The International Circuit of Key Currencies and the Global Crisis: Is there Scope for Reform?
AbstractIn this Working Paper, PERI Research Associate Lilia Costabile explores the potential causal links running from our international monetary system to global imbalances, and from these to the crisis. She asks whether the global imbalances contribute to the current crisis, whether these imbalances are, in turn, favored by, or rooted in, the current organization of the international monetary system, and whether a Keynesian monetary system reformed might cut some of the causes of global crises at their roots. Answering these with three qualified ‘yeses,’ Costabile considers possible remedies and considers some alternative interpretations of the global crisis.
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Bibliographic InfoPaper provided by Political Economy Research Institute, University of Massachusetts at Amherst in its series Working Papers with number wp220.
Date of creation: 2010
Date of revision:
Key currencies; Keynes Plan; Global imbalances; Global crisis; International monetary system;
Find related papers by JEL classification:
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
- F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-04-04 (All new papers)
- NEP-MAC-2010-04-04 (Macroeconomics)
- NEP-MON-2010-04-04 (Monetary Economics)
- NEP-PKE-2010-04-04 (Post Keynesian Economics)
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