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Financing for development and the post Keynesian case for a new global reserve currency

  • David Hudson

    (Department of Political Science, School of Public Policy, University College London, London, UK)

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    In the context of the current financial crisis the article returns to the Keynes's plan for an international clearing house. In exploring the intellectual basis for Keynes's economics-namely uncertainty and liquidity preference-the article identifies the anti-developmental characteristics of US dollar-based international monetary system: (1) financial volatility and recurrent crises, (2) costly excessive international reserves, (3) the fundamental asymmetry of a system in which developing countries finance the US. Collectively these result in global deflationary tendencies which are caused less by a lack of liquidity than systemic inefficiencies. Keynes's plan for international monetary reform offers a solution to all of these problems. Copyright © 2010 John Wiley & Sons, Ltd.

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    File URL: http://hdl.handle.net/10.1002/jid.1724
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    Article provided by John Wiley & Sons, Ltd. in its journal Journal of International Development.

    Volume (Year): 22 (2010)
    Issue (Month): 6 ()
    Pages: 772-787

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    Handle: RePEc:wly:jintdv:v:22:y:2010:i:6:p:772-787
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    1. Michael Dooley & David Folkerts-Landau & Peter Garber, 2005. "An essay on the revived Bretton Woods system," Proceedings, Federal Reserve Bank of San Francisco, issue Feb.
    2. 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.
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    4. Graham Bird, 2010. "The SDR Aid Link: It's Now or Never," Development Policy Review, Overseas Development Institute, vol. 28(1), pages 63-74, 01.
    5. Fitzgibbons, Athol, 1988. "Keynes's Vision: A New Political Economy," OUP Catalogue, Oxford University Press, number 9780198286417, March.
    6. Dani Rodrik & Andres Velasco, 1999. "Short-Term Capital Flows," NBER Working Papers 7364, National Bureau of Economic Research, Inc.
    7. Joshua Aizenman & Jaewoo Lee, 2005. "International Reserves; Precautionary vs. Mercantilist Views, Theory, and Evidence," IMF Working Papers 05/198, International Monetary Fund.
    8. Honohan, Patrick & Klingebiel, Daniela, 2000. "Controlling the fiscal costs of banking crises," Policy Research Working Paper Series 2441, The World Bank.
    9. Lucas, Robert E, Jr, 1990. "Why Doesn't Capital Flow from Rich to Poor Countries?," American Economic Review, American Economic Association, vol. 80(2), pages 92-96, May.
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    11. Yin-wong Cheung & Hiro Ito, 2008. "Hoarding of International Reserves: A Comparison of the Asian and Latin American Experiences," Working Papers 072008, Hong Kong Institute for Monetary Research.
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