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Theses

Le Système monétaire international comme facteur d'instabilité : une ébauche de réforme

Abstract : The worrying situation of the international economy in the last years clearly shows the necessity to rethink the international economic regulation. This PHD thesis focuses on the study of the International Monetary System (IMS) and claims that it is a destabilizing factor. The research has a two-fold purpose. First, it shows that the use of national money at an international level creates tensions that can ultimately lead to economic crisis. Once this assertion is verified, some proposals are made for a structural reform of the IMS.For this double aim, a heterogeneous theoretical approach is built in order to detect inherent tensions of the IMS in different historical contexts. On that basis, the thesis argues that while international economic relations develop, the IMS creates inherent tensions that make it difficult to grant a stable management of international liquidity.In the light of this, two analysis are developed in this research. First, it is shown how inherent tensions have repeatedly appeared in the international economy since the generalization of the “key-currency” system. Second, the research explains the different national strategies pursued both for the integration in the IMS and for relieving the observed tensions. Recent tensions in the United States and in the Eurozone are studied carefully. From the study of these cases one main conclusion is made about the instability of the IMS, which is that crisis occurs due to destabilizing dynamics in a liberalized financial system and from accumulated tensions inside and among monetary zones.Finally, in order to correct the failures observed in the international monetary architecture, some structural reforms are proposed, both in the financial field and in the monetary one.
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Juan Maria Barredo Zuriarrain. Le Système monétaire international comme facteur d'instabilité : une ébauche de réforme. Economies et finances. Universidad del País Vasco, 2015. Français. ⟨NNT : 2015GREAE010⟩. ⟨tel-01437499⟩

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