Pregledni rad
https://doi.org/10.46672/zsl.8.9.4
History of international monetary warfare
Sandra Šokčević
orcid.org/0000-0001-6913-9201
; Libertas međunarodno sveučilište, Zagreb, Hrvatska
Domagoj Ćorić
orcid.org/0000-0002-9230-2211
Hrvoje Volarević
; Libertas međunarodno sveučilište, Zagreb, Hrvatska
Sažetak
The paper analyses trends of international monetary warfare aimed at preserving the monetary stability of individual states. Throughout different historical periods, these monetary
conflicts have taken various forms. However, the primary interest of each state has always
been its own prosperity. The first part portrays warfare as a means of strengthening the
monetary sphere in ancient times and its adaptation to the imperialistic policies of new
age Europe. Furthermore, it clarifies how the international monetary cooperation during
the twentieth century aimed to strengthen or protect the monetary position of the actors’
domestic monetary policies. The discussion on the Smithsonian Agreement depicts it as a
narrative of coercing other nations into international monetary cooperation, while the Plaza
Accord elaborates on the reasons for countries’ participation, showing how it was aimed
at preserving their own economies. Additionally, the authors show how the Plaza Accord
was used as a covert weapon to undermine the Japanese economy. Finally, the paper portrays
the monetary conflict between the United States and China over collateral, serving as
the basis of central banking balance sheets, as well as China’s new strategy for sterilizing
excess money supply resulting from trade surpluses.
Ključne riječi
monetary warfare, international monetary cooperation; currency conflict; monetary stability; foreign trade; China; USA; Japan
Hrčak ID:
312474
URI
Datum izdavanja:
28.12.2023.
Posjeta: 225 *