Back
Texte intégral
Preprint

World monetary discrepancies : A new macroeconomic analysis

  • Cencini, Alvaro Istituto di economia politica (IdEP), Facoltà di scienze economiche, Università della Svizzera italiana, Svizzera
    2005

15 p

International monetary system
international payments
interest payments
external debt
English This paper suggests that the global current account and global capital and financial account discrepancies are the twin result of a common cause. This cause can be identified in the payment of net interests on debt. Re-interpreting the World Bank’s definition of capital flight, we will show that both discrepancies can be consistently accounted for by Schmitt’s analysis of the double charge of net interests’ payments. As strikingly confirmed by statistical evidence, the pathological payment of net interests between countries explains away the mystery of the ‘missing surplus’ while accounting for what has been considered so far as an understatement of international capital flows.
Language
  • English
Classification
Economics
License
License undefined
Identifiers
  • RERO DOC 28440
  • ARK ark:/12658/srd1318308
Persistent URL
https://n2t.net/ark:/12658/srd1318308
Statistics
Document views: 36 File downloads:
  • wp0503.pdf: 88