes to a critical view on its application to peripheral countries. MMT has been centered on both demystifying postulates of the ‘New Macroeconomic Consensus’ and offering an alternative theory to reach full employment with price stability. However, it has been criticized for assuming that constraints on domestic policies are generally self-imposed, not arising from international markets. Using the “international currency hierarchy” approach, this paper argues that peripheral countries, in the context of financial globalization, are not fully sovereign in determining its own macroeconomic policy. Our main argument is that currencies issued by peripheral countries do not fulfill money classical functions at the international level. Being hence illiquid at the international scenario, these peripheral currencies (and assets) are demanded by the international investors only in the quest for high returns; moreover, this demand depends on the “international liquidity preference” and the markets’ confidence in this country. Consequently, interest rates in peripheral countries tend to be higher and volatile. Additionally, the exchange rate is potentially under the pressure of this capital flows movements. Finally, monetary, fiscal and exchange policies in peripheral countries have constrains that are not considered by MMT.</p>

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Rahman, Abdurrahman Arum. "Organic global cryptocurrency: towards a stable international monetary system that is closer to Maqāṣid Sharīʿah." Islamic Economic Studies 28, no. 1 (August 4, 2020): 63–82. http://dx.doi.org/10.1108/ies-10-2019-0032.

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PurposeThe most prominent and persistent problems of our global monetary system are instability and imbalances. We propose an international monetary model to solve these problems while at the same time move the model closer to Maqāṣid Sharīʿah (objectives of Sharīʿah). We name this an organic global monetary model or abbreviated as OGM. OGM is an international monetary model directly built on the national monetary system of each member country so that the two can co-exist.Design/methodology/approachModel design, theory and literature.FindingsThe model can eliminate interest rates at the central bank level, create non-tradable international money, and make a more stable international monetary system.Originality/valueOriginal.

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Karpunin, Vyacheslav I., and Tatiana S. Novashina. "Crypto currency's "economic nature" in the light of new monetary theory." Nexo Revista Científica 34, no. 01 (April 14, 2021): 258–69. http://dx.doi.org/10.5377/nexo.v34i01.11304.

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The systemic and functional analysis of economic nature of Crypto currency within the modern theory of money is a necessary essential component of the study that allowed the authors to formulate a vision of social and economic model of future international monetary system. The authors consider the substance of money in a dialectic unity of the transformation of forms and spheres of its being. The forms of being of money are: material, monetary, paper, electronic. The spheres of being of money are: social, - the "symbol money"; economic, - the "bank notes"; political and legal, - "monetary units". In this paper we show that money is a financial instrument. Money is a market form of universal claim to a share in the wealth of society. The uncovering of internal intrinsic structure of money allows the authors to show convincingly that a currency, especially a "Crypto currency", cannot have and does not have an "economic nature". In considering the process of historical transformation of international monetary systems, taking into account the real achievements of financial, information, program and social engineering for the creation of a digital "gold" the authors believe that the social and economic model of future international monetary system has received its real approbation.

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Krampf, Arie. "Monetary Power Reconsidered: The Struggle between the Bundesbank and the Fed over Monetary Leadership." International Studies Quarterly 63, no. 4 (August 19, 2019): 938–51. http://dx.doi.org/10.1093/isq/sqz060.

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Abstract This article reexamines the theory of monetary power to explain the role of the Bundesbank (and Germany) in the emergence of the rules-based low-inflation regime in the late1980s and early 1990s. Our theory of monetary power draws on the notion of institutional power and the concept of monetary leadership, understood as the capacity to attract foreign investment, and thereby explains how domestic institutional features and contingent historical events affect countries’ external monetary power. This theory is employed to trace how the Bundesbank go-it-alone strategy in 1989 triggered a cross-national sequence of events that changed the international monetary order in a way that was consistent with the German interests. The transition was marked by a shift from the US-led pragmatist approach of international macroeconomic coordination to a rules-based approach founded on the principle of low-inflation–targeting. The article argues that this change took place despite the opposition of the Federal Reserve System (Fed) and the US Treasury. The article contributes to the literature on the decline of US hegemonic power as well as the literature on the mechanism of institutional change at the international level. It also sheds new light on current debates about the putative decline of the rules-based world order.

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Henning, C. Randall. "Systemic Conflict and Regional Monetary Integration: The Case of Europe." International Organization 52, no. 3 (1998): 537–73. http://dx.doi.org/10.1162/002081898550653.

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Existing explanations of European monetary integration, emphasizing economic interdependence, issue linkage, institutions, and domestic politics, take a predominantly regional approach. In the international monetary thesis developed here, I argue that U.S. policy disturbances, transmitted through the international monetary system, created compelling incentives for European states to cooperate on exchange-rate and monetary policy. I develop a general theory of macroeconomic power, based on open economy macroeconomics, and show how the exercise of such influence can drive regional monetary integration. This article then tests the international thesis with reference to monetary integration within the European Union by examining four periods in which the United States acted to stabilize the international monetary system and seven episodes in which it disrupted the system. European governments and central banks reduced regional monetary cooperation when the United States supported system stability and strengthened it after each episode of disruption. The evidence thus strongly supports the inference that the link is causal.

