Re: (none)

[pdavidso <pdavidso@xxxxxxx>]

>===== Original Message From g kohler <gktbg1@xxxxxxxxxx> =====
>Leigh and Gunnar ? thanks for your interesting comments on Stiglitz, ?Global
>Greenbacks?.
>
>Here is some pertinent statistical information:
>(1) I checked Stiglitz?s figure of globally aggregated reserves, which he
>gives as US $1.6 trillion.
>Using World Bank data, I found a similar total of ?Gross International
Reserves?
> (year 1995, all countries, current US $) = US$ 1.7 trillion.
>(2) Next, I compared 1995 with 1970 (not absolute figures, but reserves
>as a percent of GDP)
>The median Gross International Reserves as % of GDP (for all countries with
>available data) are as follows:
>Median (1970) =  4.3%
>Median (1995) =  9.7%
>That suggests that reserve requirements under the bastard-Keynesian
international
>regime (1970) were substantially lower than they are under the current global
>bastard-neoliberal regime (1995).

No. What these statistics mean is that under a flexible exchange rate regime
there is a need for substantially more reserves than under a fixed exchange
regime.  And this was pointed out by Prof. Sidney Weintraub (of the Univ. pf
Texas) many years ago in an article published in the JOURNAL OF POST KEYNESIAN
ECONOMICS.

Paul

Paul Davidson
Editor, Journal of Post Keynesian Economics
University of Tennessee
SMC 523
Knoxville, Tennessee 37996-0550
phone # (865)974-4221; fax #(561)737-8262;
email pdavidson@xxxxxxx
http://econ.bus.utk.edu/davidsonextra/Davidson.html