Towards a new international monetary order : the world currency unit and the global indexed bonds
The World Economy
Wiley-Blackwell Publishing Ltd.
Instability in currency markets has caused large interest rate swings and is capable of causing great damage to regional economies as well as the global economy. It is against this background that the controversial “Tobin tax” on foreign exchange transactions was proposed (Tobin, 1978). It is also against this background that when Malaysia introduced foreign exchange control he found sympathy in a mainstream economist, namely Paul Krugman (1998).
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Ho, L. S. (2000). Towards a new international monetary order: The world currency unit and the global indexed bond. The World Economy, 23(7), 939-950. doi: 10.1111/1467-9701.00310