Open AccessGEOECONOMIC ASPECTS OF THE MONETARY GLOBALIZATION
Author(s) -
Oleksandr SHAROV
Publication year - 2020
Publication title -
journal of european economy
Language(s) - English
Resource type - Journals
eISSN - 2519-4089
pISSN - 2519-4070
DOI - 10.35774/jee2020.03.395
Subject(s) - globalization , nexus (standard) , currency , globe , economics , cash , china , monetary policy , keynesian economics , monetary economics , economy , market economy , macroeconomics , political science , law , engineering , medicine , ophthalmology , embedded system
Author defines monetary globalization and examines the historical process of spreading money and cash nexus across the globe. It is stated that money developed almost simultaneously in three great civilizations (Europe, India, China), but over time the Hellenistic form of money absorbed and universalized all other forms of money. The author examines in detail the process of distribution of metallic and then credit form of money and their impact on economic globalization. All these processes occurring both in the markets of separate countries or small regions and at the international level (where money started to act as global currency almost immediately after its appearance) constitute the essence of the monetary globalization. The author dwells on the post-Bretton Woods period of development of the World Monetary System, believing that the extensive phase of monetary globalization has come to an end at this stage and its further development will be caused by fundamental qualitative changes.