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For an international clearing union

Author

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  • Romar Correa

Abstract

Purpose - The purpose of this paper is to make a case for an international clearing house. Design/methodology/approach - The systems postulate is used: the whole is greater than the sum of the parts. Specifically, the 2007 Godley‐Lavoie model is exploited. Findings - Domestic banking arrangements are institutionally fragile; they import stability from their central banks. In like manner, relations between central banks must be conducted under a common metric, a world money. Originality/value - The paper shows that a technical argument for a multilateral clearing house will not be found. The author teases “implicit dynamics” (Stephen Turnovsky) out of national income identities.

Suggested Citation

  • Romar Correa, 2012. "For an international clearing union," Journal of Economic Studies, Emerald Group Publishing Limited, vol. 39(4), pages 398-409, August.
    • Handle: RePEc:eme:jespps:v:39:y:2012:i:4:p:398-409
    DOI: 10.1108/01443581211255611
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