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Reforming the international payments system

In: All Fall Down

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Abstract

The most critical flaw in the current international monetary system is the means of payment. Using John Maynard Keynes’ concept of an international clearing union, this chapter proposes the creation of a public international clearing agency that would hold the international reserves of countries, debit and credit their accounts through interactions with their national central banks, and allow all countries to make international payments in their own currencies. Member country reserves would be backed by their government securities and, with permission of the majority of its members, the new agency would be able to buy or sell those securities to augment or reduce a country’s reserves. This would allow the clearing agency, unlike the International Monetary Fund, to engage in countercyclical strategies that would influence global liquidity and introduce an effective lender of last resort at the international level.

Suggested Citation

  • ., 2018. "Reforming the international payments system," Chapters, in: All Fall Down, chapter 31, pages 200-216, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:18346_31
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    File URL: https://www.elgaronline.com/view/9781788119481.00045.xml
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    Cited by:

    1. Ullah, Kafait & Hamid, Salman & Mirza, Faisal Mehmood & Shakoor, Usman, 2018. "Prioritizing the gaseous alternatives for the road transport sector of Pakistan: A multi criteria decision making analysis," Energy, Elsevier, vol. 165(PB), pages 1072-1084.
    2. Oliveira, Cíntia Carla Melgaço de & Brittes, José Luiz Pereira & Silveira Junior, Vivaldo, 2019. "Dynamic operating conditions strategy for water hybrid cooling under variable heating demand," Applied Energy, Elsevier, vol. 237(C), pages 635-645.
    3. World Bank Group, 2019. "Ghana Digital Economy Diagnostic," World Bank Publications - Reports 34366, The World Bank Group.

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