Re: [AG-GOuFP] Currency vs. Credit, Nichtbanken/Geschäftsbanken/Zentralbank/Staat

[Rolf Müller <rolf.mueller9 AT t-online.de>]

Am 20.02.2015 um 15:11 schrieb Arne Pfeilsticker:

2. Der Wechselkurs: Er bestimmt letzt endlich in welchem Verhältnis
Währungen gegenseitig verrechnet werden. Er ist letzt endlich entscheidend, ob es überhaupt zu einem Saldo kommt.

Ok, aber dieser Ausgleich wird nicht über Zahlungen vermittelt, sondern fungiert eher wie ein "Ausgleichsventil“.

Bei radikal flexiblen Wechselkursen entsteht erst gar kein Saldo, weil es immer ein x gibt, mit dem x * Volumen 1 * Währung 1 = Volumen 2 * Währung 2 ist. Das wäre der saldoausgleichende Wechselkurs.

Aber so radikale Wechselkursschwankungen will man aus gutem Grunde nicht.

Spannend ist imho in diesem Zusammenhang das Konzept "regional clearing unions" von Jan Kregel

"Stable Exchange Rates and Monetary Sovereignty

From the point of view of the current difficulties facing emerg-
ing market economies, the basic advantage of the clearing union
schemes is that there is no need for an international reserve cur-
rency, no market exchange rates or exchange rate volatility, and
no  parity  to  be  defended.  Notional  exchange  rates  can  be
adjusted to support development policy, and there is no need to
restrict domestic activity to meet foreign claims. Indeed, there is
no need for an international lender or bank, since debt balances
can be managed within the clearing union. The external adjust-
ment occurs by creating an incentive for export surplus coun-
tries  to  find  outlets  to  spend  their  credits, which may  be  in
support  of  developing  countries.  The  system  thus  supports
global demand. Since all payments and debts are expressed in
national currency, independence in national policy actions and
policy space are preserved. In modern terminology, countries
retain monetary sovereignty within the constraint of external
balance, which should correspond to full utilization of domestic
resources.
Such a system would reflect Keynes’s broader vision of the
appropriate role for international financial flows:
"I sympathize, therefore, with those who would mini-
mize, rather than with those who would maximise, eco-
nomic entanglement between nations. Ideas, knowledge,
science, hospitality, travel—these are the things which
should of their nature be international. But let goods
be homespun whenever  it  is  reasonably  and  conve-
niently possible; and, above all, let finance be primarily
national. (Keynes 1982, 236)""

Emerging Market Economies And The Reform Of The International Financial
Architecture - BackToTheFuture

http://www.levyinstitute.org/pubs/ppb_139.pdf

- ganz aktuell 02/2015

-- 
instead of focusing on our differences, 
we should look at what we all have in common...
http://www.youtube.com/watch?v=qLci5DoZqHU

Attachment: 0xEE6C8D70.asc
Description: application/pgp-keys