IDEAS home Printed from https://ideas.repec.org/a/nms/joseer/10.5771-1435-2869-2020-1-77.html
   My bibliography  Save this article

Complementary currency as an instrument for economic development in the western Balkans

Author

Listed:
  • Golemi, Ela
  • Muço, Klodian

Abstract

Regional economic integration is regarded as a priority task for western Balkans countries in order to prepare them for integration into the European Union. Given the under-performance between these countries in terms of trade, we propose the creation of a complementary supranational currency that would serve the common market of the western Balkans and also intensify trade exchanges between them. We support the idea that structural reforms and the technical provisions proposed in this adopted Keynes Plan may, at least in principle, provide the necessary solutions to avoid imbalances between the countries; serve as an incentive to intensify trade exchanges; and curb inflationary and deflationary pressures in the joint western Balkans market. Our research makes a solid contribution to the debate on international monetary systems. We believe that a complementary currency would make regional integration more effective within the western Balkans but, furthermore, would also call into question the international monetary system were it to be as effective in practice as we think it would be.

Suggested Citation

  • Golemi, Ela & Muço, Klodian, 2020. "Complementary currency as an instrument for economic development in the western Balkans," SEER Journal for Labour and Social Affairs in Eastern Europe, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 23(1), pages 77-90.
    • Handle: RePEc:nms:joseer:10.5771/1435-2869-2020-1-77
    DOI: 10.5771/1435-2869-2020-1-77
    as

    Download full text from publisher

    File URL: https://www.nomos-elibrary.de/10.5771/1435-2869-2020-1-77
    Download Restriction: no
    File URL: https://libkey.io/10.5771/1435-2869-2020-1-77?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Benjamin H Cohen, 1999. "Monetary Policy Procedures and Volatility Transmission along the Yield Curve," CGFS Papers chapters, in: Bank for International Settlements (ed.), Market Liquidity: Research Findings and Selected Policy Implications, volume 11, pages 1-22, Bank for International Settlements.
    2. Massimo Amato & Luca Fantacci, 2014. "Back to which Bretton Woods? Liquidity and clearing as alternative principles for reforming international money," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 38(6), pages 1431-1452.
    3. Kiyotaki, Nobuhiro & Wright, Randall, 1989. "On Money as a Medium of Exchange," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 927-954, August.
    4. Costabile, Lilia, 2009. "Current global imbalances and the Keynes Plan: A Keynesian approach for reforming the international monetary system," Structural Change and Economic Dynamics, Elsevier, vol. 20(2), pages 79-89, June.
    5. Pietro Alessandrini & Michele Fratianni, 2009. "Resurrecting Keynes to Stabilize the International Monetary System," Open Economies Review, Springer, vol. 20(3), pages 339-358, July.
    6. White, Lawrence H, 1990. "Scottish Banking and the Legal Restrictions Theory: A Closer Look," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 22(4), pages 526-536, November.
    7. Fantacci, Luca, 2008. "The dual currency system of Renaissance Europe," Financial History Review, Cambridge University Press, vol. 15(1), pages 55-72, April.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Rahman, Abdurrahman Arum, 2022. "A Decentralized Central Bank Digital Currency," MPRA Paper 111361, University Library of Munich, Germany.
    2. Berentsen, Aleksander & Huber, Samuel & Marchesiani, Alessandro, 2016. "The societal benefit of a financial transaction tax," European Economic Review, Elsevier, vol. 89(C), pages 303-323.
    3. repec:ebl:ecbull:v:5:y:2008:i:7:p:1-7 is not listed on IDEAS
    4. Ehrentreich, Norman, 2006. "Technical trading in the Santa Fe Institute Artificial Stock Market revisited," Journal of Economic Behavior & Organization, Elsevier, vol. 61(4), pages 599-616, December.
    5. Kevin D. Hoover, 2016. "The Crisis in Economic Theory: A Review Essay," Journal of Economic Literature, American Economic Association, vol. 54(4), pages 1350-1361, December.
    6. Menzio, Guido & Shi, Shouyong & Sun, Hongfei, 2013. "A monetary theory with non-degenerate distributions," Journal of Economic Theory, Elsevier, vol. 148(6), pages 2266-2312.
    7. McCallum, Bennett T, 2000. "Theoretical Analysis Regarding a Zero Lower Bound on Nominal Interest Rates," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 32(4), pages 870-904, November.
    8. Radwanski, Juliusz, 2020. "On the Purchasing Power of Money in an Exchange Economy," MPRA Paper 104244, University Library of Munich, Germany.
    9. Maryam Farboodi & Gregor Jarosch & Guido Menzio, 2016. "Intermediation as Rent Extraction," PIER Working Paper Archive 16-026, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 01 Dec 2016.
    10. White, Reilly & Marinakis, Yorgos & Islam, Nazrul & Walsh, Steven, 2020. "Is Bitcoin a currency, a technology-based product, or something else?," Technological Forecasting and Social Change, Elsevier, vol. 151(C).
    11. Emilio Depetris-Chauvin & Ömer Özak, 2020. "The origins of the division of labor in pre-industrial times," Journal of Economic Growth, Springer, vol. 25(3), pages 297-340, September.
    12. Guillaume Rocheteau & Pierre‐Olivier Weill, 2011. "Liquidity in Frictional Asset Markets," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(s2), pages 261-282, October.
    13. Camera, Gabriele, 2001. "Dirty money," Journal of Monetary Economics, Elsevier, vol. 47(2), pages 377-415, April.
    14. Cordelius Ilgmann & Martin Menner, 2011. "Negative nominal interest rates: history and current proposals," International Economics and Economic Policy, Springer, vol. 8(4), pages 383-405, December.
    15. Mileva, Elitza & Siegfried, Nikolaus, 2012. "Oil market structure, network effects and the choice of currency for oil invoicing," Energy Policy, Elsevier, vol. 44(C), pages 385-394.
    16. Kiyotaki, Nobuhiro & Lagos, Ricardo & Wright, Randall, 2016. "Introduction to the symposium issue on money and liquidity," Journal of Economic Theory, Elsevier, vol. 164(C), pages 1-9.
    17. Berentsen, Aleksander & McBride, Michael & Rocheteau, Guillaume, 2017. "Limelight on dark markets: Theory and experimental evidence on liquidity and information," Journal of Economic Dynamics and Control, Elsevier, vol. 75(C), pages 70-90.
    18. Maurizio Iacopetta, 2014. "Dynamics of assets liquidity and inequality in economies with decentralized markets," Sciences Po publications info:hdl:2441/2029nqlehl8, Sciences Po.
    19. Gomis-Porqueras Pedro & Sun Ching-Jen, 2020. "Fiat Money as a Public Signal, Medium of Exchange, and Punishment," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 20(2), pages 1-11, June.
    20. Waller, Christopher J., 2011. "Random Matching And Money In The Neoclassical Growth Model: Some Analytical Results," Macroeconomic Dynamics, Cambridge University Press, vol. 15(S2), pages 293-312, September.
    21. Ricardo de O. Cavalcanti & Andres Erosa & Ted Temzelides, 1999. "Private Money and Reserve Management in a Random-Matching Model," Journal of Political Economy, University of Chicago Press, vol. 107(5), pages 929-945, October.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:nms:joseer:10.5771/1435-2869-2020-1-77. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Nomos Verlagsgesellschaft mbH & Co. KG (email available below). General contact details of provider: http://www.nomos.de/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.