Hegemonic currencies during the crisis: The dollar versus the euro in a Cartalist perspective

REFERENCES

• Arestis , P. and Sawyer , M. 2006 . “ ‘Macroeconomic Policy and the European Constitution' ” . In Alternative Perspectives in Economic Policies in the European Union , Edited by: Arestis , P. and Sawyer , M. New York : Palgrave-Macmillan .
   Google Scholar
• Axelrod , R. and Keohane , R. O. 1985 . ‘Achieving Cooperation Under Anarchy: Strategies and Institutions' . World Politics , 38 ( 1 ) : 226 – 54 .
   Web of Science ®Google Scholar
• Bank for International Settlements . 2010 . Triennial Central Bank Survey , Basle : BIS .
   Google Scholar
• Barba , A. and Pivetti , M. 2009 . ‘Rising Household Debt: Its Causes and Macroeconomic Implications' . Cambridge Journal of Economics , 33 ( 1 ) : 113 – 37 .
   Web of Science ®Google Scholar
• Bell , S. 2001 . ‘The Role of the State and the Hierarchy of Money' . Cambridge Journal of Economics , 25 : 149 – 63 .
   Web of Science ®Google Scholar
• Berglund , P. and Vernengo , M. 2006 . “ ‘Introduction' ” . In The Means to Prosperity , Edited by: Berglund , P. and Vernengo , M. 1 – 15 . New York : Routledge .
   Google Scholar
• Bergsten , F. 2010 . ‘China's Currency and the US Economy' . VoxEU.org, November 1
   Google Scholar
• BIS . 2010 . Triennial Central Bank Survey: Report on global foreign exchange market activity in 2010 , Basel : Bank of International Settlements .
   Google Scholar
• Chinn , M. and Frankel , J. 2008 . ‘Will the Euro Rival the Dollar? . A Debate', International Finance , 11 ( 1 ) : 49 – 73 .
   Web of Science ®Google Scholar
• Cerny , P. G. 1993 . “ ‘The political economy of international finance' ” . In Finance and World Politics: Markets, Regimes, and States in the Post-Hegemonic Era , Edited by: Cerny , P. G. 3 – 19 . Cheltenham : Edward Elgar .
   Google Scholar
• Cohen , B. 1998 . The Geography of Money , Ithaca : Cornell University Press .
   Google Scholar
• Cohen , B. J. 2006 . “ ‘The macro-foundations of monetary power' ” . In International Monetary Power , Edited by: Andrews , D. M. 31 – 50 . Ithaca , NY : Cornell University Press .
   Google Scholar
• Crotty , J. 2011 . ‘The Great Austerity War: What Caused the US Deficit Crisis and Who Should Pay to Fix It?' Political Economy Research Institute, Working Paper No 260
   Google Scholar
• Dooley , M. , Folkerts-Landau , D. and Garber , P. 2003 . ‘An Essay on the Revived Bretton Woods System' . NBER Working Paper, No. 9971
   Google Scholar
• Eichengreen , B. 1989 . ‘Hegemonic Stability Theories of the International Monetary System' . NBER Working Paper, No. 2193
   Google Scholar
• Eichengreen , B. 1992 . Golden Fetters: The Gold Standard and the Great Depression , 1919 – 1939 . New York : Oxford University Press .
   Google Scholar
• Eichengreen , B. 2007 . Global Imbalances and the Lessons of Bretton Woods , Boston : MIT Press .
   Google Scholar
• Eichengreen , B. 2011 . Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System , New York : Oxford University Press .
   Google Scholar
• Eichengreen , B. and Flandreau , M. 2009 . ‘The Rise and Fall of the Dollar, or When Did the Dollar Replace Sterling as the Leading Reserve Currency?' . European Review of Economic History , 13 : 377 – 411 .
