The Political Economy of Money

A special issue of Economies (ISSN 2227-7099).

Deadline for manuscript submissions: 31 October 2024 | Viewed by 1077

Special Issue Editor


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Guest Editor
1. Faculty of Political Sciences, Chulalongkorn University, Bangkok, Thailand
2. London School of Economics and Political Sciences (LSE), London, UK
Interests: economics; public finance; emerging markets

Special Issue Information

Dear Colleagues,

The global economy is in a state of transformation. Emerging market economies are expanding their market share in global trade, and financial networks are becoming more complex. The so-called BRICS countries are seeking to challenge the role of the US dollar as the global anchor currency, but history has shown that replacing an established anchor currency takes an extremely long time. To become a global monetary anchor requires the fulfilment of many conditions. Among the most important are:

  • Monetary stability to ensure that money is a good store of value;
  • A significant share in global trade to ensure that money is an international means of exchange;
  • Exchange rate stability to minimize risks and uncertainties for investors;
  • Free currency convertibility for all balance of payment functions;
  • The security of property titles, the rule of law, and respect for fundamental human rights.

This Special Issue of Economies aims to deepen our empirical and theoretical understanding of the factors driving the international monetary system. It also welcomes papers making proposals regarding the reform of Bretton Woods institutions.

Prof. Dr. Stefan Collignon
Guest Editor

Manuscript Submission Information

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Keywords

  • international monetary system
  • exchange rates
  • monetary stability
  • human rights
  • bretton woods
  • BRICS

Published Papers (1 paper)

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Research

14 pages, 774 KiB  
Article
Exploring the Dynamic Nexus between Cross-Border Dollar Claims and Global Economic Growth
by Constantinos Alexiou, Sofoklis Vogiazas and Alex Benbow
Economies 2024, 12(3), 69; https://0-doi-org.brum.beds.ac.uk/10.3390/economies12030069 - 15 Mar 2024
Viewed by 836
Abstract
This paper addresses the role of the U.S. dollar in fostering global economic growth during the post-war period. The existing literature lacks a comprehensive understanding of the true implications of the U.S. dollar’s status as a reserve currency and a dearth of studies [...] Read more.
This paper addresses the role of the U.S. dollar in fostering global economic growth during the post-war period. The existing literature lacks a comprehensive understanding of the true implications of the U.S. dollar’s status as a reserve currency and a dearth of studies examining its impact. In this study, we explore the dynamic long-run and short-run relationships between cross-border U.S. dollar claims, global GDP, and global trade while gauging the impact of the Global Financial Crisis (GFC) and the COVID-19 pandemic. In doing so, we use ARDL methodology for a data set that spans the period of 1980 to 2022. The estimation results reveal a robust long-run relationship between U.S. dollar claims, global GDP and global trade and no clear evidence of asymmetric effects. Our findings are of great significance for monetary authorities, emphasising the need for a nuanced understanding of the implications of the U.S. dollar’s conducive role in shaping global economic dynamics and fostering growth. Full article
(This article belongs to the Special Issue The Political Economy of Money)
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