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Although the globalization of markets and the rapid growth in
worldwide information technologies supports harmonization and
integration between countries, substantial differences still exist
throughout the world. Global Divergence in Trade, Money and Policy
explores the disparities between a range of countries, arguing that
their differences are a major factor in international tensions, and
will remain a substantial problem for many decades to come. The
book analyses the implications of disparities in the areas of
economic power, institutional structures, per capita income,
international trade, exchange rate systems, financial markets,
monetary policy issues, the development of monetary unions and
welfare. Case studies encompassing Asia, India, Greece, Mexico, the
US and EU accession countries illustrate how differently the
globalization process is regarded and valued by countries depending
on their own particular circumstances. Exploring the role of
different countries in the processes of globalization and shedding
light on the issues surrounding economic divergences, this book
will strongly appeal to economists with a special interest in
globalization, development and international trade.
Financial services with global reach are becoming ever more
important in the conduct and organization of the trade and
investment of nations, and currencies that lack international
standing lose out in this business. The result of financial
development has been destabilizing currency and portfolio
substitution - in favour of international currencies and against
local ones. This book analyses formal approaches to overcoming
monetary divisions within countries and within integrating regions,
focusing on the consequences of monetary union for trade among
union members and their financial development and stability. The
authors discuss hard pegs such as those attempted by the currency
board of Argentina, outright dollarization, such as in Ecuador, and
multilateral monetary union, as in Europe, the least reversible
form of monetary union and the most powerful elixir of financial
integration and trade. The political classes and central banks in
most countries have been reluctant to admit the market- and
technology-driven forces of currency consolidation, much less yield
to them. International financial institutions too are still in the
habit of proffering advice about national monetary and
exchange-rate policies on the assumption that getting rid of both
is not even an option. Emerging-market countries, in particular,
have to choose between retaining what independent monetary means
they still have - and can safely use in the presence of widespread
liability dollarization and currency mismatches - and formally
replacing the domestic with an international currency to reduce
exposure to debilitating financial crises. In concrete
investigations of this choice, this volume shows that monetary
union deserves a much more sympathetic hearing.
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