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VAN DEN HAUWE, PH.D., LUDWIG. "REVIEW OF THE INTERNATIONAL MONETARY SYSTEM AND THE THEORY OF MONETARY SYSTEMS by Pascal Salin." REVISTA PROCESOS DE MERCADO 18, no. 2 (March 9, 2022): 475–80. http://dx.doi.org/10.52195/pm.v19i2.762.

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Except for some minor issues, previous reviews of the book (Dorobat 2017; Cutsinger 2017/18) have been overwhelmingly positive and for good reason. The book under review is the fruit of several decades of economic thinking, professional research, writing and teaching of its author Emeritus Prof. Pascal Salin of the Université Paris-Dauphine and past president of the Mont Pèlerin Society.

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Capie, Forrest. "Monetary theory and Bretton Woods: the construction of an international monetary order – By Filippo Cesarano." Economic History Review 60, no. 4 (October 18, 2007): 874–75. http://dx.doi.org/10.1111/j.1468-0289.2007.00401_32.x.

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Manuelli, Rody, and Juan I. Vizcaino. "Monetary Policy with Declining Deficits: Theory and an Application to Recent Argentine Monetary Policy." Review 99, no. 4 (2017): 351–75. http://dx.doi.org/10.20955/r.2017.351-375.

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Salvary, Stanley C. W. "Monetary Policy And Not Monetary Control: A Rethinking." Journal of Applied Business Research (JABR) 14, no. 1 (September 1, 2011): 91. http://dx.doi.org/10.19030/jabr.v14i1.5731.

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The view that prediction is the only important concern when policy is to be developed has led to the strict adherence to a money supply rule via the Quantity Theory of Money with its debilitating consequences. The monetarists place the emphasis on the level of the money supply in the determination of price level changes and monetary control is exercised. Along with this line of thinking, statistical elegance transcends empirical reality. Thus, the ensuing consequences of monetary control are not surprising. There are continuous increases in the general level of pries and increasing problems of unemployment, which fuel the flames of business downsizing. In this paper, an alternative to the monetarist explanation of the determination of the price level is advanced. The alternative explanation does not rely on changes in the supply of money but on changes in the composition of aggregate demand and supply. Absent monetary dislocation or revaluation of the currency, change in the general price level is attributed to the net effect of the realignment of relative prices. It is argued that a rethinking of the situation would results in monetary policy that is compatible with the economic setting and not monetary control which crowds out fiscal policy.

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King, John E. "Post-Keynesian monetary theory: selected essays." Review of Political Economy 33, no. 2 (April 3, 2021): 362–63. http://dx.doi.org/10.1080/09538259.2021.1889172.

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Warjiyo, Perry. "Changing Perspectives on Exchange Rates: Theory and Policy Implications." Buletin Ekonomi Moneter dan Perbankan 8, no. 3 (February 13, 2007): 1–17. http://dx.doi.org/10.21098/bemp.v8i3.138.

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This paper reviews theoretical and empirical perspectives pertaining to the nature and impacts of exchange rate movements on macroeconomic conditions, and their fundamental ramifications on macroeconomic and monetary policies. In particular, we show that, with increasing speed and scope of financial globalization and cross-border capital flows, the view on exchange rate has been changing from trade flows to financial asset views. Exchange rate movements have been exhibiting greater volatility beyond fundamentals and often deviate from equilibrium, driven by factors such as shifts in risk premia, investor preferences, as well as underlying economic and financial conditions. Policy implications from such a changing perspective on exchange rate have been pervasive. Exchange rate has not been singled out as an instrument for increasing a country’s external sector competitiveness in the modern literature of international finance. Rather, it constitutes an integral part of policy mix for coping with the impossible trinity of macroeconomic objectives in open economy, i.e. for benefiting from greater capital mobility while still maintaining stable exchange rate movements and domestic policy independence. The complete policy responses would include direct measures for stabilizing exchange rate, some forms of capital controls, and the implementation of inflation targeting framework of monetary policy.JEL Classification Numbers: E5, F3, F4Keywords: Monetary Policy, International Finance, Macroeconomic Aspects of International Trade and Finance

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Woehrling, Francis. "Vers une théorie du système monétaire international." Études internationales 12, no. 3 (April 12, 2005): 475–97. http://dx.doi.org/10.7202/701234ar.

