Herausforderungen für den US-Dollar und das Währungsregime
DOI:
https://doi.org/10.32387/prokla.v53i213.2081Schlagworte:
BRICS, New Development Bank, US-Dollar, VR China, WährungsregimeAbstract
Vor dem Hintergrund bisheriger Versuche, Alternativen zum US-Dollar als Weltgeld und zum IWF-geprägten Währungssystem zu entwickeln, werden die währungspolitischen Initiativen der Volksrepublik China vorgestellt. Da diese Bestrebungen den Status quo bisher nicht ernsthaft infrage stellen, wird mithilfe diverser Theorien der Internationalen Politischen Ökonomie die Zukunft sowohl des US-Dollars als auch des Währungsregimes abgeschätzt. Eine gramscianische Deutung verortet die bisherigen chinesischen Initiativen zum einen auf dem Terrain des jetzigen Systems und hält diese zum anderen für nicht verallgemeinerbar im globalen Kapitalismus.
Downloads
Literaturhinweise
Altvater, Elmar / Hoffmann, Jürgen / Semmler, Willi (1980): Vom Wirtschaftswunder zur Wirtschaftskrise. Berlin.
Amato, Massimo / Fantacci, Luca (2012): The End of Finance. Cambridge.
Arrighi, Giovanni (1994): The long twentieth century. London u.a.
– / Moore, Jason W. (2001): Kapitalismus in welthistorischer Sicht. In: Das Argument 239 41(1): 43-65.
Arslan, Yavuz / Cantú, Carlos (2019): The size of foreign exchange reserves. BIS Papers chapters. In: Bank for International Settlements (Hg.): Reserve management and FX intervention 104: 1-23.
Bahaj, Saleem / Reis, Ricardo (2022): Central Bank Swap Lines: Evidence on the Effect of the Lender of Last Resort. Review of Economic Studies 89(4): 1654-1693. DOI: https://doi.org/10.1093/restud/rdab074. DOI: https://doi.org/10.1093/restud/rdab074
Benrath, Bastian / Speciale, Alessandro / Condon, Christopher (2023): China Sprints Ahead in Race to Modernize Global Money Flows. URL: https://www.bloomberg.com/news/articles/2023-08-09/china-s-digital-yuan-mbridge-plan-challenges-7-trillion-dollar-dominance, Zugriff: 9.10.2023.
Bergsten, C. Fred (1975): The Dilemmas of the Dollar. The Economics and Politics of United States International Monetary Policy. New York.
Bernanke, Ben (2015): Why Are Interest Rates So Low, Part 3: The Global Savings Glut. URL: https://www.brookings.edu/blog/ben-bernanke/2015/04/01/why-are-interest-rates-so-low-part-3-the-global-savings-glut/, Zugriff: 9.10.2023.
Bhargava, Apoorv u.a. (2023): Capital Controls in Times of Crisis – Do They Work? IMF WP 2023(67). DOI: https://doi.org/10.5089/9798400236235.001. DOI: https://doi.org/10.5089/9798400236235.001
Bräutigam, Deborah (2020): A critical look at Chinese ›debt-trap diplomacy‹: the rise of a meme. In: Area Development and Policy 5(1). DOI: https://doi.org/10.1080/23792949.2019.1689828. DOI: https://doi.org/10.1080/23792949.2019.1689828
Burk, Kathleen / Cairncross, Alec (1992): »Goodbye, Great Britain«: The 1976 IMF Crisis. Newhaven CT. DOI: https://doi.org/10.12987/9780300161502. DOI: https://doi.org/10.12987/9780300161502
Condon, Bernard (2023): China’s loans pushing world’s poorest countries to brink of collapse. URL: https://apnews.com/article/china-debt-banking-loans-financial-developing-countries-collapse-8df6f9fac3e1e758d0e6d8d5dfbd3ed6, Zugriff: 9.10.2023.
Cupitt, Richard T. / Whitlock, Rodney L. / Whitlock, Lynn Williams (1993): British Hegemony and Militarized Interstate Disputes, 1815–1939. Conflict Management and Peace Science 12(2): 41-64. DOI: https://doi.org/10.1177/073889429301200202. DOI: https://doi.org/10.1177/073889429301200202
de Cecco, Marcello (1979): Origins of the post-war payments system. Cambridge Journal of Economics 3(1): 49-61. DOI: https://doi.org/10.1093/oxfordjournals.cje.a035408. DOI: https://doi.org/10.1093/oxfordjournals.cje.a035408
Destler, I. M. / Henning, C. Randall (1989): Dollar Politics: Exchange Rate Policymaking in the United States. Washington, D.C.
Doyle, Peter (2022): The IMF’s Zambian and Sri Lankan Programs are Indefensible. URL: https://ptdyblog.files.wordpress.com/2022/09/zambia-sri-lanka.pdf, Zugriff: 9.10.2023.
