The International Monetary System: Diffusion and Ambiguity

  • Benjamin J. Cohen
Part of the Global Power Shift book series (GLOBAL)


Ample evidence exists to suggest that the distribution of power in international monetary affairs is changing. But where does monetary power now reside, and what are the implications for governance of the international monetary system? On these questions, uncertainty reigns. The aim of this essay is to shed some new light on the dynamics of power and rule setting in global finance today.


Gross Domestic Product International Monetary Fund Euro Area European Central Bank Monetary Union 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


  1. Andrews, D. M. (1994). Capital mobility and state autonomy: Toward a structural theory of international relations. International Studies Quarterly, 38(2), 193–218.CrossRefGoogle Scholar
  2. Beddoes, Z. M. (1999). From EMU to AMU? The case for regional currencies. Foreign Affairs, 78(4), 8–13.CrossRefGoogle Scholar
  3. Bergsten, C. F. (2005). The euro and the dollar: Toward a “finance G-2”? In A. Posen (Ed.), The euro at five: Ready for a global role? Washington, DC: Institute for International Economics.Google Scholar
  4. Cohen, B. J. (1998). The geography of money. Ithaca: Cornell University Press.Google Scholar
  5. Cohen, B. J. (2003). Global currency rivalry: Can the euro ever challenge the dollar? Journal of Common Market Studies, 41(4), 575–595.CrossRefGoogle Scholar
  6. Cohen, B. J. (2004). The future of money. Princeton: Princeton University Press.Google Scholar
  7. Cohen, B. J. (2006). The macrofoundations of monetary power. In D. M. Andrews (Ed.), International monetary power (pp. 31–50). Ithaca: Cornell University Press.Google Scholar
  8. Cohen, B. J. (2008). The euro in a global context: Challenges and capacities. In K. Dyson (Ed.), The euro at ten. Oxford: Oxford University Press.Google Scholar
  9. Cooper, R. N., & Edwin, M. T. (2007). The IMF quota formula: Linchpin of fund reform (Policy brief in international economics, Vol. PB07-1). Washington, DC: Peterson Institute for International Economics.Google Scholar
  10. International Monetary Fund. (2007). IMF surveillance – the 2007 decision on bilateral surveillance. Fact sheet.Google Scholar
  11. Kirshner, J. (1995). Currency and coercion: The political economy of international monetary power. Princeton: Princeton University Press.Google Scholar
  12. Krugman, P. R. (1998). The confidence game. New Republic, 5 Oct. 1998.Google Scholar
  13. Krugman, P. R. (2001). Other people’s money. New York Times, 18 July 2001.Google Scholar
  14. Mundell, R. (2000). The euro and the stability of the international monetary system. In R. Mundell & A. Cleese (Eds.), The euro as a stabilizer in the international economic system. Boston: Kluwer.CrossRefGoogle Scholar
  15. Strange, S. (1994). States and markets (2nd ed.). London: Pinter.Google Scholar
  16. Summers, L. H. (2004). The US current account deficit and the global economy. Washington, DC: Per Jacobsson Foundation.Google Scholar
  17. Wyplosz, C. (1999). An international role for the euro? In J. Dermine & P. Hillion (Eds.), European capital markets with a single currency. New York: Oxford University Press.Google Scholar

Copyright information

© Springer-Verlag Berlin Heidelberg 2012

Authors and Affiliations

  • Benjamin J. Cohen
    • 1
  1. 1.University of CaliforniaSanta BarbaraUSA

Personalised recommendations