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Chances and Limits of South-South Monetary Coordination

In: New Issues in Regional Monetary Coordination

Author

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  • Jan Kregel

Abstract

Let us start by noting the definition that has been set for the ‘South’ in this discussion by the organizers: the inability to sell assets denominated in domestic currency to non-residents. This definition means that even though the title refers only to the South, it cannot be discussed without reference to the ‘North’, whose domestic currency liabilities will be held by the South as long as there are imbalances in international trade and/or free international capital flows. These countries thus face a foreign currency constraint in financing these imbalances or servicing their external borrowing.

Suggested Citation

  • Jan Kregel, 2006. "Chances and Limits of South-South Monetary Coordination," Palgrave Macmillan Books, in: Barbara Fritz & Martina Metzger (ed.), New Issues in Regional Monetary Coordination, chapter 3, pages 42-58, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-50244-4_3
    DOI: 10.1057/9780230502444_3
    as

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