Gelpern, Anna u.a. (2022): How China Lends: A Rare Look into 100 Debt Contracts with Foreign Governments, Economic Policy eiac054. DOI: https://doi.org/10.1093/epolic/eiac054. DOI: https://doi.org/10.1093/epolic/eiac054
Gomes, Alexandre De Podestá / ten Brink, Tobias (2023): A Chinese Bureaucracy for Innovation-Driven Development? Cambridge. DOI: https://doi.org/10.1017/9781108975902. DOI: https://doi.org/10.1017/9781108975902
Goodhart, Charles / Schoenmaker, Dirk (2016): The United States Dominates Global Investment Banking: Does It Matter for Europe? Bruegel Policy Contribution 6/2016.
Griffin, Donal / Gizitdinov, Nariman / Shaw, William (2023): Wall Street Reaped Ruble Fortune on Clients Fleeing From Russia. URL: https://www.bnnbloomberg.ca/wall-street-reaped-ruble-fortune-on-clients-fleeing-from-russia-1.1953870, Zugriff: 9.10.2023.
Griffith-Jones, Stephany / Ocampo, José Antonio (2009): The financial crisis and its impact on developing countries. Working Paper No. 53, International Policy Centre for Inclusive Growth (IPC-IG), Brasilia. URL: https://www.econstor.eu/bitstream/10419/71832/1/597838127.pdf, Zugriff: 9.10.2023.
IMF (International Monetary Fund) (2022): Executive Board Concludes the Review of the Institutional View on the Liberalization and Management of Capital flows. Policy Papers 2022(8). DOI: https://doi.org/10.5089/9798400204593.007. DOI: https://doi.org/10.5089/9798400204593.007
– (2021): Annual report on exchange arrangements and exchange restrictions. Washington, D.C.
Herr, Hansjörg (2015): Der Aufstieg Chinas zu einer ökonomischen Großmacht -- Erfolge und Herausforderungen. In: Linke, Marlies/ Sablowski, Thomas / Steinitz, Klaus (Hg.). China: Gesellschaftliche Entwicklung und Globale Auswirkungen. Berlin: 84-113. URL: https://www.rosalux.de/fileadmin/rls_uploads/pdfs/Manuskripte/Manuskripte_16.pdf, Zugriff: 9.10.2023.
– / Priewe, Jan (2005): The Macroeconomics of Development and Poverty Reduction. Strategies Beyond the Washington Consensus. Baden-Baden.
Horn, Sebastian u.a. (2023): China As an International Lender of Last Resort. Working Paper No. 2244. Kiel. DOI: https://doi.org/10.1596/1813-9450-10380
Huang, Yasheng (2023): The Rise and Fall of the EAST. How Exams, Autocracy, Stability, and Technology Brought China Success, and Why They Might Lead to Its Decline. New Haven, CT. DOI: https://doi.org/10.2307/jj.5666732. DOI: https://doi.org/10.12987/9780300274912
Humphrey, Chris (2022): Financing the Future. Oxford. DOI: https://doi.org/10.1093/oso/9780192871503.003.0006. DOI: https://doi.org/10.1093/oso/9780192871503.001.0001
Kaberuka, Donald u.a. (2018): Time for a reboot at a critical time for multilateralism: The Third External Evaluation of the IEO. URL: https://ieo.IMF.org/en/our-mandate/External-Evaluations, Zugriff: 9.10.2023.
Keohane, Robert Owen (1984): After Hegemony: Cooperation and Discord in the World Political Economy. Princeton.
Kindleberger, Charles P. (1973): The World in Depression: 1929–1939. Berkeley.
Korinek, Anton / Loungani, Prakash / Ostry, Jonathan D. (2022): The IMFs Updated View on Capital Controls: Welcome Fixes But Major Rethinking Is Still Needed. URL: https://www.brookings.edu/articles/the-imfs-updated-view-on-capital-controls-welcome-fixes-but-major-rethinking-is-still-needed/, Zugriff: 9.10.2023.
Krugman, Paul (2023): Wonking Out: De-Dollarization Debunked. In: New York Times. URL: https://www.nytimes.com/2023/07/07/opinion/dollar-strength-reserve-currency.html, Zugriff: 9.10.2023.
Laclau, Ernesto (1994): Why do Empty Signifiers Matter to Politics? In: Weeks, Jeffrey (Hg.): The Lesser Evil and the Greater Good. London: 97-132.
Liu, Zongyuan Zoe / Papa, Mihaela (2022): Can BRICS De-dollarize the Global Financial System? Cambridge. DOI: https://doi.org/10.1017/9781009029544. DOI: https://doi.org/10.1017/9781009029544
Masters, Jonathan / McBride, James / Berman, Noah (2023): What Happens When Foreign Investment Becomes Security Risk. URL: https://www.cfr.org/backgrounder/what-happens-when-foreign-investment-becomes-security-risk, Zugriff: 9.10.2023.
