International Currency Reform

2019 ◽  
pp. 137-159
Author(s):  
Frances Stewart ◽  
Arjun Sengupta
Keyword(s):  
International Currency ◽  
Currency Reform

Political Conditions for International Currency Reform

1964 ◽  
Vol 18 (3) ◽  
pp. 543-557
Author(s):  
Hans O. Schmitt
Keyword(s):  
Political Sociology ◽  
International Organization ◽  
International Currency ◽  
Economic Problems ◽  
Currency Reform ◽  
Political Conditions ◽  
As If

Recent schemes for international currency reform are unrealistic to the extent that they are derived as optimum solutions to economic problems alone. International currency arrangements are instances of international organization generally, and consequently fall within the scope of political sociology as much as—if not more than—of pure economics. Political complications must therefore not only be acknowledged, as they usually are, but analyzed as well, as they often are not. This essay represents an inquiry in that direction.

The U. S. Dollarization Approach to Regional Currency Consolidation: Second-Best in the Short Run, Doomed in the Long Run

2011 ◽  
Vol 30 (119) ◽  
Author(s):  
George M. Von Furstenberg ◽  
Alexander Volbert
Keyword(s):  
Latin America ◽  
Financial Services ◽  
Free Movement ◽  
Monetary Unions ◽  
International Currency ◽  
Second Best ◽  
Long Run ◽  
Short Run ◽  
Free Movement Of Capital

Free movement of capital and trade in financial services are driving regional currency consolidation. We compare the relative merits of adopting an international currency unilaterally or multilaterally. While EMU is the exemplar of the multilateral approach characterized by assured seignior age sharing and co-management of the joint monetary asset, unilateral monetary unions are represented by the proposed formal dollarization of some countries in Latin America. This paper finds that while such dollarization could be useful for the period ahead, it carries the seeds of its own destruction because peripheral countries that lose their currency need not support this one-sided arrangement indefinitely

scholarly journals Money Decentralization under Direct Democracy Procedures. The Case of Classical Athens

2021 ◽  
Vol 14 (1) ◽  
pp. 30
Author(s):  
Emmanouil-Marios L. Economou ◽  
Nicholas C. Kyriazis ◽  
Nikolaos A. Kyriazis
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Direct Democracy ◽  
Hellenistic Period ◽  
International Currency ◽  
Monetary System ◽  
Mediterranean World ◽  
The Stability ◽  
City State

By analyzing the case of Athens during the Classical period (508-323 BCE) the main thesis of this paper is that under direct democracy procedures and the related institutional setup, a monetary system without a Central Bank may function relatively well. We focus on the following issues: (i) Τhe procedures of currency issuing in the Athenian city-state, (ii) why the Athenian drachma become the leading international currency in the Mediterranean world (iii) how and towards which targets monetary policy without a Central Bank was possible (iv) defining the targets of monetary policy and the mechanisms for its implementation (v) the role of money in the economy (vi) the issue of deficit spending (vii) the reasons of the replacement of the Athenian drachma as a leading currency by others from the Hellenistic period onwards (viii) the correlation of our findings regarding the decentralized character of monetary policy in Classical Athens to today’s realities, such as the issue of cryptocurrencies. Our analysis shows that monetary policy without a Central Bank was possible, with its foremost aim being the stability of the currency (mainly, silver coins) in order to enhance trust in it and so, make it an international currency which could outcompete other currencies. Since there was no Central Bank like today, monetary policy decisions were taken by the popular assembly of citizens in combination with the market forces themselves.

International Currency Experience.

Economica ◽  
1945 ◽  
Vol 12 (48) ◽  
pp. 255
Author(s):  
J. K. Horsefield
Keyword(s):  
International Currency

scholarly journals The Effect of International Currency Crises on the Balance of Payments: Evidence From Jordan

2020 ◽  
Vol 11 (5) ◽  
pp. 275
Author(s):  
Tamer Rawashdeh ◽  
Mahmoud Al-Rdaydeh ◽  
Basem Hamouri
Keyword(s):  
Currency Crises ◽  
Balance Of Payments ◽  
Bounds Testing ◽  
Testing Technique ◽  
International Currency ◽  
The United Kingdom ◽  
Long Run ◽  
Short Run ◽  
Us Dollar ◽  
Japanese Yen

The effect of the international currency crises on the Jordanian balance of payments (BoP) between Q1-2000 and Q4-2017 was investigated in this paper. The currency crises are represented by the various exchange rates (ER) for the Japanese Yen, United States (US) Dollar, Euro Member Countries, China Renminbi, and the United Kingdom (UK) Pound with the Jordanian Dinar. In approximating the potential short-run and long-run associations among the different ER variations and the BoP, the ARDL bounds testing technique was employed. The empirical findings revealed that variation in the ER rate for EUR/JOD had a positive significant impact on the BOP for the short-run and long-run relation, whereas, opposingly, for the JPY/JOD, it had a negative significant impact on the BoP in the short-run and long-run relations. For other currencies, the results varied. Therefore, to reduce the effect of currency fluctuations and resultant crises on the BoP, over-reliance on the promotion and importation of goods and domestic export products should be avoided. As such, in the context of the Jordanian economy, the country needs to diversify. Accordingly, this can only be achieved if the economy is expanded along with advancing and developing entrepreneurial innovation supported by fiscal disciplines.

The Rise and Fall of the Fengtien Dollar, 1917—1928: Currency Reform in Warlord China

1979 ◽  
Vol 13 (4) ◽  
pp. 643-660 ◽  
Author(s):  
Ronald Suleski
Keyword(s):  
Foreign Currency ◽  
Central Government ◽  
Chambers Of Commerce ◽  
Currency Reform ◽  
Market Towns

Financial chaos was the rule during China's warlord period from 1916 to 1928. The Central Government in Peking was often short of funds because the warlords who controlled the provinces refused to forward tax receipts to the capital. The effectiveness of the financial administrative machinery in each province varied greatly, and if careful accounts were kept by the provincial governments, they have not been made public. Most confusing of all was the assortment of currencies circulating in the provinces. A bewildering variety of coins and paper notes, generally issued by local banks and money-changing shops, were used in each province, though they would probably not be accepted at face value in the neighbouring province. In some areas foreign currency, such as Mexican silver dollars or Japanese gold yen notes, could also be found in the key market towns. So many currencies were in use that local chambers of commerce met daily to calculate the relative values of the currencies traded in their immediate area.

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