   Web of Science ®Google Scholar
• Eichengreen and O'Rourke . 2010 . ‘A Tale of Two Depressions: What do the New Data Tell Us?' available at http://www.voxeu.org/article/tale-two-depressions-what-do-new-data-tell-us-february-2010-update
   Google Scholar
• Flood , R. and Garber , P. 1984 . ‘Collapsing Exchange-rate Regimes: Some Linear Examples' . Journal of International Economics , 17 ( 1/2 ) : 1 – 13 .
   Web of Science ®Google Scholar
• Goldberg , L. 2010 . ‘Is the International Role of the Dollar Changing?' Federal Reserve Bank of New York . Current Issues in Economics and Finance , 16 ( 1 ) : 1 – 7 .
   Google Scholar
• Goldberg , L. and Tille , C. 2008 . ‘Vehicle Currency Use in International Trade' . Journal of International Economics , 76 ( 2 ) : 177 – 92 .
   Web of Science ®Google Scholar
• Goodhart , C. 1998 . ‘The Two Concepts of Money' . European Journal of Political Economy , 14 : 407 – 32 .
   Google Scholar
• Green , R. 1992 . Classical Theories of Money, Output and Inflation , London : Macmillan .
   Google Scholar
• Helleiner , E. 2003 . The Making of National Money , Ithaca : Cornell University Press .
   Google Scholar
• Ingham , G. 2004 . The Nature of Money , Cambridge : Polity Press .
   Google Scholar
• Keohane , R. 1980 . “ ‘The Theory of Hegemonic Stability and Changes in International Economic Regimes, 1967–1977’ ” . In Change in the International System , Edited by: Holsti , O. , Siverson , R and George , A. 131 – 62 . Boulder : Westview Press .
   Google Scholar
• Keohane , R. O. 1984 . After Hegemony: Cooperation and Discord in the World Political Economy , Princeton : Princeton University Press .
   Google Scholar
• Keohane , R. O. and Nye , J. S. 1977 . Power and Interdependence: World Politics in Transition , Boston : Little, Brown and Company .
   Google Scholar
• Kindleberger , C. P. 1973 . The World in Depression , Berkeley : University of California Press .
   Google Scholar
• Kirshner , J. 1995 . Currency and Coercion , Princeton : Princeton University Press .
   Google Scholar
• Kirshner , J. 2008 . ‘American Power and Dollar Primacy: What's At Stake?' . Review of International Political Economy , 15 ( 3 ) : 418 – 39 .
   Web of Science ®Google Scholar
• Kiyotaki , N. and Wright , R. 1989 . ‘On Money as a Medium of Exchange' . Journal of Political Economy , 97 ( 4 ) : 927 – 54 .
   Web of Science ®Google Scholar
• Krasner , S. D. 1982 . ‘Structural Causes and Regime Consequences: Regimes as Intervening Variables' . International Organization , 36 ( 1 ) : 1 – 21 .
   Google Scholar
• Kregel , J. 2010 . ‘An Alternative Perspective on Global Imbalances and Inter- national Reserve Currencies', Levy Economics Institute, Public Policy Brief, No . : 116
   Google Scholar
• Krugman , P. 1979 . ‘A Model of Balance-of-Payments Crises' . Journal of Money, Credit and Banking , 11 ( 3 ) : 311 – 25 .
   Web of Science ®Google Scholar
• Krugman , P. 1980 . ‘Vehicle Currencies and the Structure of International Exchange' . Journal of Money, Credit and Banking , 12 ( 3 ) : 513 – 26 .
   Web of Science ®Google Scholar
• Langley , P. 2002 . World Financial Orders , London : Routledge .
   Google Scholar
• Marx , K. 1973 . Grundrisse , London : Penguin .
   Google Scholar
• McNamara , K. 2008 . ‘A Rivalry in the Making? . The Euro and International Monetary Power', Review of International Political Economy , 15 ( 3 ) : 439 – 59 .
   Web of Science ®Google Scholar
• Menger , C. 1892 . ‘On the Origin of Money' . Economic Journal , 2 : 239 – 55 .
