Keynes’s Analysis of External Payments and the Plans for a World Monetary Reform

Andrea Carrera () and Alvaro Cencini ()
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Andrea Carrera: Complutense University of Madrid and Complutense Institute for International Studies
Alvaro Cencini: Università della Svizzera italiana

Chapter Chapter 8 in National and International Monetary Payments, 2024, pp 189-218 from Palgrave Macmillan

Abstract: Abstract Keynes’s interest in international payments goes back at least to the late 1910s, when he dealt with the reparations of the First World War, and was later fed by the debates with Ohlin and Rueff. Keynes’s contribution to the field of international economics was certainly original insofar as it suggested, for the first time in a systematic way, the creation of an international currency as a means of payments. This chapter carries out a critical reappraisal of these authors’ contributions, stressing the need for an international monetary intermediary and multilateral clearing as a mechanism enabling for the real payment of international transactions. The chapter also provides a critical study of the plans of international monetary reform before and after Bretton Woods, from Schumacher’s to Bernstein’s, from Triffin’s to Stamp’s.

Keywords: Reparations of First World War; International currency; Multilateral clearing system; World monetary reform (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pshchp:978-3-031-51737-2_8

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DOI: 10.1007/978-3-031-51737-2_8

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