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The Endogeneity of International Liquidity

In: The Reconstruction of International Monetary Arrangements

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  • Peter M. Oppenheimer

Abstract

This paper argues that the volume of international liquidity, as well as its composition and distribution, is the outcome of the operation of the international monetary system over time. It is, in other words, endogenous, and is not something which it makes sense to try to control a priori. Policies for the monetary system cannot usefully aim to achieve, by any direct or simple means, control over the aggregate amount of liquidity. The first section of the paper outlines the scope of the argument and its relation to some basic economic principles. The second section sketches a selective analytical history of international monetary arrangements from pre-1914 to 1980. The third section discusses the functions of international liquidity and liquidity creation in relation to the economic debates which began around 1960. The final section is a brief re-statement and conclusion.

Suggested Citation

  • Peter M. Oppenheimer, 1987. "The Endogeneity of International Liquidity," Palgrave Macmillan Books, in: Robert Z. Aliber (ed.), The Reconstruction of International Monetary Arrangements, chapter 14, pages 305-323, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-18513-9_15
    DOI: 10.1007/978-1-349-18513-9_15
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