Is Libra_Facebook’s New Currency Can Increase Financial Inclusiveness?

Government–Financial Market Relations after EMU New Currency, New Constraints?

The European Monetary Union (EMU) has generated a variety of changes, including the loss of national monetary policy autonomy and the creation of deeper integrated intraEuropean markets for goods, services, and financial instruments. This article explores the extent to which EMU has changed the ways in which and the extent to which international financial markets influence national policy choic...

Currency Hedging by Multinationals Under Financial Crisis

Hedging is no longer an option for multinational corporations, especially during global financial crisis. This was clearly manifested in companies’ comprehensive income statement as in WalMart’s case that “During fiscal 2009, foreign currency exchange rate had a $2.3 billion unfavorable impact on the international segment’s net sales” and the company just lost $680 million in the second quarter...

New Currency, New Constraints? the Euro and Government-financial Market Relations

How does the advent of EMU affect the nature of financial market-government relations? I begin by reviewing the argument that developed-nation governments retain room to move in the face of financial globalization. I then consider the recent implications of EMU for this argument. Membership in EMU restricts governments fiscal and monetary policymaking autonomy, but it also may change their trea...

The Inclusiveness of the New Originalism

Free Currency Markets, Financial Crises and the Growth Debacle: Is There a Causal Relationship?

The paper develops an alternative hypothesis that attributes collateral responsibility for therecent spate of financial crises to a basic flaw of the architecture of the international financialsystem, free markets for foreign exchange. A valid positional distinction between reserve/ hardand soft currencies, based on reputation, accounts for the systematic substitution of the former<...