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Autor
Janicka Małgorzata (University of Lodz, Poland)
Tytuł
The Inefficiency of the Adjustment Mechanism in the Contemporary Global Economy the Case of the United States and China
Nieefektywność mechanizmu wyrównawczego we współczesnej gospodarce światowej : przypadek Stanów Zjednoczonych i Chin
Źródło
Comparative Economic Research, 2022, vol. 25, nr 1, s. 39-54, tab., bibliogr. 45 poz.
Słowa kluczowe
Gospodarka światowa, Systemy walutowe
World economy, Currency systems
Uwagi
Klasyfikacja JEL: F21, F3, F65
summ., streszcz.
Kraj/Region
Stany Zjednoczone Ameryki, Chiny
United States of America (USA), China
Abstrakt
We współczesnym międzynarodowym systemie walutowym mechanizm wyrównawczy nie działa prawidłowo, co utrudnia eliminację nadmiernych nadwyżek/deficytów na rachunkach bieżących bilansu płatniczego kluczowych krajów uczestniczących w handlu międzynarodowym. Zmiany dostosowawcze następują nie w wyniku procesów zachodzących na rynku lub decyzji władz krajowych, ale są przede wszystkim efektem wydarzeń kryzysowych w gospodarce globalnej. Celem artykułu jest analiza funkcjonowania mechanizmu dostosowawczego we współczesnym międzynarodowym systemie walutowym oraz uwarunkowań powstawania znaczących nierównowag na poziomie globalnym (na przykładzie USA-Chiny). Nierównowagi zewnętrzne można uznać za immanentną cechę strukturalną współczesnego międzynarodowego systemu walutowego. Brak sprawnego mechanizmu wyrównawczego w tym systemie prowadzi do potencjalnie cyklicznego powstawania takich nierównowag i ich korygowania przez wydarzenia kryzysowe. Oznacza to, że okres pokryzysowy może być jedynie etapem przed kolejnym okresem narastania nierównowagi i jej korekty w efekcie wystąpienia zjawisk kryzysowych. Konieczne staje się w tej sytuacji skorygowanie dotychczasowych zasad systemu, dzięki czemu działanie mechanizmu wyrównawczego zostanie usprawnione. (abstrakt oryginalny)

In the current international monetary system, the adjustment mechanism does not work properly to eliminate the excessive surpluses/deficits on the current accounts of the major countries that participate in international trade. Consequently, the adjustment changes do not take place in an evolutionary way, through market changes or decisions taken by the national authorities. They are the result of crises that reflect the unfavourable macroeconomic situation in different countries. The article explains the functioning of the adjustment mechanism in the contemporary international monetary system and the circumstances in which significant imbalances emerge at the global (US-China) level. Increasing external imbalances are an immanent systemic feature of the contemporary international monetary system. The lack of an adjustment mechanism in this system leads to the potentially cyclical emergence of such imbalances and their correction by crises. Thus, the current post-crisis period may only be a stage before the next period of growing imbalances. The remedy for this threat lies in correcting the existing principles of the system. (original abstract)
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Bibliografia
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Cytowane przez
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ISSN
1508-2008
Język
eng
URI / DOI
http://dx.doi.org/10.18778/1508-2008.25.03
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