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A New World Monetary System: Keynes' view revisited

Mohammed, Shehu Tijjani (2009): A New World Monetary System: Keynes' view revisited.

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Abstract

This essay critically examines the view of Keynes on the reform of the international monetary system. We then apply modern monetary and banking theory, where money is redefined as a pure numerical vehicle in contrast to money being defined as a net asset, to appraise those elements that are required for a functioning and efficient international monetary system. It is suggested that Keynes’ view are still very much relevant today if the world is to move from the present non-system of international monetary arrangements to a system where currencies would no longer be perceived as net assets and countries would no longer be grouped as key and non-key currency countries.

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