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Indian Currency and Beyond. The Legacy of the Early Economics of Keynes in the Times of Bretton Woods II

  • Anna M. Carabelli
  • Mario A. Cedrini

    (SEMEQ Department - Faculty of Economics - University of Eastern Piedmont)

In the paper, we revisit the focus and method of “Indian Currency and Finance” (1913) and the rationale of Keynes's proposal for an international monetary system combining cheapness with stability. In particular, we centre on the management of exchange reserve and the pattern of relationships between creditor and debtor countries, to suggest that Keynes's fresh look at Asia in the first years of the twentieth century may provide useful hints for an overall rethinking of the major faults of today's Bretton Woods II system as well as the rationale for a global monetary reform.

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Paper provided by SEMEQ Department - Faculty of Economics - University of Eastern Piedmont in its series Working Papers with number 121.

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Date of creation: May 2009
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Handle: RePEc:upo:upopwp:122
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  1. Joshua Aizenman, 2007. "Large Hoarding of International Reserves and the Emerging Global Economic Architecture," NBER Working Papers 13277, National Bureau of Economic Research, Inc.
  2. Catherine L. Mann, 2005. "Breaking Up is Hard to Do: Global Co-Dependency, Collective Action, and the Challenges of Global Adjustment," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, vol. 6(1), pages 16-23, 06.
  3. Jan KREGEL, 2004. "External Financing For Development And International Financial Instability," G-24 Discussion Papers 32, United Nations Conference on Trade and Development.
  4. Aizenman, Joshua, 2009. "On the paradox of prudential regulations in the globalized economy; International reserves and the crisis: a reassessment," Santa Cruz Center for International Economics, Working Paper Series qt5hx2x2kj, Center for International Economics, UC Santa Cruz.
  5. Maurice Obstfeld & Jay C. Shambaugh & Alan M. Taylor, 2009. "Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008," American Economic Review, American Economic Association, vol. 99(2), pages 480-86, May.
  6. Mario A. Cedrini, 2008. "Fighting Through Britain. The “Gift Dimension” of Keynes's Quest for a New Global Order," Working Papers 119, SEMEQ Department - Faculty of Economics - University of Eastern Piedmont.
  7. Helmut Reisen & Martin Grandes & Nicolas Pinaud, 2005. "Macroeconomic Policies: New Issues of Interdependence," OECD Development Centre Working Papers 241, OECD Publishing.
  8. Anna Carabelli & Mario Cedrini, 2011. "The Economic Problem of Happiness: Keynes on Happiness and Economics," Forum for Social Economics, Taylor & Francis Journals, vol. 40(3), pages 335-359, January.
  9. Roberto Marchionatti, 2010. "J. M. Keynes, thinker of economic complexity," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 18(2), pages 115-146.
  10. Michael P. Dooley & David Folkerts-Landau & Peter M. Garber, 2009. "Bretton Woods II Still Defines the International Monetary System," NBER Working Papers 14731, National Bureau of Economic Research, Inc.
  11. Robert Dimand, 2006. "Keynes on Global Economic Integration," Atlantic Economic Journal, International Atlantic Economic Society, vol. 34(2), pages 175-182, June.
  12. Eichengreen, Barry, 2006. "Global imbalances: The new economy, the dark matter, the savvy investor, and the standard analysis," Journal of Policy Modeling, Elsevier, vol. 28(6), pages 645-652, September.
  13. David Vines, 2003. "John maynard keynes 1937-1946: the creation of international macroeconomics," Economic Journal, Royal Economic Society, vol. 113(488), pages F338-F361, 06.
  14. Moritz Cruz & Bernard Walters, 2008. "Is the accumulation of international reserves good for development?," Cambridge Journal of Economics, Oxford University Press, vol. 32(5), pages 665-681, September.
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