Vasudevan, Ramaa - In: International Review of Applied Economics 24 (2010) 1, pp. 57-74
A peculiar feature of the present international economy is that the leading 'hegemonic' country, USA, has a large and mounting external deficit which it finances by issuing debt in its own currency. The US can be seen to be at the apex of a pattern of triangular payments recycling the surpluses...