@techreport{Campanella2009triffin,
abstract = {Tiny changes in the American monetary policy can have dramatic effects on the rest of the world because of its double role of national and international currency. This is what I call the Triffin dilemma, an ever green concept in international finance. In the paper I show how it works through three examples: price of commodities, dollarization, and the international financial position of the US. I argue that to solve this situation, it would be important to create a more democratic monetary system, in which all the countries have a decision weight. In particular, I think that globalization and regionalization should be the two forces leading towards the new monetary system. The main economies should adopt the same currency through a system of fixed exchange rates (global money); developing countries should create regional monetary unions (regional money), preserving the real exchange rate as real shock absorber, but gaining in terms of time consistency and credibility.},
address = {Kiel},
author = {Edoardo Campanella},
copyright = {http://creativecommons.org/licenses/by-nc/2.0/de/deed.en},
keywords = {F33; 330; Triffin dilemma; global currency; regional monetary union; dollarization; Internationales W\"{a}hrungssystem; Reform; Globalisierung; Handelsregionalismus; Agent-based Model; Welt; Geldpolitik; W\"{a}hrungssubstitution; Reservew\"{a}hrung; US-Dollar; USA},
language = {eng},
number = {2009-46},
publisher = {Kiel Institute for the World Economy (IfW)},
title = {The triffin dilemma again},
type = {Economics Discussion Papers},
url = {http://hdl.handle.net/10419/28948},
year = {2009}
}
