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Economies
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The Political Economy of Money
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The Political Economy of Money

A special issue of Economies (ISSN 2227-7099). This special issue belongs to the section "Macroeconomics, Monetary Economics, and Financial Markets".

Deadline for manuscript submissions: 31 October 2024 | Viewed by 2567

Special Issue Editor

Prof. Dr. Stefan Collignon

E-Mail Website
Guest Editor
1. Faculty of Political Sciences, Chulalongkorn University, Bangkok, Thailand
2. London School of Economics and Political Sciences (LSE), London, UK
Interests: economics; public finance; emerging markets

Special Issue Information

Dear Colleagues,

The global economy is in a state of transformation. Emerging market economies are expanding their market share in global trade, and financial networks are becoming more complex. The so-called BRICS countries are seeking to challenge the role of the US dollar as the global anchor currency, but history has shown that replacing an established anchor currency takes an extremely long time. To become a global monetary anchor requires the fulfilment of many conditions. Among the most important are:

  • Monetary stability to ensure that money is a good store of value;
  • A significant share in global trade to ensure that money is an international means of exchange;
  • Exchange rate stability to minimize risks and uncertainties for investors;
  • Free currency convertibility for all balance of payment functions;
  • The security of property titles, the rule of law, and respect for fundamental human rights.

This Special Issue of Economies aims to deepen our empirical and theoretical understanding of the factors driving the international monetary system. It also welcomes papers making proposals regarding the reform of Bretton Woods institutions.

Prof. Dr. Stefan Collignon
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Economies is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1800 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • international monetary system
  • exchange rates
  • monetary stability
  • human rights
  • bretton woods
  • BRICS

Published Papers (3 papers)

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Research

39 pages, 488 KiB  
Article
Economic and Political Determinants of Sovereign Default and IMF Credit Use: A Robustness Assessment Post 2010
by Lina Maddah, Hassan Sherry and Hussein Zeaiter
Economies 2024, 12(7), 181; https://doi.org/10.3390/economies12070181 - 9 Jul 2024
Viewed by 470
Abstract
According to the IMF, the current public debt makes up nearly 40 percent of the global debt, marking the highest share since the mid-1960s. Despite the vast research on alarming levels of sovereign default, the literature remains inconclusive. This paper investigates macroeconomic, financial, [...] Read more.
According to the IMF, the current public debt makes up nearly 40 percent of the global debt, marking the highest share since the mid-1960s. Despite the vast research on alarming levels of sovereign default, the literature remains inconclusive. This paper investigates macroeconomic, financial, and political determinants of IMF credit use in the post-2010 era. The main contribution of our study lies in its temporal analysis as we investigate how the robustness of different factors has evolved. By utilizing an extensive dataset on 216 countries over the period of 2010–2021 and employing a variant of the Extreme Bounds Analysis (EBA) method, our study reveals that fluctuations in the IMF credit to external debt ratio can be attributed to changes in the total reserves to external debt ratio, where this relationship is statistically significant and reliable. However, high political risks seem to no longer affect the IMF’s decision, post 2010. Furthermore, our findings demonstrate that excluding countries with low debt arrears strengthens the results’ robustness. These findings contribute to a better understanding of the complexities surrounding IMF credit use in the contemporary global economic scene and offer new standpoints on the Fund’s lending choices. Full article
(This article belongs to the Special Issue The Political Economy of Money)
29 pages, 6525 KiB  
Article
The Tale of Two Economies: Inflationary Dynamics in the Euro Area and the US in the Context of Uncertainty
by Stefan Collignon
Economies 2024, 12(7), 157; https://doi.org/10.3390/economies12070157 - 21 Jun 2024
Viewed by 434
Abstract
In recent years, the global economy has been hit by a sequence of severe shocks that affected the two largest economies, the USA and the Euro Area, severely. Uncertainties about the future abound. While the challenges are similar for both economies and the [...] Read more.
In recent years, the global economy has been hit by a sequence of severe shocks that affected the two largest economies, the USA and the Euro Area, severely. Uncertainties about the future abound. While the challenges are similar for both economies and the policy tools resemble each other, they apply to different economic landscapes. What can they learn from each other? This paper looks at the basic structural facts, the nature of uncertainty shocks, and the efficiency of policy tools in the two economies. The key to understanding recent developments is uncertainty. This paper argues that the channel through which uncertainty influences inflation, wage cost, and unemployment is the markup firms charge to cover their cost of capital. While the measurements of uncertainty are uncertain, adding a proxy for uncertainty can improve the estimates of the basic New Keynesian model. The Federal Reserve Bank has been more successful because it operates in a more integrated capital market. In the Euro Area, uncertainty is higher than in the US and this could make disinflation in Europe more painful in terms of unemployment. Full article
(This article belongs to the Special Issue The Political Economy of Money)
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14 pages, 774 KiB  
Article
Exploring the Dynamic Nexus between Cross-Border Dollar Claims and Global Economic Growth
by Constantinos Alexiou, Sofoklis Vogiazas and Alex Benbow
Economies 2024, 12(3), 69; https://doi.org/10.3390/economies12030069 - 15 Mar 2024
Viewed by 1292
Abstract
This paper addresses the role of the U.S. dollar in fostering global economic growth during the post-war period. The existing literature lacks a comprehensive understanding of the true implications of the U.S. dollar’s status as a reserve currency and a dearth of studies [...] Read more.
This paper addresses the role of the U.S. dollar in fostering global economic growth during the post-war period. The existing literature lacks a comprehensive understanding of the true implications of the U.S. dollar’s status as a reserve currency and a dearth of studies examining its impact. In this study, we explore the dynamic long-run and short-run relationships between cross-border U.S. dollar claims, global GDP, and global trade while gauging the impact of the Global Financial Crisis (GFC) and the COVID-19 pandemic. In doing so, we use ARDL methodology for a data set that spans the period of 1980 to 2022. The estimation results reveal a robust long-run relationship between U.S. dollar claims, global GDP and global trade and no clear evidence of asymmetric effects. Our findings are of great significance for monetary authorities, emphasising the need for a nuanced understanding of the implications of the U.S. dollar’s conducive role in shaping global economic dynamics and fostering growth. Full article
(This article belongs to the Special Issue The Political Economy of Money)
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