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Global Imbalances and the Key Currency Regime: The Case for a Commodity Reserve Currency LEANNE J. USSHER Economics Department, Queens College City University of New York,  New York, USA ABSTRACT Thi s paper con side rs Kal dor ’s 196 4 propos al for a commodity rese rve currency (CRC) as a serious alternative to the current system, which has the US dollar as the worl d reserve currenc y. It argues that the reserve- cur rency st at us of the US dollar he lped to create gl obal imbalances and financial fragilit y pre-empt ing the current crisis. The primary goal of the CRC was to resolve the 1960 Triffin dilemma, whi ch remains a proble m tod ay. Fol lowing a bri ef his tor y of alt ernati ve mon etary reform proposals, the CRC is outlined. Backed by a basket of 30 or so commodities, the CRC would fix their price index in terms of the international reserve and reduce the disorderly swings in individual commodity prices. Sovereign governments would be free to fix or floa t the ir nat ion al currencie s to the CRC. Wit h growin g fea rs over glo bal warming and national resource security, particularly in the world’s poorest countries, the intr od ucti on of a CRC could reduce supply cons traints, st abilize costs of   production, promote global effective demand from the periphery and balance growth between periphery and core countries. 1. Intro ducti on The debate over international monetary reform recently garnered attention with the 2007– 2009 international banki ng cr isis and res ult ing world rec es sion. While there appears to be a split in the academic community, many economists agree with The Economist (22 January 2008) that ‘the deep causes of the financial crisis lie in global imbalances’. The global imbalances view argues that emerging market economies have kept thei r excha nge rate und er val ued to promo te expor t-l ed gr owt h, in tur n bui ldi ng hig h domestic savings and lar ge soverei gn wea lt h fun ds dur ing the bo om. To ke ep th e pr ice of their US doll ar (USD) de no mi na ted ex po rt s competitive, these countries sterilize their capital inflows and invest their excess  Review of Political Economy, Volume 21, Number 3, 403–421, July 2009 Correspondence Addre ss : Leanne J. Uss her , Economics Department, Que ens College CUNY, Flushing, NY 11367, USA. Email: [email protected] ISSN 0953-8259 print/ISSN 1465-3982 online/09/030403–19 # 2009 Taylor & Francis DOI: 10.1080/09 538250903073 461

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