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The idea of an international monetary System comprised of a number of countries (monetary zones) linked together by an exchange rate mechanism controlled by the I.M.F. - the system's center - is the basis of the vast majority of the analyses and reform schemes respecting the System. This idea does not correspond to international economic and monetary reality which is organized around one or several international currencies (or key currencies) with regard to which the Central Bank(s) exercise(s) the de facto role of the System's monetary authority. This fact raises two theoretical questions : How is a Central Bank led to exercise such a role ? How, in fact, does the System function ? It is significant that the textbooks rarely treat the first question other than from an historical perspective. It would nevertheless appear that the explanation for the development of Euromarkefs employs a number of analytical tools that allow for a theoretical framework for the evolution of the I.M.S. based on the idea of competition among financial institutions and banks. On the one hand, this theory anticipates the long-term integration process of markets characterized by the erosion of regional markets and the growth of a new dominant market and therefore by the coexistence of regional authorities and a central authority sharing monetary power. On the other, it advocates the mix of unification and macroeconomic management policies that these authorities must adhere to in order to optimize the process. In the second part of the text the operation of a monetary zone such as the dollar standard of the last thirty years is examined. The organization of that zone provides an example of the distribution of monetary power as between the Federal Reserve System and the central banks of other countries. A consideration of the operation of an International Monetary System having two key currencies completes the study.

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FLASSBECK, HEINER. "Exchange rate determination and the flaws of mainstream monetary theory." Brazilian Journal of Political Economy 38, no. 1 (March 18, 2018): 99–114. http://dx.doi.org/10.1590/0101-31572018v38n01a06.

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ABSTRACT Developing countries in general need flexibility and a sufficient number of instruments to prevent excessive volatility. Evidence does not support the orthodox belief that, with free floating, international financial markets will perform that role by smoothly adjusting exchange rates to their “equilibrium” level. In reality, exchange rates under a floating regime have proved to be highly unstable, leading to long spells of misalignment. The experience with hard pegs has not been satisfactory either: the exchange rate could not be corrected in cases of external shocks or misalignment. Given this experience, “intermediate” regimes are preferable when there is instability in international financial markets.

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Petersen, Janis. "Book Review: First Principles Of Monetary Theory, by Kishore Kulkarni." Journal of Applied Business Research (JABR) 9, no. 1 (October 2, 2011): 147. http://dx.doi.org/10.19030/jabr.v9i1.6106.

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Cooper, Richard N., and Barry Eichengreen. "European Monetary Unification: Theory, Practice, and Analysis." Foreign Affairs 77, no. 3 (1998): 134. http://dx.doi.org/10.2307/20048901.

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Kjetsaa, Richard W. "A Monetary Examination Of Swedish Balance Of Payments Adjustment." Journal of Applied Business Research (JABR) 4, no. 3 (October 27, 2011): 31. http://dx.doi.org/10.19030/jabr.v4i3.6416.

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The monetary approach to the balance of payments presents an alternative analysis of international imbalance one that highlights and brings to the forefront the role of monetary variables. This open economy macrofinancial theory postulates that external disorders reflect disequilibrium between the demand for and supply of money. The balance of payments is a monetary phenomenon. In this paper both the reserve-flow and exchange market pressure formulations are examined.

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Drumetz, Françoise, and Christian Pfister. "Modern Monetary Theory: A Wrong Compass for Decision-Making." Intereconomics 56, no. 6 (November 2021): 355–61. http://dx.doi.org/10.1007/s10272-021-1014-5.

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AbstractIn the last few years, the so-called Modern Monetary Theory (MMT) has been gaining prominence in the media and the public. This article presents the MMT approach to money and monetary policy, and discusses its recommendations regarding fiscal policy and aggregate demand management, the structural policies it advocates as well as the international aspects of MMT. Overall, it appears that MMT is based on an outdated state of economic science and that its claims regarding economic policies are much exaggerated: The meaning of MMT is more that of a political manifesto than of a genuine economic theory.

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Kahler, Miles. "European Protectionism in Theory and Practice." World Politics 37, no. 4 (July 1985): 475–502. http://dx.doi.org/10.2307/2010341.

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In the 1970s, discussion of the international economy frequently turned to the emergence of a “new protectionism” among the industrial countries after the accomplishments of trade liberalization in the 1960s. International organizations such as the General Agreement on Tariffs and Trade (GATT) and the International Monetary Fund (I.M.F.) documented an increase in trade barriers erected against imports of manufactures. The protectionism was “new” in two respects: (1) it was directed against dynamic exporters of manufactured goods (especially Japan and the newly industrializing countries) that had recently become important elements in world trade; (2) the means of protection were nontariff barriers —quotas, voluntary export restraints, and a host of governmental impediments to competitive trading practices.1

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Reinhart, Carmen M., and Christoph Trebesch. "The International Monetary Fund: 70 Years of Reinvention." Journal of Economic Perspectives 30, no. 1 (February 1, 2016): 3–28. http://dx.doi.org/10.1257/jep.30.1.3.

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A sketch of the International Monetary Fund’s 70-year history reveals an institution that has reinvented itself over time along multiple dimensions. This history is primarily consistent with a “demand driven” theory of institutional change, as the needs of its clients and the type of crisis changed substantially over time. Some deceptively “new” IMF activities are not entirely new. Before emerging market economies dominated IMF programs, advanced economies were its earliest (and largest) clients through the 1970s. While currency problems were the dominant trigger of IMF involvement in the earlier decades, banking crises and sovereign defaults became the key focus after the 1980s. Around this time, the IMF shifted from providing relatively brief (and comparatively modest) balance-of-payments support in the era of fixed exchange rates to coping with more chronic debt sustainability problems that emerged with force in the developing economies and have now migrated to advanced economies. As a consequence, the IMF has engaged in “serial lending,” with programs often spanning decades. Moreover, the institution faces a growing risk of lending into insolvency; this has been most evident in Greece since 2010. We conclude with the observation that the IMF’s role as an international lender of last resort is endangered.

