Sajnoski, Krste and Matlievska, Margarita and Gaber, Stevan and Miteva-Kacarski, Emilija and Nikolova, Elena (2011) Global imbalances and the dollar. In: Economics and Management in the 21st Century-Solutions for Sustainability and Growth. International Jubilee Scientific Conference, 1 . Tsenov Academic Publishing House, Svishtov, pp. 169-176. ISBN 978-954-23-0677-1 (t.1)
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Abstract
For several years the issue of global imbalances has attracted the attention of the scientific and general public in developed countries and emerging countries. The authors of this article address different views on the causes of global imbalances and suggest that they more or less reflect the interests of actors in discussions in order to provide a painless solution to his country in addressing global imbalances. This is especially evident in discussions in which blame for global imbalances switches on under appreciated Yuan (China), or on excessive saving in emerging countries. The development of attitudes about the causes of global imbalances is due to the in sustainability of the argument previously imposed. The authors believe that contemporary global imbalance can not be explained without the internal causes of deficits and external debt of the United States, the weakness of the dollar.
There is no doubt that using the dollar as world currency is the cause of global imbalances because it generates growth in the current account deficit of the United States, and at the same time, these deficits are necessary to create sufficient liquidity worldwide. It is high time the national currency-the dollar, which performs the function of world money, to be replaced with real world currency. In this context the authors actualize proposal of Ј.M. Keynes to create the world's money (under the name bancor) because their mechanism of operation ensures the exchange equilibrium, without the occurrence of excessive deficits and surpluses in different countries. It establishes the principle of equal responsibility of the member countries of borrowers and creditors to maintain a balance in international payments.
| Item Type: | Book Section |
|---|---|
| Subjects: | Social Sciences > Economics and business |
| Divisions: | Faculty of Economics |
| Depositing User: | Stevan Gaber |
| Date Deposited: | 11 Dec 2012 14:34 |
| Last Modified: | 11 Dec 2012 14:34 |
| URI: | https://eprints.ugd.edu.mk/id/eprint/3412 |
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