New financial architecture and regional monetary integration in Latin America
AbstractReducing transaction costs and the need for international reserves is a primary objective to the establishment of regional payment agreements. Another objective, especially in the case of Latin America where the Ecuadorian promoters of the Bank of the South and the New Architecture are planning the implement of a regional clearing system, is to reduce member countries dependence on the US dollar as an international standard and reserve currency. To help improving the design of such agreements this paper refers to the plan Keynes designed for the Bretton Woods Conference. First, it observes that cases were made against this plan from which useful lessons may still be drawn. Second, it shows that Keynes defined a system for exchanging domestic currencies for each other that can be improved and help design currency unions in accordance with their promoters'objectives.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by HAL in its series Post-Print with number halshs-00390436.
Date of creation: 14 May 2009
Date of revision:
Publication status: Published - Presented, Colloque international "Économie politique internationale et nouvelles régulations de la mondialisation", Centre de Recherche sur l'Intégration Économique et Financière, Université de Poitiers, 2009, Poitiers, France
Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00390436/en/
Contact details of provider:
Web page: http://hal.archives-ouvertes.fr/
regional monetary arrangements ; foreign exchange ; currency union ; dollar standard; payment systems; Latin America;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-06-03 (All new papers)
- NEP-HIS-2009-06-03 (Business, Economic & Financial History)
- NEP-MON-2009-06-03 (Monetary Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Davidson, Paul, 1972. "Money and the Real World," Economic Journal, Royal Economic Society, vol. 82(325), pages 101-15, March.
- Claude Gnos & Louis-Philippe Rochon, 2004. "Reforming the international financial and monetary system: from Keynes to Davidson and Stiglitz," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 26(4), pages 613-629, October.
- McKinnon, Ronald I, 1993. "The Rules of the Game: International Money in Historical Perspective," Journal of Economic Literature, American Economic Association, vol. 31(1), pages 1-44, March.
- Ilene Grabel, 2010. "Promising Avenues, False Starts and Dead Ends: Global Governance and Development Finance in the Wake of the Crisis," Working Papers wp241, Political Economy Research Institute, University of Massachusetts at Amherst.
- Fritz, Barbara & Biancareli, André & Mühlich, Laurissa, 2012. "Regional payment systems: A comparative perspective on Europe and the developing world," Discussion Papers 2012/10, Free University Berlin, School of Business & Economics.
- Garcia Rocabado, Daniel, 2010. "The road to monetary union in Latin America: An EMS-type fixed exchange rate system as an intermediate step," W.E.P. - WÃ¼rzburg Economic Papers 85, University of Würzburg, Chair for Monetary Policy and International Economics.
- Ilene Grabel, 2011. "Promising Avenues, False Starts and Dead Ends: Global Governance and Development Finance in the Wake of the Crisis," Working Papers wp241_revised, Political Economy Research Institute, University of Massachusetts at Amherst.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (CCSD).
If references are entirely missing, you can add them using this form.