America's Global Advantage

Norrlof, Carla

doi:10.1017/cbo9780511676406

Cited by 105 publications

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“…There is recognition of growth in external balance sheets (Norrlof 2008(Norrlof , 2010Schwartz 2009aSchwartz , 2009bVermeiren 2014). But based on analysis ending in 2007 these scholars argue that this growth enhances US international monetary power, or for Schwartz, 'economic power.'…”

Section: Financial Globalization and The Evolution Of The Us Externalmentioning

confidence: 99%

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Atlas constrained: the US external balance sheet and international monetary power

Hardie

Maxfield

2016

Review of International Political Economy

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We address the impact on international monetary power of the size and nature of the US's international financial assets and liabilities. Financial globalization makes critical a focus on a nation's international financial assets and liabilities, its 'external balance sheet'. We suggest an expansion of Cohen's existing framework of international monetary power to include the implications of valuation changes in these external balance sheets, focusing on sources of valuation, sensitivity and vulnerability of the US economy to these changes and implications for US ability to use monetary statecraft. By focusing on developments since 2007 and on events over the financial crisis period, we show that the increased size and nature of the US's external balance sheet has reduced US autonomy and monetary power. Underpinning the changes in the US's external balance sheet are activities of private financial market actors whose influence in international monetary affairs has grown markedly.

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Section: Financial Globalization and The Evolution Of The Us Externalmentioning

confidence: 99%

“…The explanation lies mainly in unrealized relative valuation gains on the US external balance sheet (Norrlof 2010). Realized capital gains and losses -the result of US investors selling their investments and making a profit or loss -appear as investment income in the current account.…”

Section: Balance Sheetmentioning

confidence: 99%

Atlas constrained: the US external balance sheet and international monetary power

Hardie

Maxfield

2016

Review of International Political Economy

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“…Eichengreen (2011), Norrlof (2010) a další. Otázkou čínského jüanu jako jednoho z atributů perspektivní čínské dominance se zabývá například Subramanian (2011), McCauley (2011), Lipman (2011, zejména však řada bankovních institucí, jejichž činnosti by se vstup nového hráče do klubu světových měn významně dotkl.…”

Section: S T a T I Je číNská Měna Na Cestě K Pozici Světové Měny?unclassified

Is the Chinese Currency on the Way to the World Currency Status?

Jiránková¹

2014

AOP

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Každá země, která aspiruje na pozici dominantní světové ekonomiky, musí v sobě spojovat řadu předpokladů. Jde zejména o propojení tzv. hegemonie "zdola" a "shora". Zprvu jde o vybudování špičkových odvětví v dané zemi, která svou vysokou produktivitou práce povedou i k vysoké kupní síle obyvatelstva a k vysoké úrovni HDP na obyvatele. Vysoká úroveň hospodářství dané ekonomiky generuje pak vysoké podíly na světovém vývozu a dovozu. Uvedené znaky charakterizuje Schwartz (2000) jako hlavní znaky hegemonie zdola. Toto vše pak musí dominující země rovněž zabezpečit mezinárodním měnovým a fi nančním systémem, aby byly zajištěny mezinárodní půjčky pro volné toky zboží ze země a do země. Jelikož hegemon fi nancuje meziná-rodní obchod, stává se jeho měna i hlavní světovou měnou. Tyto atributy pak -mimo jiné -tvoří součást hegemonie shora (Schwartz, 2000, s. 63-76).Čína při své cílevědomé cestě za světovou hospodářskou dominancí považuje za jeden z hlavních úkolů dosažení pozice čínského renminbi jako světové měny, a tudíž zařazení se po bok takových měn jako jsou americký dolar, euro, britská libra, event. japonský jen. V roce 2011 čínský prezident Hu Jintao uvedl, že Čína již podnikla kroky k tomu, aby se čínská měna stala klíčovou světovou měnou, i když se bude jednat o dlouhý proces.1 HSBC 2 (2013b) očekává, že již relativně brzy -v roce 2015 -se čínský renminbi stane jednou ze tří klíčových světových měn (po americkém dolaru a euru) a dále zavedení plné směnitelnosti čínské měny v roce 2017.Stať se zabývá otázkou položenou v názvu, tedy nakolik Čína již na této cestě pokročila. Nakolik splňuje předpoklady stát se držitelem klíčové světové měny a jak se jí to daří. Další diskutovanou otázkou jsou pak širší souvislosti tohoto čínského úsilí v kontextu světové ekonomiky.

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“…Its share of global GDP has ranged between 23 and 36 per cent since the 1960s, is larger than the combined EU total, and stands at three times that of China. 51 Some 65 per cent of the world's currency reserves continue to be held in US dollars. 52 By most measures, this is historically unprecedented.…”

Section: The United States and China: Primacy And Power Transitionsmentioning

confidence: 99%

“…51 Some 65 per cent of the world's currency reserves continue to be held in US dollars. 52 By most measures, this is historically unprecedented. 53 'No system of sovereign states', it is averred, 'has ever contained one state with comparable material preponderance.'…”

Section: The United States and China: Primacy And Power Transitionsmentioning

confidence: 99%

China and the United States: a succession of hegemonies?

Clark

2011

International Affairs

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This article critically reviews the suggestion that we are experiencing a ‘succession of hegemonies’ from the United States to China. It develops Martin Wight's writings on hegemony, and introduces a fundamental distinction (not made by Wight) between a power transition and a hegemonic succession. Wight held complex views about the nature of power and at times seemed to subscribe to a purely materialist account. Elsewhere he was more nuanced and appealed to the purpose of dominant states as part of his argument that influence does not correlate exactly with mass and weight. This suggestion is developed in the author's view of hegemony—as distinct from primacy—as denoting a legitimate practice within international society. These ideas are then superimposed upon current debates about a power transition, or a succession of hegemonies, as between the United States and China. The existing debate conflates those two issues. Accordingly, while it can readily be acknowledged that there are important indicators of a shift in the material distribution of power, this in no way amounts, as yet, to any kind of hegemonic succession. For the latter to occur, there would need to be clear evidence of an effective socialization of the aspirant hegemon's purpose and support for its preferred order. On the contrary, to date China has been largely content to operate within existing frameworks, rather than instigate a revision of them, and does not yet present a model for emulation elsewhere. It is possible that a power transition, without any hegemonic succession, could be corrosive of global governance.

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America's Global Advantage

Cited by 105 publications

References 0 publications

Atlas constrained: the US external balance sheet and international monetary power

Atlas constrained: the US external balance sheet and international monetary power

Is the Chinese Currency on the Way to the World Currency Status?

China and the United States: a succession of hegemonies?

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