IDEAS home Printed from https://ideas.repec.org/p/hal/journl/halshs-00390436.html
   My bibliography  Save this paper

New financial architecture and regional monetary integration in Latin America

Author

Listed:
  • Jean-François Ponsot

    (LEPII - Laboratoire d'Economie de la Production et de l'Intégration Internationale - UPMF - Université Pierre Mendès France - Grenoble 2 - CNRS - Centre National de la Recherche Scientifique)

Abstract

Reducing transaction costs and the need for international reserves is a primary objective to the establishment of regional payment agreements. Another objective, especially in the case of Latin America where the Ecuadorian promoters of the Bank of the South and the New Architecture are planning the implement of a regional clearing system, is to reduce member countries dependence on the US dollar as an international standard and reserve currency. To help improving the design of such agreements this paper refers to the plan Keynes designed for the Bretton Woods Conference. First, it observes that cases were made against this plan from which useful lessons may still be drawn. Second, it shows that Keynes defined a system for exchanging domestic currencies for each other that can be improved and help design currency unions in accordance with their promoters'objectives.

Suggested Citation

  • Jean-François Ponsot, 2009. "New financial architecture and regional monetary integration in Latin America," Post-Print halshs-00390436, HAL.
    • Handle: RePEc:hal:journl:halshs-00390436
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00390436
    as

    Download full text from publisher

    File URL: https://shs.hal.science/halshs-00390436/document
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. McKinnon, Ronald I, 1993. "The Rules of the Game: International Money in Historical Perspective," Journal of Economic Literature, American Economic Association, vol. 31(1), pages 1-44, March.
    2. Paul Davidson, 2002. "Financial Markets, Money and the Real World," Books, Edward Elgar Publishing, number 2467, December.
    3. Louis-Philippe Rochon & Sergio Rossi (ed.), 2006. "Monetary and Exchange Rate Systems," Books, Edward Elgar Publishing, number 3828, December.
    4. Paul Davidson & Jan A. Kregel (ed.), 1991. "Economic PROBLEMS OF THE 1990s," Books, Edward Elgar Publishing, number 123, December.
    5. Davidson, Paul, 1972. "Money and the Real World," Economic Journal, Royal Economic Society, vol. 82(325), pages 101-115, March.
    6. Claude Gnos, 2006. "Reforming the international payment system : an assessment," Post-Print halshs-00144965, HAL.
    7. Claude Gnos & Louis-Philippe Rochon, 2004. "Reforming the international financial and monetary system: from Keynes to Davidson and Stiglitz," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 26(4), pages 613-629.
    8. Jean-François Ponsot, 2006. "Dollarization and the hegemonic status of the US dollar," Post-Print halshs-00191564, HAL.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Fritz, Barbara & Biancareli, André & Mühlich, Laurissa, 2012. "Regional payment systems: A comparative perspective on Europe and the developing world," Discussion Papers 2012/10, Free University Berlin, School of Business & Economics.
    2. Garcia Rocabado, Daniel, 2010. "The road to monetary union in Latin America: An EMS-type fixed exchange rate system as an intermediate step," W.E.P. - Würzburg Economic Papers 85, University of Würzburg, Department of Economics.
    3. Ilene Grabel, 2011. "Promising Avenues, False Starts and Dead Ends: Global Governance and Development Finance in the Wake of the Crisis," Working Papers wp241_revised, Political Economy Research Institute, University of Massachusetts at Amherst.
    4. Ilene Grabel, 2010. "Promising Avenues, False Starts and Dead Ends: Global Governance and Development Finance in the Wake of the Crisis," Working Papers wp241, Political Economy Research Institute, University of Massachusetts at Amherst.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Jean-François Ponsot, 2009. "How could the Bank of the South promote sustainable development and regional monetary integration in Latin America ?," Post-Print halshs-00402260, HAL.
    2. Bill Lucarelli, 2011. "The Economics of Financial Turbulence," Books, Edward Elgar Publishing, number 14252, December.
    3. Claude Gnos & Virginie Monvoisin & Jean-François Ponsot, 2009. "Regional currencies and regional monetary zones in Latin America: what prospects?," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 32(2), pages 173-184, December.
    4. Jochen Hartwig, 2006. "Explaining the aggregate price level with Keynes's principle of effective demand," Review of Social Economy, Taylor & Francis Journals, vol. 64(4), pages 469-492.
    5. Fritz, Barbara & Biancareli, André & Mühlich, Laurissa, 2012. "Regional payment systems: A comparative perspective on Europe and the developing world," Discussion Papers 2012/10, Free University Berlin, School of Business & Economics.
    6. Moritz Cruz & Bernard Walters, 2008. "Is the accumulation of international reserves good for development?," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 32(5), pages 665-681, September.
    7. Daniel Detzer, 2012. "New instruments for banking regulation and monetary policy after the crisis," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 9(2), pages 233-254.
    8. Kenneth Carlaw & Richard Lipsey, 2011. "Sustained endogenous growth driven by structured and evolving general purpose technologies," Journal of Evolutionary Economics, Springer, vol. 21(4), pages 563-593, October.
    9. Georgios Argitis & Stella Michopoulou, 2011. "Are Full Employment and Social Cohesion Possible Under Financialization?," Forum for Social Economics, Taylor & Francis Journals, vol. 40(2), pages 139-155, January.
    10. Kakarot-Handtke, Egmont, 2010. "Axiomatic Basics of e-Economics," MPRA Paper 24331, University Library of Munich, Germany.
    11. Greg Hannsgen, 2006. "The Disutility of International Debt: Analytical Results and Methodological Implications," Palgrave Macmillan Books, in: Philip Arestis & Jesus Ferreiro & Felipe Serrano (ed.), Financial Developments in National and International Markets, chapter 1, pages 1-24, Palgrave Macmillan.
    12. Greg Hannsgen, 2004. "Borrowing Alone The Theory and Policy Implications of the Commodification of Finance," Finance 0402011, University Library of Munich, Germany.
    13. Kakarot-Handtke, Egmont, 2011. "Keynes’s missing axioms," MPRA Paper 31179, University Library of Munich, Germany.
    14. Fernando Ferrari-filho & Anthony Spanakos, 2008. "Why Brazil has not grown: a comparative analysis of Brazilian and Chinese economic management," Ensayos de Economía 8063, Universidad Nacional de Colombia Sede Medellín.
    15. Ognjen Radonjić & Miodrag Zec, 2010. "Subprime Crisis and Instability of Global Financial Markets," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 57(2), pages 209-224, June.
    16. Mark Hayes, 2006. "The Economics of Keynes: A New Guide to The General Theory," Books, Post Keynesian Economics Society (PKES), number nggt.
    17. Angel Asensio, 2005. "Monetary and budgetary-fiscal policy interactions in a Keynesian context: revisiting macroeconomic governance," Post-Print halshs-00139029, HAL.
    18. Ponsot, Jean-François, 2016. "The “four I's” of the international monetary system and the international role of the euro," Research in International Business and Finance, Elsevier, vol. 37(C), pages 299-308.
    19. John King, 2009. "Social Democratic and Socialist Policies," Working Papers wp191, Political Economy Research Institute, University of Massachusetts at Amherst.
    20. SODOKIN, Koffi, 2006. "La complémentarité des banques et des microbanques dans une approche de la comptabilité des flux et des stocks," LEG - Document de travail - Economie 2006-09, LEG, Laboratoire d'Economie et de Gestion, CNRS, Université de Bourgogne.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:halshs-00390436. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.