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- W142085502 abstract "I build on existing literature on monetary policy to argue that two initial prerequisites of international monetary leadership derive from a particular set of domestic policies and institutional arrangements. First, currency leadership requires a relatively conservative monetary policy embedded in the lead country’s domestic political and economic institutions. This credible policy framework helps to produce willing followership on the part of private market agents and other national monetary authorities. Second, currency leadership also depends upon a related set of institutional arrangements that facilitate the emergence of relatively developed financial markets. Once established, the prerequisites for ongoing international monetary leadership are less onerous, and the potential for the exercise of coercive power over other actors is greater. In the short run, an established leader may use its monopoly power to delay adjustment and to deflect adjustment costs onto other states. In the long run, such policies promote countervailing responses by private sector and state actors that diminish the leader’s monetary power. As the British, American and German cases demonstrate, only through the ongoing persuasion of market agents can international monetary leadership be sustained." @default.
- W142085502 created "2016-06-24" @default.
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- W142085502 date "2005-01-01" @default.
- W142085502 modified "2023-09-27" @default.
- W142085502 title "Leadership Begins at Home: The Domestic Sources of International Monetary Power" @default.
- W142085502 hasPublicationYear "2005" @default.
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