miércoles, 13 de mayo de 2009
Joseph Stiglitz: A Modest Proposal for International Monetary Reform
An ideal system of international payments should be characterized by stability and balance; stability in exchange rates and the absence of sudden crises and balance in the sense that individual national economies should suffer neither from the deflationary effects of chronic external deficits nor the distorting consequences of chronic external surpluses. Both requirements are essential to the efficient international movement of capital. Yet neither requirement appears to have been met by the current dollar-based reserve currency system. Recurrent crises in Asia, Latin America and Eastern Europe and chronic and growing US payments deficits (with their associated deflationary impact) are longstanding characteristics of the current system.
