International Currency Conflict in the Contemporary World Monetary System
https://doi.org/10.26794/2308-944X-2019-7-4-20-33
Abstract
The article addresses international currency conflicts. The research has found that currency conflict has extensive economic effects, especially on the United States and the weak peripheral countries of the Eurozone, as well as Canada, and some other countries that do not intervene in the currency markets. The author has revealed that these developments and ill-effects of global currency manipulation stem from a gaping hole in the international economic architecture. The theoretical significance of the article’s outcomes is that the most fundamental flaw in the entire global regime encompasses both the monetary and trading systems, and indicates a massive failure of international cooperation. The practical significance of the paper is that it has outlaid a feasible set of effective systemic reforms that can be adopted to counter the objectionable practices today and deter them in the future. The author concludes that it is very much in the interest of all the world’s countries to initiate a multilateral effort to work out a constructive solution to a significant international and systemic problem.
Keywords
international monetary system,
currency wars,
international monetary and currency conflict,
foreignexchange intervention,
countervailing currency intervention,
countervailing import duties,
competitive currency intervention
Supporting agencies: The article was prepared based on the results of research carried out at the expense of budgetary funds on the state task of the Financial University.
About the Author
M. Zharikov
Financial University, Institute for World Economic and International Finance Studies,
Russian Federation
Russian Federation
Mikhail Zharikov
Doctor of Economics, World Economy and World Finance Department, Professor
Senior Scientific Fellow
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Review
For citations:
Zharikov M. International Currency Conflict in the Contemporary World Monetary System. Review of Business and Economics Studies. 2019;7(4):20-33. https://doi.org/10.26794/2308-944X-2019-7-4-20-33
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