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Schneider, Etienne, and Sune Sandbeck. "Monetary integration in the Eurozone and the rise of transnational authoritarian statism." Competition & Change 23, no. 2 (September 30, 2018): 138–64. http://dx.doi.org/10.1177/1024529418800013.

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The negotiations over the Eurozone crisis have increasingly come to reflect Poulantzas’ idea of ‘authoritarian statism’, i.e., a decline in the relevance of democratic institutions and a shift in political power towards technical state apparatuses. Yet, scholarly approaches to transnational integration have provided little guidance as to why monetary relations have become such a pronounced point of condensation for the contradictions inherent in European integration. While mainstream theories of monetary unions such as optimal currency area theory neglect the impact of state power and class interests on monetary politics, more critical perspectives on transnational integration have paid insufficient attention to monetary governance and its role in the mediation of international relations. The present paper brings heterodox theories of international relations and monetary integration to bear on the increasingly authoritarian dynamics of Eurozone governance. Reflecting on Bruff’s discussion of authoritarian neoliberalism, we proceed to examine how the circumvention of democratic institutions via Eurozone monetary governance is more precisely captured through the notion of transnational authoritarian statism. We develop this concept in relation to two historical periods of European integration: the formation of the Economic and Monetary Union and the recent extension of the European Central Bank’s scope of monetary governance.

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Olisah, Remigius. "MONETARY AND FISCAL POLICY COORDINATION IN NIGERIA." Social Science and Law Journal of Policy Review and Development Strategies 8, no. 1 (November 8, 2021): 116–32. http://dx.doi.org/10.48028/iiprds/ssljprds.v8.i1.09.

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This paper seeks to examine monetary and fiscal policy coordination in Nigeria. It discussed monetary policy as expansionary or contractionary, showing the various tools of monetary policy instruments in the country. Data are generated from secondary sources and evaluated through content analysis. The study is anchored by the Monetarist theory of inflation. Various literature examined shows that with declining oil prices and production challenges in an oil-dependent economy, achieving the growth projection requires better coordination of fiscal and monetary policies in a way that supports the non-oil sector. The government must develop and strengthen effective monetary and fiscal policy using appropriate instruments and international best practices.

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Rauhala, Paula Maria. "The Neue Marx-Lektüre and the ‘Monetary Theory of Value’ in the East German Labour-Value Measurement Debate." Historical Materialism 29, no. 2 (June 28, 2021): 29–60. http://dx.doi.org/10.1163/1569206x-12341988.

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Abstract Proponents of a monetary interpretation of Marx’s theory of value (monetäre Werttheorie) argue that one cannot estimate the amounts of socially necessary labour time that lie behind the prices, an interpretation usually ascribed to the West German Neue Marx‑Lektüre. As Hans-Georg Backhaus began fleshing out his monetary interpretation in the early 1970s, he referred explicitly to debate among economists in early‑1960s East Germany about the possibility of estimating quantities of labour value in terms of commodities’ labour content. In fact, scholars who articulated a powerful position in the latter discussion closely approximated the Neue Marx-Lektüre’s ‘monetary interpretation’. They held that expressing labour value in terms of labour time is impossible: the substance of value is not a measurable quantity of labour time but, rather, a social relation. Hence, it is problematic that Neue Marx-Lektüre adherents today should maintain an inaccurate contrast between their reading of Capital and that of ‘traditional Marxism’.

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Marien, Stacey. "Book Review: The Encyclopedia of Central Banking." Reference & User Services Quarterly 55, no. 2 (December 16, 2015): 179. http://dx.doi.org/10.5860/rusq.55n2.179a.

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Rochon is an Associate Professor of Economics, at Laurentian University, in Ontario, Canada, where he is Director of the International Economic Policy Institute. His areas of research include monetary theory and policy, financialization, and post-Keynesian economics. Rossi, is a Full Professor of Economics at the University of Fribourg, Switzerland, where he holds the Chair of Macroeconomics and Monetary Economics, and Senior Research Associate at the International Economic Policy Institute at Laurentian University in Canada. The two editors have co-authored several articles together and now have edited this reference work.

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K, Nurjannah Rahayu, and Phany Ineke Putri. "Mundell-Fleming Model: The Effectiveness of Indonesia�s Fiscal and Monetary Policies." JEJAK 10, no. 1 (March 10, 2017): 223–35. http://dx.doi.org/10.15294/jejak.v10i1.9137.

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This study examines the fiscal and monetary policy in Indonesia using the Mundell-Fleming model. The main objective of this study was to determine which policies are effective between fiscal and monetary policies of the national income in Indonesia because Indonesia is a small open economy with not perfect capital mobility. The analysis technique used is Two Stage Least Square (TSLS) by using secondary data base on International Financial Statistics, 2000.I 2014.II . The research result is monetary policy is more effective than the fiscal policy in which monetary policy multiplier at 0.0028 greater than fiscal policy multiplier 0.001316. The results are consistent with the theory of the Mundell-Fleming.

