@article{Guttmann_2014, title={Chronic macro-economic and financial imbalances in the world economy: a meta-economic view}, volume={35}, url={https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/221}, abstractNote={<p>Global finance, combining offshore banking and universal banks to drive a broader globalization process, has transformed the modus operandi of the world economy. This requires a new “meta-economic” framework in which short-term portfolio-investment flows are treated as the dominant phenomenon they have become. Organized by global finance, these layered bi-directional flows between center and periphery manage a tension between financial concentration and monetary fragmentation. The resulting imbalances express the asymmetries built into that tension and render the exchange rate a more strategic policy variable than ever.</p> <p><strong>JEL Classification:</strong> F32; F33; F44.</p>}, number={2}, journal={Brazilian Journal of Political Economy}, author={Guttmann, Robert}, year={2014}, month={Apr.}, pages={203-226} }