Regional payment agreements: An alternative to currency convertibility?

Regional Payment Agreements (RPAs) replicate, on a regional scale, John M. Keynes’s proposal at the Bretton Woods Conference, based on the recording and subsequent clearing of transactions. The analysis of the three “founding” RPAs from the Golden Age (Finland-USSR, European Payments Union and the L...

Full description

Saved in:
Bibliographic Details
Published in:Cuadernos de economía (Bogotá, Colombia) Colombia), 2023-01, Vol.42 (88), p.23-42
Main Authors: Bruchanski, Marcelo, Molinari, Andrea
Format: Article
Language:English
Subjects:
acuerdos institucionales internacionales
Agreements
Convertibility
Currency
Foreign exchange
instituciones y acuerdos monetarios internacionales
International economic order and integration
International institutional arrangements
International monetary arrangements and institutions
Keynes
Keynesian
Keynesian theory
keynesianos
Modern monetary theory
orden económico internacional e integración
Payments
Post
Post-Keynesian
teoría monetaria moderna
Transactions
Citations: Items that this one cites
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:Regional Payment Agreements (RPAs) replicate, on a regional scale, John M. Keynes’s proposal at the Bretton Woods Conference, based on the recording and subsequent clearing of transactions. The analysis of the three “founding” RPAs from the Golden Age (Finland-USSR, European Payments Union and the LAFTA-LAIA Agreement on Reciprocal Payments and Credits) suggests that, in general, these agreements fulfiled their objectives: saving foreign currency and promoting trade. Hence, RPAs would present an alternative to currency convertibility for current account transactions.
ISSN:0121-4772
2248-4337
DOI:10.15446/cuad.econ.v42n88.102898