Bulletin n. 2-3/2012
October 2012-February 2013
CONTENTS
  • Section A) The theory and practise of the federal states and multi-level systems of government
  • Section B) Global governance and international organizations
  • Section C) Regional integration processes
  • Section D) Federalism as a political idea
    • Romar Correa
    For an international clearing union
    in Journal of Economic Studies , volume 39 n.4 ,  2012 ,  398-409
    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.
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