Mohammed, Shehu Tijjani (2009): A New World Monetary System: Keynes' view revisited.
Download (99Kb) | Preview
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.
|Item Type:||MPRA Paper|
|Original Title:||A New World Monetary System: Keynes' view revisited|
|Keywords:||Monetary System; Bank Money; Absolute Exchange Rate|
|Subjects:||F - International Economics > F3 - International Finance > F33 - International Monetary Arrangements and Institutions|
|Depositing User:||Shehu Mohammed|
|Date Deposited:||08. Nov 2009 06:31|
|Last Modified:||13. Feb 2013 15:14|
Burns, A. “Some Essentials of International Monetary Reform,” Federal Reserve Bulletin, 1972, June, 545-549.
Cencini, A., Monetary Theory: National and International. London: Routledge, 1995.
Cencini, A., “World Monetary Disorders: Exchange Rate Erratic Fluctuations,” Working Papers, Center for Banking Studies and University of Lugano, Research Laboratory of Monetary Economics, Italy, 2000, 1-17.
Cencini, A., Monetary Macroeconomics: a new approach. London: Routledge, 2001.
Cencini , A., and Schmitt, B. External Debt Servicing: A vicious circle. London: Pinter Publishers, 1991.
Davidson, P. “Reforming the world’s money,” Journal of Post-Keynesian Economics, 1992, 15 (2), 153-179.
Guttmann, R. “Crisis and Reform of the International Monetary System,” in Philip Arestis (ed.) Post-Keynesian Monetary Economics: New approaches to financial modeling. Hants and Vermont: Edward Elgar, 1988.
Horie, S. The International Monetary Fund: Retrospect and Prospect. London: Macmillan, 1964.
Horsefield, K. The International Monetary Fund: 1945-1965. Washington D.C.: IMF, 1969.
Keynes, J. M. A Treatise on Money. London: Macmillan and Cambridge University Press, 1971.
Mundell R.A. “The International Monetary System: Quo Vadis,” Discussion Paper #:1002-34, Department of Economics, Columbia University, New York, NY 1022, 2002, 1-11.
Ricardo, D. Principles of Political Economy and Taxation. Middlesex, England: Penguin Books, 1971.
Rueff, J. “Gold Exchange Standard a Danger to the West,” in H. G. Grubel (ed.) World Monetary Reform: Plans and Issues. Stanford: Stanford University Press, 1967.
Schulmeister, S. “Globalization without global money: the double role of the dollar as national currency and world money,” Journal of Post-Keynesian Economics, 2000, vol. 22, No.3, 365-395.
Sercu, P., and Uppal, R. International Financial Markets and the Firm. Ohio: South-Western College, 1995.
Zolotas, X. International Monetary Issues and Development Policies. Athens: Bank of Greece, 1977.