Bretton Woods broke down because the center country, the.docVIP

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Bretton Woods broke down because the center country, the.doc

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Bretton Woods broke down because the center country, the.doc

This draft: 20th February, 2008 RESURRECTING KEYNES TO REVAMP THE INTERNATIONAL MONETARY SYSTEM Pietro Alessandrini* and Michele Fratianni** “the dreams and impractical plans of one generation are often the political and economic dogma of the next” (Keynes 1936). Abstract The paper resurrects the basic principles of the Keynes plan to propose an alternative to the current international monetary system. We argue for the creation of a supranational bank money that would coexist along side national currencies and for the establishment of a new international clearing union. The new international money would be created against domestic earning assets of the Fed and the ECB. In addition to recording credit-and-debit entries of the supranational bank money, the new agency would determine the size of quotas, the size and time length of overdrafts, and the coordination of monetary policies. Key Words: Keynes Plan, external imbalances, exchange rates, international monetary system, key currency, supranational bank money. JEL Classification: E42, E52, F33 and F36. *Università Politecnica delle Marche Department of Economics and MoFiR, Ancona (Italy), Email p.alessandrini@univpm.it; **Indiana University, Kelley School of Business, Bloomington, IN 47405 (USA) and Università Politecnica delle Marche, Department of Economics and MoFiR, Ancona (Italy), Email fratiann@. We thank Filippo Cesarano, Otmar Issing, Harold James, Ivo Maes, Juan Carlos Martinez Oliva, Patrick Minford, Alberto Niccoli, Luca Papi, Franco Spinelli, Alberto Zazzaro, for comments and suggestions. In addition, we benefited from discussion with participants at the EABH Workshop on International Monetary Cooperation Across the Atlantic, Bank of Italy, Rome, November 30, 2007, and at the Department of Economics Seminar, Università Politecnica delle Marche, Ancona, December 12, 2007. 1. INTRODUCTION The international monetary system (IMS) operates in a more complex world economy than in the past. On the one