The Inefficiency of the Adjustment Mechanism in the Contemporary Global Economy. The Case of the United States and China

Małgorzata Janicka

doi:10.18778/1508-2008.25.03

Autor

Małgorzata Janicka Ph.D., Associate Professor at the University of Lodz, Department of International Finance and Investment, Lodz, Poland https://orcid.org/0000-0003-2199-0093

DOI:

https://doi.org/10.18778/1508-2008.25.03

Słowa kluczowe:

nierównowaga globalna, gospodarka światowa, mechanizm wyrównawczy, USA, Chiny

Abstrakt

We współczesnym międzynarodowym systemie walutowym mechanizm wyrównawczy nie działa prawidłowo, co utrudnia eliminację nadmiernych nadwyżek/deficytów na rachunkach bieżących bilansu płatniczego kluczowych krajów uczestniczących w handlu międzynarodowym. Zmiany dostosowawcze następują nie w wyniku procesów zachodzących na rynku lub decyzji władz krajowych, ale są przede wszystkim efektem wydarzeń kryzysowych w gospodarce globalnej. Celem artykułu jest analiza funkcjonowania mechanizmu dostosowawczego we współczesnym międzynarodowym systemie walutowym oraz uwarunkowań powstawania znaczących nierównowag na poziomie globalnym (na przykładzie USA–Chiny). Nierównowagi zewnętrzne można uznać za immanentną cechę strukturalną współczesnego międzynarodowego systemu walutowego. Brak sprawnego mechanizmu wyrównawczego w tym systemie prowadzi do potencjalnie cyklicznego powstawania takich nierównowag i ich korygowania przez wydarzenia kryzysowe. Oznacza to, że okres pokryzysowy może być jedynie etapem przed kolejnym okresem narastania nierównowagi i jej korekty w efekcie wystąpienia zjawisk kryzysowych. Konieczne staje się w tej sytuacji skorygowanie dotychczasowych zasad systemu, dzięki czemu działanie mechanizmu wyrównawczego zostanie usprawnione.

Pobrania

Brak dostępnych danych do wyświetlenia.

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