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Andrews, David M. "Capital Mobility and State Autonomy: Toward a Structural Theory of International Monetary Relations." International Studies Quarterly 38, no. 2 (June 1994): 193. http://dx.doi.org/10.2307/2600975.

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duckenfield, mark e. "Pricing theory, financing of international organisations and monetary history – By Lawrence H. Officer." Economic History Review 61, no. 1 (February 2008): 274–75. http://dx.doi.org/10.1111/j.1468-0289.2007.00419_34.x.

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Sarsembayev, Daniyar. "Monetary Theory of the Genesis of the State, Prospects for Electronic Money and Transnational Law." International Journal of Criminology and Sociology 10 (April 30, 2021): 636–47. http://dx.doi.org/10.6000/1929-4409.2021.10.74.

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This article is an attempt to explain a new way of the cause of the emergence of the state with simultaneous consideration of previously known theories in legal science. Several arguments are presented in favor of the new theory, which, in the author's opinion, are sufficiently valid. The author analyzes the dynamics of the development of the causes of the emergence of state and law and its influence on the transformation of the latest civilizations, which took place in history. Based on the historical chronology of the emergence and functioning of money, the author conventionally differs three stages in its development: 1) the period of the gold standard or a chronic shortage of monetary liquidity; 2) the period of paper money and inflationary pressure; 3) the digital money period. The author upholds a new position regarding the essence of international law, believing that international law is not a separate system of law, but only the result of the evolution of law from national to international, which became possible thanks to the development of the institution of money. The author shares his thoughts on the true reason for justifying the state's right to war in international law a while back, expressed in a persistent shortage of monetary liquidity, which took place from the moment the first civilizations appeared until the 20th century. This article establishes a projection for the further development of state and law, including international law, alongside the inevitable transition of the world community to the digital money supply. The article reveals not only the vision of the new monetary system, its absolute transparency, and clarity but also the various opportunities we face in such a transition. In this regard, the states and the world community will come to clear and effective outcomes in management, to the practical abolition of corruption and economic crime, to legal methods of conducting all competitions and public procurement, to fair and effective justice, and the establishment of highly moral relations in society.

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Alencar, Fernando Barcellos de Andrade. "American structural power within International Financial Governance: from Bretton Woods to globalization." Brazilian Journal of International Relations 7, no. 2 (September 17, 2018): 390–414. http://dx.doi.org/10.36311/2237-7743.2018.v7n2.09.p390.

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From the 1950s to the 1990s, the international monetary and financial system underwent deep changes with profound consequences, including the breakdown of Bretton Woods and the emergence of the globalized financial system. This paper aims to understand how American domestic political and economic challenges and responses in the 1970s reframed the superpowers’ foreign policy goals with respect to global financial governance. Drawing on the international political economy theory of structural power, this article analyzes U.S. domestic and foreign economic policy and examines international governance outcomes from a historical perspective. It argues that U.S. replies to domestic and international political and economic constraints prompted significant structural changes to the international monetary and financial system. The paper concludes that it is American domestic decision-making that determines the structure of the international financial system due to American structural power to underwrite and rewrite the norms and rules of the international financial governance. Recebido em: fevereiro/2018 Aprovado em: abril/2018

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Rotheim, Roy J. "On the indeterminacy of Keynes's monetary theory of value." Review of Political Economy 5, no. 2 (April 1993): 197–216. http://dx.doi.org/10.1080/09538259300000014.

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Paun, Cristian. "Monetary policy as a source of risk in international business financings and investments." Proceedings of the International Conference on Business Excellence 11, no. 1 (July 1, 2017): 660–68. http://dx.doi.org/10.1515/picbe-2017-0070.

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Abstract This paper aims at explaining the volatility of two main macroeconomic variables (interest rate and exchange rate) that impact the cost of international capital and, consequently, the international financing decision. Firstly, the main economic theories are called to illustrate the relevant determinants of these variables from the perspective of demand and supply of capital sides. The state intervention through monetary policy is introduced to emphasize the alteration of these prices (the price of capital, the price of foreign currencies). The paper is presenting the role of these prices in international financing decision (based on the theoretical model used to estimate cost of international capital), their impact on the foreign direct investment decision and on the international portfolio investment decision. Finally, the paper describe the economic consequences of the monetary public intervention on the financing and investment decision in direct connection with the business cycle theory. The paper associates the monetary policy to the business cycles. The paper comments the unsound solutions proposed against the economic crises and that continued to harm negatively these prices generating the seeds for next international economic recession. The paper is a theoretical one, containing some very interesting research hypothesis and opening the paths for presumable further empirical researches.

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Bilquees, Faiz. "Monetary Approach to Balance of Payments: The Evidence on Reserve Flow from Pakistan." Pakistan Development Review 28, no. 3 (September 1, 1989): 195–206. http://dx.doi.org/10.30541/v28i3pp.195-206.

