Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/209178 
Authors: 
Year of Publication: 
2019
Series/Report no.: 
Working Paper No. 935
Publisher: 
Levy Economics Institute of Bard College, Annandale-on-Hudson, NY
Abstract: 
This paper investigates the peculiar macroeconomic policy challenges faced by emerging economies in today's monetary (non)order and globalized finance. It reviews the evolution of the international monetary and financial architecture against the background of Keynes's original Bretton Woods vision, highlighting the US dollar's hegemonic status. Keynes's liquidity preference theory informs the analysis of the loss of policy space and widespread instabilities in emerging economies that are the consequence of financial hyperglobalization. While any benefits promised by mainstream promoters remain elusive, heightened vulnerabilities have emerged in the aftermath of the global crisis.
Subjects: 
Emerging Economies
Hyperglobalization
Liquidity
Liquidity PreferenceTheory
Reserve Accumulation
US Dollar Hegemony
JEL: 
B22
E43
E44
F02
F36
F65
G12
Document Type: 
Working Paper

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