- Title
- Cross-border payments, global imbalances and involuntary constraints
- Creator
- Pantelopoulos, George
- Relation
- Journal of Post Keynesian Economics Vol. 45, Issue 2, p. 301-328
- Publisher Link
- http://dx.doi.org/10.1080/01603477.2021.1999829
- Publisher
- Routledge
- Resource Type
- journal article
- Date
- 2022
- Description
- Investigations into the process by which cross-border payments are completed within the international monetary system remain largely unresolved. By exploring how these payments are executed through a flow of funds representation as per Institutional Practice—the operations of both the Central Bank and commercial banks within the payment and settlement system—this paper will (1) demonstrate that domestic monetary policy implementation entails the Central Bank offsetting all autonomous reserve flows to maintain an overnight policy rate; (2) show why global imbalances occur and persist across the international monetary system; and (3) outline the impact of involuntary constraints on policymaking.
- Subject
- correspondent bank; global imbalances; monetary policy; monetary systems; SDG 17; Sustainable Development Goals
- Identifier
- http://hdl.handle.net/1959.13/1487774
- Identifier
- uon:52251
- Identifier
- ISSN:0160-3477
- Language
- eng
- Reviewed
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