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The monetary approach to balance-of-payments theory suggests that balance of payments defecits are related to disequilibrium in the international money market and, as such, involve a flow of international reserves. A cross-section study of 39 IDCs, including Pakistan, validates the MABOPs theory for the analySiS of balance of payments of these countries despite the absence of underlying assumptions in these countries. It is contended that while it may be possible to obtain significant'results on a cross-section basis, the individual country data for many of these IDes may not validate the MABOPs theory, mainly due to the absence of underlying assumptions, due to significantly heterogenous economic structures in many of these countries, and due to the common prevalence of restrictive financial policies in a large number of LDCs. In this paper the propositions of the MABOPs theory are tested for Pakistan only, using the same model as applied to 39 LDCs on a crosssection basis. The results show that reserves movement in Pakistan cannot be explained by the version of MABOPs theory.

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Dehem, Roger. "Le système monétaire européen à la lumière de l’expérience et de la théorie monétaires." Études internationales 12, no. 3 (April 12, 2005): 465–74. http://dx.doi.org/10.7202/701233ar.

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In the light of monetary experience and theory, the EMS appears to be unsustainable. Monetary history of the past sixty years shows that every attempt to stabilise the international monetary System has been frustrated as a consequence of divergent egocentric monetary policies. The breakdown of the rules of the gold standard game in the twenties, as well as the use of money as an instrument in national macroeconomic policies under the Bretton Woods regime have ultimately led to the demise of the fixed exchange rates System. In the sixties, European views on monetary policies were quite divergent, but in the seventies institutional attempts were made to bring them apparently into line. The "snake" arrangements, initiated in 1972, soon degenerated. The more ambitious attempt of 1979, the institutionally more elaborate EMS, suffers from the same basic weakness as all the previous ones. It lacks a common monetary standard, such as the one proposed in the 1975 Ail-Saints Manifesto. Such a standard is a necessary and a sufficient condition for a sustainable common monetary System.

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Powell, Jason L. "Globalization and Scapes: A New Theory of Global Dynamics." International Letters of Social and Humanistic Sciences 49 (March 2015): 168–75. http://dx.doi.org/10.18052/www.scipress.com/ilshs.49.168.

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Globalization has produced a distinctive stage in the social history of populational projections, with a growing tension between nation state-based solutions and anxieties and those formulated by global institutions (Powell, 2011). Globalization, defined here as the process whereby nation-states are influenced (and sometimes undermined) by trans-national actors. Human identity has, itself, become relocated within a trans-national context, with international organisations (such as the World Bank and International Monetary Fund) and cross-border migrations, creating new conditions and environments for many displaced people (Estes, Biggs, & Phillipson, 2003). This paper examines the work of Appadurai and the extent to which has had a large impact on understanding the global dynamics of cultural, technological, political and economic change.

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Petrovic, Pero, and Zeljko Jovic. "Economic crisis impact on international financial institutions: The necessity for reforms." Medjunarodni problemi 65, no. 2 (2013): 160–84. http://dx.doi.org/10.2298/medjp1302160p.

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The emergence and deepening of the global economic crisis is reflected in large part on the functioning of international financial institutions and their current structure. The long-term financial crisis has placed demands for decisive reform moves in the functioning and structure of the IMF, the World Bank Group and other global and regional financial institutions. This means that so far, the results of their policies have been inadequate and that their role is subject to critical observation finding an efficient performance of financial markets. The crisis has imposed the need to reform international financial institutions and the new global financial architecture. Changes in structure and their functioning should lead to the global economic stability. Members of the Euro zone are faced with a new attitude towards the international financial institutions and the International Monetary Fund, in particular. The proclaimed missions of the International Monetary Fund and the World Bank are clearly separated in theory, but with the passing of time, their activities have become increasingly intertwined, so that they often include a name - international financial institutions.

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Bailey, Charles D., and Nicholas J. Fessler. "The Moderating Effects of Task Complexity and Task Attractiveness on the Impact of Monetary Incentives in Repeated Tasks." Journal of Management Accounting Research 23, no. 1 (December 1, 2011): 189–210. http://dx.doi.org/10.2308/jmar-10104.

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ABSTRACT This study examines the interactive effects of task complexity and attractiveness on the effectiveness of explicit monetary incentives in promoting task performance. We provide theory for and find an interaction such that monetary incentives are more effective when tasks are less complex, but only when the task is viewed as relatively unattractive. In addition, by varying task complexity, this study extends Bailey et al. (1998), finding that when incentive pay leads to higher performance, it is through faster initial performance, not faster improvement.

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Reichart, Alexandre. "A reappraisal of the Friedman-Kaldor debate in the light of the great recession." SocioEconomic Challenges 6, no. 4 (2022): 60–79. http://dx.doi.org/10.21272/sec.6(4).60-79.2022.

