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Using a Common Currency in International Transactions: The Post Keynesian Case for No Exchange Rates

In: Shaking the Invisible Hand

Author

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  • Basil John Moore

Abstract

Confidence is fundamental for the general acceptability of money. In all international systems using convertible national currencies, foreigners can never be completely confident that the foreign currency they accept will always remain exchangeable into their own country’s currency at the current exchange rate. This is particularly the case when the foreign country runs a deficit on current account or holds very small foreign exchange reserves.

Suggested Citation

  • Basil John Moore, 2006. "Using a Common Currency in International Transactions: The Post Keynesian Case for No Exchange Rates," Palgrave Macmillan Books, in: Shaking the Invisible Hand, chapter 19, pages 433-453, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-51213-9_19
    DOI: 10.1057/9780230512139_19
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