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Regional payment systems: A comparative perspective on Europe and the developing world

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  • Fritz, Barbara
  • Biancareli, André
  • Mühlich, Laurissa
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    Abstract

    The current global financial non-system is marked by instability. In the absence of global solutions, a series of regional arrangements of monetary cooperation have been emerging to cope with such instability. The paper focuses on regional payment systems as an initial step of regional monetary cooperation. In order to evaluate their potential contribution to increase macroeconomic stability of the member countries, we develop a typology of payments systems and systematically compare historic and present initiatives in Europe, Asia and Latin America with reference to the original Keynes Plan. We show that regional payment systems entail beneficial effects by reducing transaction costs of intraregional trade, and by creating incentives for further macroeconomic cooperation. Their contribution to macroeconomic stabilization however depends on the specific design of the respective regional arrangement. --

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    Paper provided by Free University Berlin, School of Business & Economics in its series Discussion Papers with number 2012/10.

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    Date of creation: 2012
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    Handle: RePEc:zbw:fubsbe:201210

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    1. Legros, Florence & Artus, Patrick & Cartapanis, André, 2005. "Regional currency areas in financial globalization : a survey of current issues," Economics Papers from University Paris Dauphine 123456789/81, Paris Dauphine University.
    2. Davidson, Paul, 1972. "Money and the Real World," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 82(325), pages 101-15, March.
    3. Michael Sturm & Nikolaus Siegfried, 2005. "Regional monetary integration in the member states of the Gulf Cooperation Council," Occasional Paper Series 31, European Central Bank.
    4. Jean-François Ponsot, 2009. "New financial architecture and regional monetary integration in Latin America," Post-Print, HAL halshs-00390436, HAL.
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