Reclaiming Economic Policy

Basil Oberholzer ()
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Basil Oberholzer: University of Bern

Chapter Chapter 7 in Fighting Global Poverty, 2022, pp 65-83 from Springer

Abstract: Abstract The more detailed analysis in this chapter shows that exchange rate fluctuations and currency crises are related to the structure of today’s international payments system. There is an issue that is usually hardly taken note of in economics even though it is of tremendous importance. Namely, international payments are made twice. As a result, developing countries with current account deficits get caught in the vicious circle of resource loss, currency devaluation, and growing external debt. This chapter explains both the analytical problem as well as a reform of international payments that solves it. Ambitious economic polices are realistic thanks to that reform.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:spbchp:978-3-658-36631-5_7

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DOI: 10.1007/978-3-658-36631-5_7

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