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Money in International Trade

In: Reflections on Money

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  • Alan W. Clements

Abstract

Any essay on ‘money’ and ‘international trade’ must begin with some attempt at definitions. But the trouble with ‘money’ is that definitions of it not only are numerous, but also elusive. Perhaps the most interesting are the most general. For our purposes a general definition should suffice: money is whatever is generally accepted and used as a means of payment or in settlement of debts. This means that this chapter will be using figures of world money supply, as supplied by the World Bank and analysed in IMF International Financial Statistics, and at times the definition will be expanded to cover the whole array of international payments systems, including money markets, foreign exchange markets, loan and bond markets, and so on. Similarly, with the other part of my theme — ‘international trade’ — if a start is made with exports or cross-border trade flows, but I move on to include investment and the financing of investment, it will be because they are inextricably mixed and part of the same whole. Investment follows trade, and both call for finance, and no discussion of the relationships between ‘international trade’ and ‘money’ can avoid a detailed look at the developments in the global international financial scene since the 1950s.

Suggested Citation

  • Alan W. Clements, 1989. "Money in International Trade," Palgrave Macmillan Books, in: David T. Llewellyn (ed.), Reflections on Money, chapter 7, pages 139-166, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-20458-8_7
    DOI: 10.1007/978-1-349-20458-8_7
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