The Disciplines About the Issuances of National and International Currencies & an Assessment and Design to Several International Monetary Systems: A Simplified Externality Model Extended into Global Monetary Field
Jeff Jianfeng Liu
Shanghai Jiao Tong University (SJTU) - Antai College of Economics and Management - Research Center for Global Finance; Neoeconomics R&D Center
affiliation not provided to SSRN
April 19, 2012
We build a simplified externality model extended into global monetary field and get the conditions from the worst, basic to best disciplines about the issuances of national and international currencies. Then, we assess and design several international monetary systems. We find for the national currency system with an “international public currency” (IPC), it can fully achieve a good feasibility with a “well-informed” best issuance discipline; but for the others, for example, multi-polar currency, “monetary dictatorship”, “exorbitant privilege” and single common currency, there are some different forms and degree of flaws. Thus, we should consider directly striding toward this IPC system.
Number of Pages in PDF File: 41
Keywords: International Monetary System Reform, Externality, Monetary Discipline, Market Failure, International Currency, Supranational Currency, International Public Currency
JEL Classification: F33, F55, D62working papers series
Date posted: April 19, 2012
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