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International monetary policy with commodity buffer stocks

Author

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  • Leanne Ussher

    (Queens College, City University of New York, USA)

Abstract

This proposal argues in favor of commodity price stabilization via international commodity buffer stocks and the tying of these stocks to the creation of a new international reserve currency. Financing commodity buffer stocks through the issuance of an international reserve makes commodity price stabilization financially viable and offers a countercyclical issuance of international reserves to fight global deflation. Both measures address the volatility of commodity prices due to a lack of private sector storage and macroeconomic demand factors. This proposal urges the reader to look back to the global Keynesian policies of the 1940s, 1960s, and 1970s for inspiration in solving today's commodity price instability and secular stagnation.

Suggested Citation

  • Leanne Ussher, 2016. "International monetary policy with commodity buffer stocks," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 13(1), pages 10-25, April.
    • Handle: RePEc:elg:ejeepi:v:13:y:2015:i:1:p10-25
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    Citations

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    Cited by:

    1. Patrick Collins & Jameel Ahmed & Ahamed Kameel Meera, 2019. "Simulation of the Grondona System of Conditional Currency Convertibility Based on Primary Commodities, Considered as a Means to Resist Currency Crises," JRFM, MDPI, vol. 12(2), pages 1-20, April.
    2. Woods, John E, 2021. "Benjamin Graham on Buffer Stocks," OSF Preprints qdv3n, Center for Open Science.

    More about this item

    Keywords

    commodity buffer stocks; commodity reserve currency; resource security;
    All these keywords.

    JEL classification:

    • B26 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Financial Economics
    • F02 - International Economics - - General - - - International Economic Order and Integration
    • Q02 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Commodity Market

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