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This paper summarizes the arguments and counterarguments within the scientific discussion on the issue of the exogenous and endogenous money supply theories, developed by Milton Friedman and Nicholas Kaldor in the 1960s-1970s. The main purpose of the research is to demonstrate that the influence of the monetarist exogenous money supply theory has become low and that the influence of the Post-Keynesian endogenous money supply theory has become strong during the last decades. Systematization of the literary sources and approaches for solving the problem indicates that Friedman’s metaphor has been deeply twisted from its original sense and is now interpreted as a fiscal policy rather than a monetary option; while hard-line monetarism never triumphed in central banks, Kaldor’s endogenous money supply theory has gained ground at the same time. Investigation of the topic in the paper is carried out in the following logical sequence: an analysis of the Friedman-Kaldor debate of 1969-1970; a demonstration of Friedman’s metaphor of the helicopter money was strong after this debate; a demonstration that Friedman’s metaphor was linked to fiscal policy rather than to monetary policy and is therefore a weak metaphor; a demonstration that Kaldor’s endogenous money supply theory gained ground within the main European central banks from the 1940s: in French, English and German monetary authorities. Methodological tools of the research methods were the primary sources of the main central banks ((Federal Reserve System, Bank of France, Bank of England, German Bundesbank, Committee of the Governors of the central banks of the European Economic Commission, Bank of International Settlements). The research empirically confirms and theoretically proves that Nicholas Kaldor finally won the debate and that the Post-Keynesian framework is more efficient to understand the functioning of monetary policies, especially the monetary creation process. The results of the research can be useful for all researchers working on the monetary creation process and on monetary theories and policies.

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Omori, Sawa. "The Politics of Financial Reform in Indonesia." Asian Survey 54, no. 5 (September 2014): 987–1008. http://dx.doi.org/10.1525/as.2014.54.5.987.

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This research explains the politics of financial reforms in Indonesia by applying the theory of veto players. By comparing the periods during and after the International Monetary Fund (IMF) programs, I analyze temporal variations in the effects of the IMF and the number of veto players on financial reforms in Indonesia.

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Novashina, Т. S. "Economic Nature of A. Yu. Simanovskiy Crypto-Currency." Vestnik of the Plekhanov Russian University of Economics, no. 3 (May 13, 2020): 27–39. http://dx.doi.org/10.21686/2413-2829-2020-3-27-39.

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The author by analyzing theoretical ideas put forward b y A. Yu. Simanovskiy in the research ‘Concerning Economic Nature of Crypto-Currency’, which was published in the journal “Issues of Economics’ provides his own opinion concerning whether currency (including crypto-currency) can have economic nature. This question is not rhetoric and has nothing to do with casuistry. It is essential, principle and touches upon problems dealing with national security. On the basis of system-functional analysis and achievements of modern theory of money and using its fundamental provisions the author considers the content of money in dialectic unity of form transformation (material, money, paper, electronic) and spheres (social – money as a symbol; economic – bank notes; political and legal – monetary units) of their being. It is shown that currency, especially crypto-currency cannot have economic nature. In this connection the author studying the process of historical transformation of international monetary systems with regard to achievements of finance, technical and social engineering aimed at creation of ‘digital gold’ thinks that the social and economic model of the future international monetary system has been tested already.

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Zhu, Jiejin. "China’s Path Selection in Global Governance Reform." International Organisations Research Journal 15, no. 3 (November 1, 2020): 248–81. http://dx.doi.org/10.17323/1996-7845-2020-03-10.

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With the rise of China, reforming the global governance institutions has become an important part of China’s diplomacy. Based on whether to build new international rules or reinterpret or redeploy the existing ones, we can divide the rising power’s paths in global governance reform into four types: displacement, layering, conversion and avoidance. Why does China adopt different paths toward reforming the existing international institutions which are dominated by the U.S.? Building on the theory of “gradual institutional change” in historical institutionalism, this article argues that the veto capability of the established power and the flexibility of the existing international institution are two determinants of the rising power’s path selection in global governance reform. It applies this theoretical framework to explain China’s behaviour in four issue areas: sovereign credit rating, the international monetary system, free trade agreements and multilateral development banks. In sovereign credit rating, the strong veto capability of the U.S. and the low flexibility of the existing international credit rating institution make China adopt the path of avoidance. In the international monetary system, the strong veto capability of the U.S. and the high flexibility of the International Monetary Fund’s special drawing rights make China adopt the path of layering. In free trade agreements, the weak veto capability of the U.S. and low flexibility of the Trans-Pacific Partnership make China adopt the path of displacement. In multilateral development banks, the weak veto capability of the U.S. and high flexibility of World Bank rules make China adopt the path of conversion.

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Baker, Andrew, and Richard Murphy. "Modern Monetary Theory and the Changing Role of Tax in Society." Social Policy and Society 19, no. 3 (March 9, 2020): 454–69. http://dx.doi.org/10.1017/s1474746420000056.

