The International Law and Politics of the Financial and Monetary System
Chapter 4: The core and the periphery
We analyze the policies of China, Japan, the eurozone, and of several peripheral states. We argue that many states, including India and Mexico, have copied China’s example and have tried to address the Trilemma by accumulating large FX reserves and intervening in the currency market. We analyze how China has succeeded in making the yuan a global reserve currency and what it needs to do to dethrone the dollar from its position as the prime global currency. We explore how Japan lost more than decade and the radical economic policies it put in place to stimulate its economy. Our exposition of the eurozone concentrates on how that economic area addressed the 2008 crisis, a crisis that generated economic chaos and political instability in many of its member states.
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