Optimum Currency Area (OCA) approaches turn to be inadequate in the analysis of the new regional monetary integration schemes that have sprung up among developing and emerging market economies. Instead, in accordance with the concept of 'original sin' (Eichengreen et al.) we argue that regional...

Optimum Currency Area (OCA) theory proves inadequate in the analysis of the new regional monetary integration schemes that have sprung up among developing and emerging market economies since the 1990s. Building on the concept of 'original sin' developed by Eichengreen et al. we argue that a...

The Global Financial Safety Net (GFSN) - the institutions and arrangements that provide short-term crisis finance - has turned into a highly complex, uncoordinated system of global, multilateral, and bilateral instruments. The present paper elaborates on a composite index of the GFSN to analyse...

The current global financial non-system is marked by instability. In the absence of global solutions, a series of regional arrangements of monetary cooperation have been emerging to cope with such instability. The paper focuses on regional payment systems as an initial step of regional monetary...

Lateinamerikas Wirtschaft stagniert. Die politische Unsicherheit in den wichtigsten Ökonomien, der schwächere Welthandel und die Handelsstreitigkeiten drücken die Wachstumsprognosen. Die Länder verlieren weiter den Anschluss im weltweiten Vergleich. Entwickelt sich Südamerika vom...

Erster Absatz: Der »Bericht zu Handel und Entwicklung« der UNCTAD (»Konferenz der Vereinten Nationen zu Handel und Entwicklung«) steht zu Recht im Ruf, eine fundierte alternative Sichtweise auf internationale wirtschaftliche Zusammenhänge und Entwicklungsfragen zu vermitteln. Der jährlich...

In this paper, we develop a Keynesian–structuralist perspective on the origins and implications of the currency hierarchy in the international monetary and financial system. We show that international asymmetry in monetary affairs results in structural implications for peripheral economies....

Capital account regulation (CAR) has experienced profound reconsideration since the global financial crisis. This new debate focuses on the macroeconomic gains of regulating international capital flows in terms of reducing external and financial vulnerability, but it does not consider relevant...