Publications

Public Policy Brief No. 116 | October 2010

An Alternative Perspective on Global Imbalances and International Reserve Currencies

The stability of the international reserve currency’s purchasing power is less a question of what serves as that currency and more a question of the international adjustment mechanism, as well as the compatibility of export-led development strategies with international payment balances. According to Senior Scholar Jan Kregel, export-led growth and free capital flows are the real causes of sustained international imbalances. The only way out of this predicament is to shift to domestic demand–led development strategies—and capital flows will have to be part of the solution.

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Jan Kregel

Publication Highlight

Working Paper No. 1010
Reflections on Angela Merkel’s Career as Chancellor of Germany and the Greek Financial Odyssey
Author(s): George Zestos, Harrison Whittleton, Alejandro Fernandez-Ribas
September 2022

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