A New World Monetary System: Keynes' view revisited
AbstractThis essay critically examines the view of Keynes on the reform of the international monetary system. We then apply modern monetary and banking theory, where money is redefined as a pure numerical vehicle in contrast to money being defined as a net asset, to appraise those elements that are required for a functioning and efficient international monetary system. It is suggested that Keynes’ view are still very much relevant today if the world is to move from the present non-system of international monetary arrangements to a system where currencies would no longer be perceived as net assets and countries would no longer be grouped as key and non-key currency countries.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 18453.
Date of creation: 07 Nov 2009
Date of revision:
Monetary System; Bank Money; Absolute Exchange Rate;
Find related papers by JEL classification:
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-11-14 (All new papers)
- NEP-HPE-2009-11-14 (History & Philosophy of Economics)
- NEP-MAC-2009-11-14 (Macroeconomics)
- NEP-MON-2009-11-14 (Monetary Economics)
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