For an international clearing union

Romar Correa

Journal of Economic Studies, 2012, vol. 39, issue 4, 398-409

Abstract: Purpose - The purpose of this paper is to make a case for an international clearing house. Design/methodology/approach - The systems postulate is used: the whole is greater than the sum of the parts. Specifically, the 2007 Godley‐Lavoie model is exploited. Findings - Domestic banking arrangements are institutionally fragile; they import stability from their central banks. In like manner, relations between central banks must be conducted under a common metric, a world money. Originality/value - The paper shows that a technical argument for a multilateral clearing house will not be found. The author teases “implicit dynamics” (Stephen Turnovsky) out of national income identities.

Keywords: Economics; Monetary policy; Credit money; Supranational money (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jespps:v:39:y:2012:i:4:p:398-409

DOI: 10.1108/01443581211255611

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