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Palgrave Macmillan

The Economics of International Payments Unions and Clearing Houses

Theory and Measurement

  • Book
  • © 1997

Overview

Authors:
  1. Byron Gerald Auguste
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Part of the book series: St Antony's Series (STANTS)

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Table of contents (15 chapters)

  1. Front Matter

    Pages i-xviii
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  2. Introduction

    1. Introduction

      • Byron Gerald Auguste
      Pages 1-8

  3. The Theory of Regional Payments Arrangements

    1. Front Matter

      Pages 9-9
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    2. Clearing Arrangements in Domestic and International Payments Systems

      • Byron Gerald Auguste
      Pages 11-32

    3. The Structure of Regional Payments Arrangements

      • Byron Gerald Auguste
      Pages 33-51

    4. The Effects of a Clearing Union: A Benchmark Model

      • Byron Gerald Auguste
      Pages 52-81

    5. The Effects of a Payments Union: A Stochastic Analysis

      • Byron Gerald Auguste
      Pages 82-97

    6. The Impact of Payments Unions on Economic Growth

      • Byron Gerald Auguste
      Pages 98-109

  4. Measuring the Impact of Regional Payments Arrangements

    1. Front Matter

      Pages 111-111
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    2. Measuring Savings of International Reserves

      • Byron Gerald Auguste
      Pages 113-131

    3. Measuring the Effects of RPAs on Trade Creation and Economic Growth

      • Byron Gerald Auguste
      Pages 132-148

  5. The European Payments Union, 1950–58

    1. Front Matter

      Pages 149-149
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    2. The European Payments Union and the Western European Recovery, 1945–59

      • Byron Gerald Auguste
      Pages 151-166

    3. Intra-OEEC Trade Liberalization and EPU Reserve Savings

      • Byron Gerald Auguste
      Pages 167-185

    4. The Impact of the EPU on OEEC Regional Trade

      • Byron Gerald Auguste
      Pages 186-205

    5. The Impact of the EPU on Income and Economic Growth

      • Byron Gerald Auguste
      Pages 206-220

  6. The Reciprocal Payments and Credits System in Latin America, 1966–91

    1. Front Matter

      Pages 221-221
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    2. RPCS Structure, Operations, and Impact

      • Byron Gerald Auguste
      Pages 223-249

    3. The Benefits and Risks of a Latin American Payments Union

      • Byron Gerald Auguste
      Pages 250-263

    4. Conclusions

      • Byron Gerald Auguste
      Pages 264-266
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Keywords

About this book

International payments unions and clearing houses have been employed by 88 countries in Europe, Asia, Africa, Latin America and the Caribbean to liberalise regional trade and payments during the past 50 years. Yet, their impact on participating countries has not been well understood. When the republics of the former Soviet Union were deciding on new monetary regimes, many economists proposed a payments union but could not estimate its potential benefits or risks. This book presents the first fully articulated theory of international payments unions and clearing houses in order to answer the questions: When should a country choose to participate in a payments union? What benefits and costs have actually resulted from existing and past clearing houses? When should countries in a clearing house seek to form a payments union?

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