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Financing for development and the post Keynesian case for a new global reserve currency

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  • David Hudson

    (Department of Political Science, School of Public Policy, University College London, London, UK)

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    Abstract

    In the context of the current financial crisis the article returns to the Keynes's plan for an international clearing house. In exploring the intellectual basis for Keynes's economics-namely uncertainty and liquidity preference-the article identifies the anti-developmental characteristics of US dollar-based international monetary system: (1) financial volatility and recurrent crises, (2) costly excessive international reserves, (3) the fundamental asymmetry of a system in which developing countries finance the US. Collectively these result in global deflationary tendencies which are caused less by a lack of liquidity than systemic inefficiencies. Keynes's plan for international monetary reform offers a solution to all of these problems. Copyright © 2010 John Wiley & Sons, Ltd.

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    File URL: http://hdl.handle.net/10.1002/jid.1724
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    Article provided by John Wiley & Sons, Ltd. in its journal Journal of International Development.

    Volume (Year): 22 (2010)
    Issue (Month): 6 ()
    Pages: 772-787

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    Handle: RePEc:wly:jintdv:v:22:y:2010:i:6:p:772-787

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    Web page: http://www3.interscience.wiley.com/journal/5102/home

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    1. Yin-wong Cheung & Hiro Ito, 2008. "Hoarding of International Reserves: A Comparison of the Asian and Latin American Experiences," Working Papers, Hong Kong Institute for Monetary Research 072008, Hong Kong Institute for Monetary Research.
    2. Fitzgibbons, Athol, 1988. "Keynes's Vision: A New Political Economy," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780198286417, October.
    3. Joshua Aizenman & Jaewoo Lee, 2005. "International Reserves," IMF Working Papers 05/198, International Monetary Fund.
    4. Lucas, Robert E, Jr, 1990. "Why Doesn't Capital Flow from Rich to Poor Countries?," American Economic Review, American Economic Association, American Economic Association, vol. 80(2), pages 92-96, May.
    5. Antonio Spilimbergo & Steven A. Symansky & Carlo Cottarelli & Olivier J. Blanchard, 2009. "Fiscal Policy for the Crisis," IMF Staff Position Notes, International Monetary Fund 2008/01, International Monetary Fund.
    6. Graham Bird, 2010. "The SDR Aid Link: It's Now or Never," Development Policy Review, Overseas Development Institute, Overseas Development Institute, vol. 28(1), pages 63-74, 01.
    7. Michael P. Dooley & David Folkerts-Landau & Peter Garber, 2003. "An Essay on the Revived Bretton Woods System," NBER Working Papers 9971, National Bureau of Economic Research, Inc.
    8. Barry Eichengreen, James Tobin, and Charles Wyplosz., 1994. "Two Cases for Sand in the Wheels of International Finance," Center for International and Development Economics Research (CIDER) Working Papers, University of California at Berkeley C94-045, University of California at Berkeley.
    9. Honohan, Patrick & Klingebiel, Daniela, 2000. "Controlling the fiscal costs of banking crises," Policy Research Working Paper Series 2441, The World Bank.
    10. Dani Rodrik & Andres Velasco, 1999. "Short-Term Capital Flows," NBER Working Papers 7364, National Bureau of Economic Research, Inc.
    11. Costabile, Lilia, 2009. "Current global imbalances and the Keynes Plan: A Keynesian approach for reforming the international monetary system," Structural Change and Economic Dynamics, Elsevier, Elsevier, vol. 20(2), pages 79-89, June.
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