For an international clearing union-Reference-Cited by-同舟云学术

For an international clearing union

Published:2012-08-31 Issue:4 Volume:39 Page:398-409
ISSN:0144-3585
Container-title:Journal of Economic Studies
language:en
Short-container-title:

Author:

Correa Romar

Abstract

PurposeThe purpose of this paper is to make a case for an international clearing house.Design/methodology/approachThe systems postulate is used: the whole is greater than the sum of the parts. Specifically, the 2007 Godley‐Lavoie model is exploited.FindingsDomestic banking arrangements are institutionally fragile; they import stability from their central banks. In like manner, relations between central banks must be conducted under a common metric, a world money.Originality/valueThe paper shows that a technical argument for a multilateral clearing house will not be found. The author teases “implicit dynamics” (Stephen Turnovsky) out of national income identities.

Publisher

Emerald

Subject

General Economics, Econometrics and Finance

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