@article {67211,
	title = {Global Governance of Global Monetary Relations: Rationale and Feasibility},
	journal = {Open-Access, Open-Assessment Journal},
	year = {2009},
	note = {},
	month = {Mar 9, 2009},
	publisher = {Open-Access, Open-Assessment Journal},
	abstract = {Is there a valid argument for international cooperation, and some form of international governance structure, in the international monetary realm? On the purely economic front, the argument is not strong. Yet a broader political economy approach concludes that national currency policy can in fact impose non-pecuniary externalities on partner nations. This is especially the case with major policy-driven misalignments, which cannot easily be countered by other governments. For example, one country{\textquoteright}s substantially depreciated currency can provoke powerful protectionist pressures in its trading partners, so that exchange rate policy spills over into trade policy in potentially damaging ways. Inasmuch as one government{\textquoteright}s policies create these sorts of costs for other countries, and for the world economy as a whole, there is a case for global governance. This might include some institutionalized mechanism to monitor and publicize substantial currency misalignments. While there appears to be little global political attention to such a mechanism now, there have been initiatives along these lines at the regional level, and the current crisis may have stimulated more general stirrings of interest.},
	url = {http://www.economics-ejournal.org/economics/journalarticles/2009-6},
	author = {Frieden, Jeffry}
}