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Tax is traditionally viewed as the main funding mechanism for government spending. Consequently, social policy is often seen as something determined and constrained by tax revenue. Modern Monetary Theory (‘MMT’) presents a reversal of the tax-spend cycle, by identifying a spend-tax cycle. Using the UK as an example, we highlight that one of MMT’s most important, but under-explored, contributions is its potential to re-frame the role of tax from both a macroeconomic and social policy perspective. We use insights on the money removal, or cancellation function of taxes, derived from MMT, to demonstrate how this also creates possibilities for using tax to achieve social objectives such as mitigating income and wealth inequality, increasing access to housing, or funding a Green New Deal. For social policy researchers the challenge arising is to use these insights to re-engineer tax systems and redesign social tax expenditures (STEs) for creative social policy purposes.

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CARVALHO, FERNANDO J. CARDIM DE. "Economic policies for monetary economies." Brazilian Journal of Political Economy 17, no. 4 (December 1997): 507–28. http://dx.doi.org/10.1590/0101-31571997-0972.

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ABSTRACT A new wave of conservative thinking in economic theory and policy, which emerged in the mid-1970s, made the dominance of Keynesian views among macroeconomists its priority target. This wave takes various forms, but all have in common the critique of the interventionist ideas commonly attributed to Keynes or his followers. There is no doubt that Keynesianism, in all its incarnations, has a strong interventionist component. This work examines the fundamentals of this interventionist bias in Keynes’ original work, exploring works little explored or known as those produced during the Second World War, in which that author served as a high advisor to the English government.

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Patalano, Rosario. "Un sistema imperfetto: il Gold Standard e i suoi critici (1870-1914)." HISTORY OF ECONOMIC THOUGHT AND POLICY, no. 2 (December 2009): 63–113. http://dx.doi.org/10.3280/spe2009-002004.

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- This paper examines the debate on the gold standard from 1870 to 1914. In this period the gold standard becomes the world's monetary regime, but this political success is disputed by a considerable part of the coeval economic theory. The different critical positions showed the imperfections of the gold standard and the critical economists proposed several solutions. The most radical solutions wished a return to the bimetallic regime or the adoption of experimental system, like the symmetallism proposed by Marshall. Other critical positions were direct towards attempts of reforms, which leaded to the definition of the principles of the gold exchange standard, destined later on to regulate, without success, the international monetary regime after the World War One, and then to be reproposed at the Bretton Woods Conference and to become the basis of a long period of monetary stability.

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De Lombaerde, Philippe. "Optimal currency area theory and monetary integration in the Andean and Caribbean regions." Global Economic Review 33, no. 2 (January 2004): 57–78. http://dx.doi.org/10.1080/12265080408449848.

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Ricci, Andrea. "Unequal Exchange in the Age of Globalization." Review of Radical Political Economics 51, no. 2 (September 7, 2018): 225–45. http://dx.doi.org/10.1177/0486613418773753.

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Unequal exchange arises when spatial production of value is disjointed from its geographical distribution. A disaggregated monetary model of the world economy is presented on the grounds of Marx’s labor theory of value. All the forms of unequal exchange in international trade are explained, on the basis of a coherent definition of the forms of international value of traded commodities. Estimates of value transfers for recent years show the ongoing relevance of the unequal exchange in the modern capitalist world economy. JEL classifications: B51, D46, F63

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Hatak, Isabella, and Haibo Zhou. "Health as Human Capital in Entrepreneurship: Individual, Extension, and Substitution Effects on Entrepreneurial Success." Entrepreneurship Theory and Practice 45, no. 1 (August 13, 2019): 18–42. http://dx.doi.org/10.1177/1042258719867559.

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This study investigates how entrepreneurial health and spousal health influence monetary and non-monetary entrepreneurial success. Drawing on human capital theory in combination with a family embeddedness perspective on entrepreneurship and applying actor–partner interdependence models to longitudinal data, we conclude that overall spousal health constitutes an important extension of entrepreneurs’ human capital influencing entrepreneurial success. This study further contributes to human capital research by offering interesting insights and novel theorizing on substitution effects for different types of entrepreneurial human capital, and adds to a biological perspective on entrepreneurship by considering the differential role of biological sex in the health–success relationship.

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Burney, Nadeem A. "Wilfred Ethier. Modern International Economics. New York: W. W. Norton and Company. 1983. xviii + 588 pp." Pakistan Development Review 27, no. 1 (March 1, 1988): 81–83. http://dx.doi.org/10.30541/v27i1pp.81-83.

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Its been long recognized that various economies of the world are interlinked through international trade. The experience of the past several years, however, has demonstrated that this economic interdependence is far greater than was previously realized. In this context, the importance of international economic theory as an area distinct from general economics hardly needs any mentioning. What gives international economic theory this distinction is international markets for some goods and effects of national sovereignty on the character of economic activity. Wilfred Ethier's book, which incorporates recent developments in the field, is an excellent addition to textbooks on international economics for one- or twosemester undergraduate courses. The book mostly covers standard topics. A distinguishing feature of this book is its detailed analysis of the flexible exchange rates and a discussion of the various approaches used for their determination. Within each chapter, the author has extensively used facts, figures and major events to clarify the concepts in the light of the theoretical framework. The book also discusses, in a fair amount of detail, the existing international monetary system and the role of various international organizations.

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Journal articles on the topic 'International Monetary Theory'

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