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Monetary hegemony is an economic and political concept in which a single state has decisive influence over the functions of the international monetary system. A monetary hegemon would need:
accessibility to international credits,
foreign exchange markets
the management of balance of payments problems in which the hegemon operates under no balance of payments constraint.
the direct (and absolute) power to enforce a unit of account in which economic calculations are made in the world economy.
The term monetary hegemony appeared in Michael Hudson's Super Imperialism, describing not only an asymmetrical relationship that the US dollar has to the global economy, but the structures of this hegemonic edifice that Hudson felt supported it, namely the International Monetary Fund and the World Bank. The US dollar continues to underpin the world economy and is the key currency for medium of international exchange, unit of account (e.g. pricing of oil), and unit of storage (e.g. treasury bills and bonds) and, despite arguments to the contrary, is not in a state of hegemonic decline (cf. Fields & Vernengo, 2011, 2012).
The international monetary system has borne witness to two monetary hegemons: Britain and the United States.
Monetaryhegemony is an economic and political concept in which a single state has decisive influence over the functions of the international monetary...
masculinity Hegemonic stability theory Imperialism, the Highest Stage of Capitalism Media hegemonyMonetaryhegemony Post-hegemony Regional hegemony Soft power...
destabilizing. A second structural change that undermined monetary management was the decline of U.S. hegemony. The U.S. was no longer the dominant economic power...
Garritsen (1976). The International Monetary Fund, 1966–1971: The System Under Stress. Washington: International Monetary Fund. ISBN 978-0-939934-11-9. Eichengreen...
losing an independent monetary policy exists when domestic monetary authorities can commit an effective counter-cyclical monetary policy, stabilizing the...
currency that is held in significant quantities by central banks or other monetary authorities as part of their foreign exchange reserves. The reserve currency...
adopted the euro as their currency. For EU sanctioning of this adoption, a monetary agreement must be concluded. Prior to the launch of the euro, agreements...
Arrangements and Exchange Restrictions 1979 - International Monetary Fund - Google Books. International Monetary Fund. 2000-02-29. ISBN 9781557758989. Retrieved 2013-06-14...
Digital currency List of currencies List of circulating currencies Monetaryhegemony Special drawing rights (SDRs) WOCU World currency unit Synthetic currency...
Compellence is a form of coercion that attempts to get an actor (such as a state) to change its behavior through threats to use force or the actual use...
United States' growing fiscal and trade deficits, most of the world's monetary systems have been tied to the US dollar due to the Bretton Woods system...
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 190 member...
Evans-Pritchard (1 November 2010). "QE2risks Currency Wars and the End of Dollar Hegemony". The Daily Telegraph. London. Retrieved 1 November 2010. Michael Forsythe...
the sterling bloc. The Bank of England in London guided co-ordination of monetary policy in the currency area. Member countries with their own currency held...
The Iranian Oil Bourse (Persian: بورس نفت ایران), International Oil Bourse, Iran Petroleum Exchange Kish Exchange or Oil Bourse in Kish (IOB; the official...
the hegemony of the United States after 1945, there took place attempts at initialising a stable currency by means of the International Monetary Fund...
empire has achieved regional hegemony, its currency has been a basis for international trade, and hence for a de facto monetary system. In the West – Europe...
nations met in Bretton Woods, New Hampshire, to develop a new international monetary system that came to be known as the Bretton Woods system. Conference attendees...
British Island, from Cantium (Kent) to the West Country. An Ambianic "monetaryhegemony" over the neighbouring Parisii and Bellovaci is attested at least...
to take a larger role in global affairs and challenges American postwar hegemony. It has also been argued that China co-founded the Asian Infrastructure...
four broad subject areas of 1. international trade, 2. the international monetary and financial system, 3. multinational corporations, and 4. economic development...
power of the commodity upon which it is based. The currency in a metallist monetary system may be made from the commodity itself (commodity money) or it may...
States of practicing neocolonialism—sometimes defined as a modern form of hegemony—which leverages economic power rather than military force in an informal...
institutions (like the United Nations, World Trade Organization and International Monetary Fund) and is constituted by human equality (freedom, rule of law and human...
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