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A New World Monetary System: Keynes' view revisited

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  • Mohammed, Shehu Tijjani

Abstract

This essay critically examines the view of Keynes on the reform of the international monetary system. We then apply modern monetary and banking theory, where money is redefined as a pure numerical vehicle in contrast to money being defined as a net asset, to appraise those elements that are required for a functioning and efficient international monetary system. It is suggested that Keynes’ view are still very much relevant today if the world is to move from the present non-system of international monetary arrangements to a system where currencies would no longer be perceived as net assets and countries would no longer be grouped as key and non-key currency countries.

Suggested Citation

  • Mohammed, Shehu Tijjani, 2009. "A New World Monetary System: Keynes' view revisited," MPRA Paper 18453, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:18453
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    File URL: https://mpra.ub.uni-muenchen.de/18453/1/MPRA_paper_18453.pdf
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    More about this item

    Keywords

    Monetary System; Bank Money; Absolute Exchange Rate;

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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