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Alternative International Currencies

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  • Elena Vladimirovna Rozhentsova

Abstract

The modern international monetary system has a number of flaws and therefore needs cardinal change. Hence, economists from all over the world are suggesting alternative international currencies that would make the international monetary system more efficient. However, it is essential when approaching the creation of a new international currency to analyse and take into account the experience of all the past international currencies. Therefore this paper begins with an exploration of the drawbacks of each of the past and present international currencies. Drawing on this analysis a justification will be made for the necessity of introducing a new international currency, pointing to the requirements it should meet. Further on, this paper proposes an alternative theoretically possible variant of the international currency, with a fixed value relative to a commodity basket. An abstract example is used to demonstrate its composition and circulation mechanism.

Suggested Citation

  • Elena Vladimirovna Rozhentsova, 2012. "Alternative International Currencies," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 57(194), pages 31-40, July - Se.
    • Handle: RePEc:beo:journl:v:57:y:2012:i:194:p:31-40
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    File URL: http://ea.ekof.bg.ac.rs/pdf/194/222.pdf
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    References listed on IDEAS

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    1. Richard N. Cooper, 1982. "The Gold Standard: Historical Facts and Future," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 13(1), pages 1-56.
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    More about this item

    Keywords

    international monetary systems; currency clearing; balance of payments; supranational currency;
    All these keywords.

    JEL classification:

    • F01 - International Economics - - General - - - Global Outlook
    • F30 - International Economics - - International Finance - - - General
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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