This paper proposes an interpretation of current global imbalances based upon the nature of the international currency, its main objective being to present a logical experiment, illustrating how alternative models of international financial organization may produce opposite results in the global...

This paper proposes a ldquo;logical experimentrdquo;, illustrating how alternative international monetary systems may produce opposite results in the global economy. In the current organisation, ldquo;key currenciesrdquo; work as international money. Keynes, by contrast, proposed that this role...