   Google Scholar
• Obstfeld , M. 1986 . ‘Rational and Self-Fulfilling Balance of Payments Crises' . American Economic Review , 76 ( 1 ) : 72 – 81 .
   Web of Science ®Google Scholar
• Panico , C. 2010 . ‘The Causes of the Debt Crisis in Europe and the Role of Regional Integration' . Political Economy Research Institute, Working Paper Series No 234
   Google Scholar
• Parboni , R. 1981 . The Dollar and Its Rivals , London : Verso .
   Google Scholar
• Pérez-Caldentey , E. and Vernengo , M. 2012 . ‘The Euro Imbalances and Financial Deregulation: A Post Keynesian Interpretation of the European Debt Crisis' . Real-World Economics Review , 59 : 83 – 104 .
   Google Scholar
• Pivetti , M. 1993 . ‘Breton Woods, through the Lens of State-of-the-Art Macrotheory and the European Monetary System' . Contributions to Political Economy , 12 : 99 – 110 .
   Google Scholar
• Rochon , L. P. and Vernengo , M. 2003 . ‘State Money and the Real World' . Journal of Post Keynesian Economics , 26 ( 1 ) : 57 – 67 .
   Web of Science ®Google Scholar
• Ruggie , J. G. 1982 . ‘International Regimes, Transactions, and Change: Embedded Liberalism in the Postwar Economic Order' . International Organization , 36 ( 2 ) : 379 – 415 .
   Web of Science ®Google Scholar
• Sardoni , C. and Wray , R. 2006 . ‘Monetary Policy Strategies of the European Central Bank and the Reserve Bank of the United States' . Journal of Post Keynesian Economics , 28 ( 3 ) : 451 – 72 .
   Web of Science ®Google Scholar
• Searle , J. R. 1995 . The Construction of Social Reality , New York : Free Press .
   Google Scholar
• Serrano , F. 2003 . ‘From Static Gold to Floating Dollar' . Contributions to Political Economy , 22 : 87 – 102 .
   Google Scholar
• Schulmeister , S. 2000 . ‘Globalization Without Global Money: The Double Role of the Dollar as National and World Currency' . Journal of Post Keynesian Economics , 22 ( 3 ) : 365 – 95 .
   Web of Science ®Google Scholar
• Strange , S. 1987 . ‘The Persistent Myth of Lost Hegemony' . International Organization , 41 ( 4 ) : 551 – 74 .
   Web of Science ®Google Scholar
• Strange , S. 1988 . State and Markets , London : Printer Publishers .
   Google Scholar
• Tavares , M.da C. 1985 . ‘A retomada da hegemonia Americana' . Revista de Economia Política , 5 ( 2 ) : 5 – 16 . (April–June):
   Google Scholar
• Vasudevan , R. 2009 . ‘Dollar Hegemony, Financialization, and the Credit Crisis' . Review of Radical Political Economics , 41 ( 3 ) : 291 – 304 .
   Web of Science ®Google Scholar
• Vernengo , M. 2001 . “ ‘Bretton Woods' ” . In The Elgar Companion to Post Keynesian Economics , Edited by: King , J. 30 – 4 . Cheltenham : Edward Elgar .
   Google Scholar
• Vernengo , M. 2006a . ‘Technology, Finance and Dependency: Latin American Radical Political Economy in Retrospect' . Review of Radical Political Economics , 38 ( 4 ) : 551 – 68 .
   Google Scholar
• Vernengo , M. 2006b . “ ‘Money and Inflation' ” . In A Handbook of Alternative Monetary Economics , Edited by: Arestis , P. and Sawyer , M. 471 – 89 . Cheltenham : Edward Elgar .
   Google Scholar
• Vernengo , M. 2006c . “ ‘From Capital Controls to Dollarization' ” . In Monetary Integration and Dollarization: No Panacea , Edited by: Vernengo , M. 245 – 58 . Cheltenham : Edward Elgar .
   Google Scholar
• UNCTAD . 2011 . Trade and Development Report , Geneva : United Nations Conference on Trade and Development .
   Google Scholar