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International Liquidity and the Balance of Payments of a Reserve-Currency Country

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  • Peter B. Kenen

Abstract

I. The framework of a simpre gold-exchange standard, 572. — II. The system's response to changes in the gold content of reserves, 573. — III. The stability of the system, 579. — IV. Implications for policy, 582. —Appendix: piivate balances and the stability of the system, 583.

Suggested Citation

  • Peter B. Kenen, 1960. "International Liquidity and the Balance of Payments of a Reserve-Currency Country," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 74(4), pages 572-586.
    • Handle: RePEc:oup:qjecon:v:74:y:1960:i:4:p:572-586.
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    File URL: http://hdl.handle.net/10.2307/1884352
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    Cited by:

    1. Menzie Chinn & Jeffrey A. Frankel, 2007. "Will the Euro Eventually Surpass the Dollar as Leading International Reserve Currency?," NBER Chapters, in: G7 Current Account Imbalances: Sustainability and Adjustment, pages 283-338, National Bureau of Economic Research, Inc.
    2. Terborgh, Andrew G., 2003. "The post-war rise of world trade: does the Bretton Woods System deserve credit?," Economic History Working Papers 22351, London School of Economics and Political Science, Department of Economic History.
    3. Bordo, Michael D. & Schwartz, Anna J., 1999. "Monetary policy regimes and economic performance: The historical record," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 3, pages 149-234, Elsevier.
    4. Steiner, Andreas, 2014. "Reserve accumulation and financial crises: From individual protection to systemic risk," European Economic Review, Elsevier, vol. 70(C), pages 126-144.
    5. Pavel Trunin & Sergey Narkevich, 2013. "Prospects for the Russian Ruble to Become Regional Reserve Currency," Working Papers 118, Gaidar Institute for Economic Policy, revised 2015.
    6. Pierre-Olivier Gourinchas & Hélène Rey & Maxime Sauzet, 2019. "The International Monetary and Financial System," Annual Review of Economics, Annual Reviews, vol. 11(1), pages 859-893, August.
    7. Steiner, Andreas, 2014. "Current account balance and dollar standard: Exploring the linkages," Journal of International Money and Finance, Elsevier, vol. 41(C), pages 65-94.
    8. Michael D. Bordo, 1993. "The gold standard, Bretton Woods and other monetary regimes: a historical appraisal," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 123-191.
    9. Benigno, Pierpaolo, 2023. "The International Supply of Reserve Currency," CEPR Discussion Papers 18686, C.E.P.R. Discussion Papers.
    10. Michael D. Bordo & Barry Eichengreen, 1998. "Implications of the Great Depression for the Development of the International Monetary System," NBER Chapters, in: The Defining Moment: The Great Depression and the American Economy in the Twentieth Century, pages 403-454, National Bureau of Economic Research, Inc.
    11. Lawrence H. Officer & Thomas D. Willett, 1970. "The Interaction Of Adjustment And Gold‐Conversion Policies In A Reserve‐Currency System," Economic Inquiry, Western Economic Association International, vol. 8(1), pages 47-60, March.
    12. Narkevich, Siarhei & Trunin, Pavel, 2013. "Prospects for the Russian Ruble as a Regional Reserve Currency," Published Papers dok2, Russian Presidential Academy of National Economy and Public Administration.
    13. Sergey Narkevich & Pavel Trunin, 2012. "Reserve Currencies: Factors of Evolution and their Role in the World Economy," Research Paper Series, Gaidar Institute for Economic Policy, issue 162P.

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