Exorbitant privilege and compulsory duty: the two faces of the financialised IMS
文章借鉴拉美经委会的中心-外围理论，分析金融化对国际货币体系的影响，指出中心国家享有过高的特权而外围国家承担强制性的义务。
Abstract Aiming at analysing the constraints to economic development, the article takes as reference the classic Economic Commission for Latin America and the Caribbean (ECLAC) approach to centre–periphery relations and seeks to update it from two points of view: adding the new historical context of the financialisation of capitalism and highlighting the new format and operation of the International Monetary System (IMS). The article’s objective is thus analysing the effects of financialisation on the IMS, emphasising the hierarchies of this system and its consequences for the economic dynamic of centre and peripheral countries. The main hypothesis is that financialisation has produced changes in cross-border capital flows, but also – and chiefly – in the ‘nature’ of the key-currency of the IMS. As a consequence, the exorbitant privilege of the reserve currency issuing country reaches a paroxysm, while peripheral countries are victims of a ‘compulsory duty’.