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International monetary asymmetries and the central bank

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  • Angel García Banchs
  • Luis Mata Mollejas
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    Abstract

    In this paper, we argue that the current international monetary system is fully asymmetric, as it divides the world among reserve issuing economies (RIEs) and reserve earning economies (REEs). Thus, monetary theory, we argue, should take into account whether or not the central bank issues an international reserve currency, as that would largely determine its balance sheet structure, interest rate-targeting procedure, and the elasticity of monetary policy and of the exchange rate regime. The reason is plain: as opposed to RIEs, the central bank in REEs must target a minimum stock of foreign currency assets, as the local currency does not circulate abroad.

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    Bibliographic Info

    Article provided by M.E. Sharpe, Inc. in its journal Journal of Post Keynesian Economics.

    Volume (Year): 32 (2010)
    Issue (Month): 3 (April)
    Pages: 467-496

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    Handle: RePEc:mes:postke:v:32:y:2010:i:3:p:467-496

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    Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=109348

    Related research

    Keywords: central banks; international monetary asymmetries;

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    Cited by:
    1. Chandan Sharma & Sunny K Singh, 2014. "Determinants of International Reserves: Empirical Evidence from Emerging Asia," Economics Bulletin, AccessEcon, vol. 34(3), pages 1696-1703.
    2. Shrestha, Prakash Kumar, 2013. "Banking Ssystems, central banks and international reserve accumulation in East Asian economies," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 7(14), pages 1-29.
    3. Shrestha, Prakash Kumar, 2012. "Banking systems, central banks and international reserve accumulation in East Asian economies," Economics Discussion Papers 2012-48, Kiel Institute for the World Economy.

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