Reshaping the international monetary architecture : lessons from Keynes'plan

As the global economy undergoes profound changes, it is becoming apparent that the so-called"Revived Bretton Woods System"has increased the overall vulnerability of the global financial architecture. Therefore, it is worth revisiting the origins of the Bretton Woods conference, and pointing out the relevance for today’s framework of Keynes’ original 1942 plan for an International Clearing Union. This note explores the main characteristics of Keynes'original plan, by revisiting his original writings between 1940 and 1944, and outlining its relevance to the current debate on the international financial architecture. The note suggests that reforms of the international financial architecture should include anchoring the international monetary system on sounder institutional ground.Currencies and Exchange Rates,Debt Markets,Banks&Banking Reform,Emerging Markets,Access to Finance

From Rent-seeking to Profit-creation: Private Sector Development and Economic Turnaround in Fragile States

The paper suggests a framework for evaluating the relevance of strategies of private sector development in fostering sustained economic turnaround in fragile and post-conflict situations. It highlights how fragility, violence and conflict change economic structures, introducing distortions, trapping agents into “short-termism” and changing incentives toward rent-seeking, and explores strategies for supporting shifting economic systems from predation to production.Fragile States, Economic Turnaround

A Theoretical Approach to Electronic Money

The paper proposes an analysis of money which starts from electronic money. In open contradiction to the traditional approach, characterized by a general lack of interest by theoreticians towards payment system issues, the paper argues that analysis of the distinctive characteristics of electronic money is bound to contribute to received monetary theory. After indicating the distinguishing properties of electronic money (which derive entirely from its technical features), the paper outlines their consequences on the principles of monetary theory. It is argued that recognition of the fact that electronic money is nominal money issued in an operation of monetary intermediation, provides an analytical framework for a better understanding of electronic money issuance, as well as of the meaning of issuing money. The analysis will show that only a deep analysis into the very nature of bank money can provide a better understanding of phenomena such as electronic money, which is consistent with the evolution of financial and banking innovations, in particular with the rise of interest bearing mediums of exchange.electronic money; monetary theory

Reshaping the International Monetary Architecture and Addressing Global Imbalances: Lessons from the Keynes Plan

As we witness profound changes in the global economy, and as it becomes apparent that the so-called “Revived Bretton Woods System” may be nothing more than a temporary non sustainable financing of the US structural internal imbalance, favored by the global role of the dollar, which has increased the overall vulnerability of the global financial architecture, it’s worth revisiting the origins of the Bretton Woods conference, and pointing out the relevance for today’s framework of Keynes’ original 1942 plan for an International Clearing Union. In this note we explore the main characteristics of Keynes’ original plan, by revisiting his original writings between 1940 and 1944, and we outline its relevance to the current debate on the international financial architecture, We’ll argue that reforms of the international financial architecture should include anchoring the international monetary system on a sounder institutional ground

From Rent-seeking to Profit-creation: Private Sector Development and Economic Turnaround in Fragile States

The paper suggests a framework for evaluating the relevance of strategies of private sector development in fostering sustained economic turnaround in fragile and post-conflict situations. It highlights how fragility, violence and conflict change economic structures, introducing distortions, trapping agents into “short-termism” and changing incentives toward rent-seeking, and explores strategies for supporting shifting economic systems from predation to production

From Rent-seeking to Profit-creation: Private Sector Development and Economic Turnaround in Fragile States

The paper suggests a framework for evaluating the relevance of strategies of private sector development in fostering sustained economic turnaround in fragile and post-conflict situations. It highlights how fragility, violence and conflict change economic structures, introducing distortions, trapping agents into “short-termism” and changing incentives toward rent-seeking, and explores strategies for supporting shifting economic systems from predation to production

Elements for a Conceptual Model of Fragility

This note is an attempt to suggest a few key elements for a conceptual model of fragility as a dynamic process, that could help conceptualize and operationalize fragility in a way that is useful to policymakers and practitioners when designing development strategies, and allocating funds. We’ve pointed out the need to overcome income-level related definitions of fragility inherited from the LICUS framework, the important limitation of national boundaries as main unit of analysis, and the relevance of the risk framework suggested by the WDR14 to complement the WDR11 framework. Further, we’ve suggested embracing a multiscalar view of fragility. The ground covered in this note is not exhaustive. We reckon the simplicity of the conceptual model can allow for easy integration of individual dimensions, including the nascent literature of the effects of climatic change on human conflict

Electronic Money, Money, and Banking Intermediation (Monnaie électronique, monnaie et intermédiation bancaire)

Extensive theoretical analysis of electronic money and electronic money systems based on quantum theoretical approach. Fundamental critique to traditional approach to electronic money.Electronic Money, Banking Intermediation, Money

Single-Center Experience with Simultaneous Mural Aortic Thrombosis and Peripheral Obstructive Disease in Pre-COVID-19 and COVID-19 Era

Background: Mural aortic thrombosis associated with chronic peripheral obstruction of the lower limbs is an unusual event. Repeated embolism of instability aortic mural thrombosis caused acute limb ischemia (Rutherford 2 classification) in patients with peripheral arterial disease (PAD). We report a single-center experience for patients with transmural aortic thrombosis and peripheral artery disease. Methods: We retrospectively analyzed data of 54 patients with aortic mural thrombus disease with PAD presentation, treated at our center between 2013 and 2022. Results: Thirty patients (six with proven SARS-CoV-2 infection) underwent hybrid or staged treatment for an aortic lesion and for lower limb ischemia, by the placement of an endovascular aortic stent graft and a femoro-distal or a popliteal-distal bypass graft. The remaining 24 cases were only subjected to an intravascular treatment of the thoracic or abdominal aorta. Transient renal failure occurred in three patients. No embolic events were detected during the procedures. Aortic-related mortality was reported in just one patient who died from multiple organ failure. There was an embolic stroke in one patient with proven SARS-CoV-2 infection, three major amputations in patients with proven SARS-CoV-2 infection and no aortic-related mortality. Conclusions: Stent coverage of complex aortic lesions, alone or in association with a distal bypass graft, supports this approach in a variety of settings. The COVID-19 pandemic caused an increased mortality and amputation rate