Reforming the international monetary system: a stock-flow-consistent approach

Cross-border financial flows and global warming in a two-area ecological SFC model

“…Building upon an earlier model by Lavoie and Zhao (2010), they show that a more flexible dollar-yuan exchange rate is powerful adjustment mechanism. Valdecantos and Zezza (2015) also focus on world imbalances. They consider four blocs: the US, the Euro Area, China and the rest of the world.…”

Commodities fluctuations, cross border flows and financial innovation: A stock‐flow analysis

“…Godley and Lavoie (2003, 2005, 2012) progressively built upon the original Godley’s contribution—as well as his policy works written during his collaboration at the Levy—to provide a more realistic representation of how two regions co‐evolve. The standard two‐country augmented model, known also as the ‘Chapter 12’ of Godley and Lavoie’ Monetary Economics book, has been extended qualitatively, with the behavioral development proposed by Lavoie and Daigle (2011) and Ramos et al (2020); the analyses of Bonizzi (2015) and Bortz (2014) on pension funds and foreign debt, respectively (see below); the reassessment of the Marshall–Lerner condition by Carnevali et al (2019); and quantitatively, with multi‐country frameworks developed by Lequain (2003), Izurieta (2003), Lavoie and Zhao (2010), Mazier and Aliti (2012), Valdecantos and Zezza (2015). The first two are simply an extension of the Chapter 12, with the novelty that two countries share the same currency.…”

Price mechanism and endogenous productivity in an open economy stock‐flow consistent model

“…Valdecantos and Zezza (2015) have developed a model with four blocs—the United States, the Eurozone, China and the “rest of the world”—to investigate the original proposal by John Maynard Keynes for a post‐Second World War international monetary system based on the introduction of a new “international currency”, the Bancor , to be used as means of payment and international reserve.…”