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Economics of an Internationalized Jerusalem

Published online by Cambridge University Press:  29 January 2009

Richard J. Ward
Richard J. Ward
Affiliation:
Washington, D.C.
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Extract

Setting up an economic and financial mechanism for an internationalized Jerusalem, can undoubtedly be arranged, given an appropriate political climate. There are historic precedents for international or free cities and ports in which the currency exchange system, means of revenue raising, and maintenance of municipal functions and service have been worked out. Twenty years ago the United Nations examined the possibility and passed a resolution and statutes for administering an internationalized Jerusalem. Given the mandate and cooperation, an independent municipal government for Jerusalem can implement the flexible mechanisms devised for assuring an equitable exchange relationship between the Israeli pound and Jordanian dinar, or between these and an independent sector currency. The mechanism for carrying on trade and banking facilities and services can be worked out, if the parties involved are willing to cooperate. A permanent committee of economic and financial experts in the Finance Ministry would need to review the exchange rate and the banking and trade practice to determine whether the proposed mechanisms are actually working equitably for all concerned.

Type
Articles
Information
International Journal of Middle East Studies , Volume 2 , Issue 4 , October 1971 , pp. 311 - 317
Copyright
Copyright © Cambridge University Press 1971

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References

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