NDB (New Development Bank) (2022): Annual Report 2021. URL: https://www.ndb.int/wp-content/uploads/2022/08/NDB-Annual-Report-2021-Online-Version.pdf, Zugriff: 9.10.2023.
List, Friedrich (1841): Das nationale System der politischen Ökonomie. Stuttgart.
Nölke, Andreas (2023): Geoeconomic Infrastructures. Building Chinese-Russian alternatives to SWIFT. In: Braun, Benjamin / Koddenbrock, Kai (Hg.): Capital Claims: Power and Global Finance. Milton Park: 147-166. DOI: https://doi.org/10.4324/9781003218487-10. DOI: https://doi.org/10.4324/9781003218487-10
Norrlöf, Carla (2023): Currency, Conflict, and Global Order (14.7.2023). URL: https://www.project-syndicate.org/onpoint/, Zugriff: 9.10.2023.
Patalano, Rosario (2019): Surplus country adjustment: revisiting the post-World War II Scarce Currency Clause. In: Cambridge Journal of Economics 43(5): 1149-1182. DOI: https://doi.org/10.1093/cje/bey054. DOI: https://doi.org/10.1093/cje/bey054
Pettis, Michael (2022): Will the Chinese renminbi replace the US dollar? Review of Keynesian Economics 10(4): 499-512. DOI: https://doi.org/10.4337/roke.2022.04.03. DOI: https://doi.org/10.4337/roke.2022.04.03
Roufos, Pavlos (2018): A Happy Future is a Thing of the Past: The Greek Crisis and Other Disasters. London.
Sahasrabuddhe, Aditi (2019): Drawing the line: the politics of federal currency swaps in the global financial crisis. In: Review of International Political Economy 26(3): 461-489, DOI: https://doi.org/10.1080/09692290.2019.1572639. DOI: https://doi.org/10.1080/09692290.2019.1572639
Scherrer, Christoph (2015): Auspolierte Kratzer. Das US-Finanzkapital: Durch mehr Regulierung weiter hegemonial? In: PROKLA 179 45(2): 257-276. DOI: https://doi.org/10.32387/prokla.v45i179.220. DOI: https://doi.org/10.32387/prokla.v45i179.220
– (2021): America second? Die USA, China und der Weltmarkt. Berlin.
Siaba, José Serrate (2023): Disagreement between China and the Paris Club. URL: https://www.dandc.eu/en/article/china-aware-sovereign-debt-nightmare-cannot-solve-problems-its-own, Zugriff: 9.10.2023.
Simon, Jenny (2022): Die Rolle des Staates in der Internationalisierung der chinesischen Finanzbeziehungen. In: PROKLA 208 52(3): 385-408. DOI: https://doi.org/10.32387/prokla.v52i208.2012. DOI: https://doi.org/10.32387/prokla.v52i208.2012
– (2023): Chinese Capitalism and the Global Economic Order: The Impact of China’s Rise on Global Economic Regulation. In: Scherrer, Christoph / Garcia, Ana / Wullweber, Joscha (Hg.): Handbook on Critical Political Economy and Public Policy: 232-246.
Solty, Ingar (2021): China – USA – Europäische Union. Hightech-Rivalität und Planstaat zwischen Tabu und Kopie. In: Das Argument 63(3): 427-438.
Steil, Benn (2013): The Battle of Bretton Woods: John Maynard Keynes, Harry Dexter White, and the Making of a New World Order. Princeton. DOI: https://doi.org/10.1515/9781400846573
Taylor, Lance (2020): Germany and China Have Savings Gluts, the USA Is a Sump: So What? Institute for New Economic Thinking Working Paper No. 132, NYC. DOI: https://doi.org/10.36687/inetwp132. DOI: https://doi.org/10.36687/inetwp132
Triffin, Robert (1960): Gold and the Dollar Crisis: The Future of Convertibility. New Haven, CT.
– (1978): The International Role and the Fate of the Dollar. In: Foreign Affairs 57(2): 269-286. DOI: https://doi.org/10.2307/20040114. DOI: https://doi.org/10.2307/20040114
Walter, Ingo (1989): Secret Money. London.
Van der Pijl, Kees (2006): Global rivalries: From the Cold War to Iraq. London.
Zenglein, Max / Kernfelt, Maximilian (2019): China’s Caution About Loosening Cross-Border Capital Flows. Fear of financial instability will continue to slow the liberalization of the capital account. URL: https://merics.org/sites/default/files/2020-04/190718_merics_ChinaMonitor_CapitalAccount_53_final.pdf, Zugriff: 9.10.2023.
Downloads
Veröffentlicht
Zitationsvorschlag
Ausgabe
Rubrik
