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Towards a New International Monetary Order: The World Currency Unit and the Global Indexed Bond
Author(s) -
Ho Lok Sang
Publication year - 2000
Publication title -
world economy
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.594
H-Index - 68
eISSN - 1467-9701
pISSN - 0378-5920
DOI - 10.1111/1467-9701.00310
Subject(s) - currency , order (exchange) , citation , unit (ring theory) , bond , economics , library science , monetary economics , computer science , psychology , finance , mathematics education
Instability in currency markets has caused large interest rate swings and is capable of causing great damage to regional economies as well as the global economy. It is against this background that the controversial “Tobin tax” on foreign exchange transactions was proposed (Tobin, 1978). It is also against this background that when Malaysia introduced foreign exchange control he found sympathy in a mainstream economist, namely Paul Krugman (1998)