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By Benjamin J. Cohen
The conventional assumption holds that the territory of cash coincides accurately with the political frontiers of every country country: France has the franc, the uk has the pound, the us has the greenback. however the disparity among that easy psychological panorama and the particular association of foreign money areas has grown in recent times, as territorial limitations of person states restrict foreign money move much less and not more. Many currencies are used open air their "home" nation for transactions both among countries or inside international states. during this e-book, Benjamin J. Cohen asks what this new geography of cash finds approximately monetary and political power.
Cohen indicates how fresh alterations within the geography of cash problem nation sovereignty. He examines the function of cash and the scope of cross-border forex festival in state-of-the-art global. Drawing on new paintings in geography and community conception to provide an explanation for the hot spatial association of economic kin, Cohen means that diplomacy, political in addition to fiscal, are being dramatically reshaped via the expanding interpenetration of nationwide financial areas. This method, he explains, generates tensions and insecurities in addition to possibilities for cooperation.
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See, for example, Stiglitz (2002). On whether the crises are really new, Boughton (2000) draws interesting parallels between the pressures on sterling associated with the 1956 Suez crisis and the experiences in Asia in 1997–98. These criticisms have been made most recently in the case of the current IMF-supported program for Argentina. This is particularly the case in the Asian crisis where, as noted in Parkinson et al. (2002), legitimate criticisms of the Fund’s actions have not been matched by a willingness to acknowledge that some crisis-affected countries rejected warnings and refused repeated offers of assistance from the IMF until the crisis was in full flight.
CONCLUSION It is a major achievement of the IMF, and the architects of the Bretton Woods system, that the Fund remains relevant today despite the momentous changes in the global economy since it was first established in 1944. The challenge for the Fund moving forward is to maintain that relevance in the face of significant changes to the underlying ‘problems’ which the institution was established to address. There are, today, important tensions underlying the IMF’s role. How does the Fund maximize its effectiveness in crisis prevention and resolution?
However, interesting work by economists such as Rose (2000) and Frankel and Rose (2002) suggests that the growth in intraregional trade and investment following the adoption of a common currency could be very large – in the order of 300 percent! Simple comparisons between the trade performance of EMU members and that of non-members are generally less encouraging. Trade among member countries appears to have declined over the past four years, both as a percentage of GDP and as a percentage of total trade with member and non-member countries.