- 1、本文档共14页,可阅读全部内容。
- 2、原创力文档(book118)网站文档一经付费(服务费),不意味着购买了该文档的版权,仅供个人/单位学习、研究之用,不得用于商业用途,未经授权,严禁复制、发行、汇编、翻译或者网络传播等,侵权必究。
- 3、本站所有内容均由合作方或网友上传,本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺!文档内容仅供研究参考,付费前请自行鉴别。如您付费,意味着您自己接受本站规则且自行承担风险,本站不退款、不进行额外附加服务;查看《如何避免下载的几个坑》。如果您已付费下载过本站文档,您可以点击 这里二次下载。
- 4、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等,请点击“版权申诉”(推荐),也可以打举报电话:400-050-0827(电话支持时间:9:00-18:30)。
查看更多
CURRENCY AND STATE POWER货币与国家权力
CURRENCY AND STATE POWER Benjamin J. Cohen University of California, Santa Barbara SUMMARY Question: What is the effect of an int’l currency (IC) on state power? Analytical strategy: Disaggregate the roles of an IC –> 3 questions: What is the effect of each role alone? Are there interdependencies among roles? What are their relative or cumulative impacts? Conclusion: Three roles are paramount – in financial markets, trade, and central-bank reserves CONTEXT Conventional wisdom: an IC increases state power. But what are the specific causal pathways? To answer, we must understand – Meaning(s) of state power Implications of separate roles STATE POWER Monetary power: a complex phenomenon. Two issues Autonomy vs. influence Autonomy = capacity to delay or deflect costs of balance-of-payments adjustment Influence derives from autonomy Influence may be passive or active Relations as a source of power Relevance of asymmetries, dependencies Influence as a function of centrality of position THE AGENDA What is the effect of an IC on an issuing state’s network position? What is the effect on the state’s monetary autonomy? What is the effect on the state’s capacity for influence? What is the likelihood that influence will be actualized? MONEY AND POWER Conventional wisdom: an IC yields benefits to the issuing country Seigniorage Macroeconomic flexibility Reputation Leverage Problem: What are the specific causal pathways? Answer: need to disaggregate the separate roles of an IC ROLES OF AN INT’L CURRENCY Private level (markets) Forex trading (medium of exchange) Trade invoicing (m/e, unit of account) Investment (store of value) Official level (policy) Intervention currency (m/e) Exchange-rate anchor (u/a) Reserve currency (s/v) THE CURRENCY PYRAMID “Top” currency (US dollar) Universal in scope (all six roles) Universal in domain (the globe) “Patrician” currencies (euro, yen) Limited number of roles Mostly regional “Elite” currencies (sterling, Swiss franc, Canadian dollar, et
您可能关注的文档
- Corporate Entrepreneurship, Innovation and Creativity公司创业,创新和创造力.ppt
- Coronary Artery Bypass Graft:.ppt
- cosplay英文介绍.ppt
- Cox_Merz规则和时温叠加原理在聚合物剪切黏度测量中的应用与研究.docx
- CPIII平面控制测量QC.docx
- CPIII介绍及观测介绍.ppt
- cpr英文.doc
- CPS供应源搜寻.pptx
- cQuery与jQuery.doc
- CPT CODINGCPT编码.ppt
- 2023年计算机技师职称考试:简答题(含答案).pdf
- 规范企业规章制度的执行和执法机制.pptx
- 2022年6月湖南张家界武陵源区事业单位招聘考试《公共基础知识》笔试真题.pdf
- 中国移动整合行销传播策划方案.pptx
- 2023年云南国家公务员《行测》考试真题及答案-地市级.pdf
- 乡政府防火应急演示.pptx
- 2023年一级造价工程师《案例分析(土建安装)》考前资料汇编.pdf
- 2019年国家公务员考试《行测》真题试卷(省部级和地市级)合集(2套).pdf
- 2023年国考银保监会(计算机类)模拟卷及答案.pdf
- 苏教版五年级上册《第5单元-小数乘法和除法》小学数学-有答案-同步练习卷(11).docx
文档评论(0)