Bulletin n. 2-3/2012
October 2012-February 2013
CONTENTS
  • Section A) The theory and practise of the federal states and multi-level systems of government
  • Section B) Global governance and international organizations
  • Section C) Regional integration processes
  • Section D) Federalism as a political idea
    • Liang Yan
    Global Imbalances and Financial Crisis: Financial Globalization as a Common Cause
    in Journal of Economic Issues , Volume 46, Number 2 / June 2012 ,  2012 ,  353-362
    Global imbalances and global financial instability are tightly connected and can be traced to a common cause, that is, financial globalization within the current monetary and financial system. The paper argues that financial globalization contributes to global imbalances by impeding real exchange adjustments, inducing export-led growth, and sustaining widening deficits in the financial core country. Meanwhile, financial globalization leads to increasing global financial instability. Without a true international clearing union, the United States is charged with providing global liquidity and managing financial risks; but the failure of the United States to provide these essential banking services ultimately brought about the 2008 global financial crisis.
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