Financing for development and the post Keynesian case for a new global reserve currency

Hudson, David

doi:10.1002/jid.1724

Cited by 8 publications

(5 citation statements)

References 35 publications

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“…The status of the latter as a GPG with weakest-link production technology demands that strong and lasting cooperative strategies be implemented for developed and LDCs to ensure its efficient and equitable provision (Garcia-Arias, 2002). In addition, it will be absolutely necessary to eliminate the asymmetry of an international monetary system that, because it oscillating in tandem with the USD, has highly negative effects on development (Hudson, 2010;Ocampo, 2011).…”

Section: The Impact Of the Global Crisis On Iffdmentioning

confidence: 99%

The Systemic Approach to International Financing for Development and the Need for a World Tax and Financial Organization

Garcia-Arias

2012

Eur J Dev Res

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Monterrey Consensus (MC) inspired hope that some progress would be made in international financing for development (IFfD). However, at the beginning of a new decade, private capital flows continue to exhibit their defining characteristics (scarcity, spatial concentration, volatility and reversibility), the debt problem continues to limit the development prospects of many less developed countries and Official Development Assistance has remained as the insufficient final element of the whole system. Moreover, the consequences of global financial and economic crisis highlight the need for reforming the current financing system and the need to redesign key aspects of the international financialisation process. Hence, a systemic (holistic) approach to IFfD is required. This article analyses the recent evolution and current status of IFfD, examines the relationship between the current model and international financialisation, and proposes a set of measures intended to remove the bottlenecks that currently are found in both processes; most of these converge on the need for a World Tax and Financial Organisation.Le Consensus de Monterrey a suscite´l'espoir que des progre`s seraient re´alise´s dans le financement international du de´veloppement. Pourtant, en ce de´but de de´cennie, les flux de capitaux prive´s continuent de pre´senter les meˆmes caracte´ristiques (rarete´, concentration spatiale, volatiliteé t re´versibilite´), le proble`me de la dette limite toujours les perspectives de de´veloppement d'un grand nombre de PMA, et l'APD reste le dernier e´le´ment faible de l'ensemble du syste`me. En outre, les conse´quences de la crise financie`re et e´conomique mondiale mettent en exergue la ne´cessited e re´former le syste`me financier actuel et de remanier certaines dimensions-cle´s du processus global de financiarisation. Ainsi, une approche syste´mique (et holistique) du financement international du de´veloppement est requise. Cet article analyse l'e´volution re´cente et l'e´tat actuel du financement international du de´veloppement, examine le lien entre le mode`le actuel de ce financement et la financiarisation internationale, et propose un ensemble de mesures destine´es a`e´liminer les goulets d'e´tranglement qui aujourd'hui entravent les deux processus ; la plupart de ces mesures appellent a`la cre´ation d'une Organisation Fiscale et Financie`re Internationale.

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Section: The Impact Of the Global Crisis On Iffdmentioning

confidence: 99%

The Systemic Approach to International Financing for Development and the Need for a World Tax and Financial Organization

Garcia-Arias

2012

Eur J Dev Res

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“…They are not final goods. We now return to the deliberations of a post‐Bretton Woods panel that included Nicholar Kaldor (Hudson, 2010; Kregel, 2009a; Turnell and Ussher, 2009). The dilemma was to combine employment generation at home with non‐destabilizing open‐economy policy.…”

Section: Supranational Moneymentioning

confidence: 99%

For an international clearing union

Correa

2012

Journal of Economic Studies

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If you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service information about how to choose which publication to write for and submission guidelines are available for all. Please visit www.emeraldinsight.com/authors for more information. About Emerald www.emeraldinsight.comEmerald is a global publisher linking research and practice to the benefit of society. The company manages a portfolio of more than 290 journals and over 2,350 books and book series volumes, as well as providing an extensive range of online products and additional customer resources and services.Emerald is both COUNTER 4 and TRANSFER compliant. The organization is a partner of the Committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation. AbstractPurpose -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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“…Section 4 considers contrasting possible new sources of development finance: South Korea as a non‐traditional source of aid (Chun et al . ), and new forms of global money (Hudson, 2010). Section 5 then asks what development studies (defined in terms of its normative, epistemological, spatial and historical characteristics) offers by way of a distinctive analysis of the global financial crisis.…”

Section: Introductionmentioning

confidence: 99%

The global financial crisis of 2008–2009: an opportunity for development studies?

Copestake¹

2010

J of Intl Development

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This paper draws upon the five other papers presented in this volume, along with other presentations made at the 2009 Development Studies Association Conference, to reflect on the relationship between development studies and the 2008-2009 global financial crisis. It first analyses antecedents to the crisis by relating the papers presented by Gore (on long waves of capitalism) and Fischer (on China's integration into the world economy) to a Polanyian analysis. It then considers immediate policy responses with particular reference to India (based on the conference presentation by Mehrotra), China (based on the paper by de Haan) and the 2009 DFID White Paper. Third, it considers two possible additional sources of finance for developing countries: South Korean aid (discussed by Chun et al.) and new forms of international money (discussed by Hudson). The paper concludes that while the crisis is a reminder of structural global economic interconnectedness a challenge for development studies is to combine this fact with analysis that is also interdisciplinary, multi-tiered and policy relevant. Copyright © 2010 John Wiley & Sons, Ltd.

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Financing for development and the post Keynesian case for a new global reserve currency

Cited by 8 publications

References 35 publications

The Systemic Approach to International Financing for Development and the Need for a World Tax and Financial Organization

The Systemic Approach to International Financing for Development and the Need for a World Tax and Financial Organization

For an international clearing union

The global financial crisis of 2008–2009: an opportunity for development studies?

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