le 7 avril 2022
Jeremy Srouji est doctorant en économie internationale à Université Côte d'Azur - CNRS, dans le laboratoire du GREDEG en France, et à l'Institute of Social Studies des Pays-Bas.
Il travaille sur les explications de l'émergence de la monnaie internationale.
Intéressé par les questions de banque numérique, de paiements et d'économie sans numéraire et leur relation avec l'inégalité et l'inclusion financière.
Title:
Why is World Money World Money? A view from the functions of money from classical to Post Keynesian approaches.
Abstract:
The literature on currency internationalization, with its focus on the necessary attributes of an international currency issuer, is largely inadequate for explaining what causes the currency of a country to be adopted and to remain as world money. This paper demonstrates how implicit within the work of authors addressing the question of international money are two distinct theories of currency internationalization that are rooted in underlying conventional and Post Keynesian theories of money and in the historical debate on the functions of money. These make very different assumptions about what international money does, what primary purpose it is supposed to fulfill, and the process through which one money comes to dominate over all the others in the global economy. The paper finds that while the functional approach to money provides much-needed theoretical clarity to the discussion of international money, shortfalls in the conventional and Post Keynesian approaches to money are inevitably also transposed to the international level. These need to be addressed before a more comprehensive theory of currency internationalization can emerge.
