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Reform of the international monetary system : a jagged history and uncertain prospects (Inglês)

This paper analyzes the historical evolution of the international monetary system in the context of the rising role of developing countries in the world economy and the emerging multi-polar growth setting. It evaluates the stability of the current "non-system" and how the global economic context is likely to affect that stability in the coming years with potential adverse effects on both advanced and developing economies. Given the likely trend toward a multi-polar reserve currency system, the paper evaluates the stability of the emerging system, as well as the current proposals for reform of the international monetary system. The paper concludes that more ambitious reforms of the system may be needed to meaningfully reduce future global economic and financial instability.

Detalhes

  • Autor

    Lin, Justin Yifu Fardoust, Shahrokh Rosenblatt, David

  • Data do documento

    2012/05/01

  • TIpo de documento

    Documento de trabalho sobre pesquisa de políticas

  • No. do relatório

    WPS6070

  • Nº do volume

    1

  • Total Volume(s)

    1

  • País

    Mundo,

  • Região

    Regiões Mundiais,

  • Data de divulgação

    2012/05/01

  • Disclosure Status

    Disclosed

  • Nome do documento

    Reform of the international monetary system : a jagged history and uncertain prospects

  • Palavras-chave

    gold standard;reserve currency;Reserve currencies;international monetary system;Special Drawing Right;foreign exchange reserve holding;real exchange rate overvaluation;volatility in exchange rate;share of world output;monetary policy;international currency;expansionary monetary policy;balance of payment;fixed exchange rate;global financial crisis;movement of capital;store of value;currency in circulation;international reserve;exchange rate appreciation;sovereign debt problem;sovereign debt crisis;foreign exchange transaction;exchange rate risk;market exchange rate;official foreign exchange;foreign fiscal policy;open capital account;emerging market economy;cost of capital;negative population growth;flow of good;multiple currency system;exchange rate regime;regulation and supervision;price adjustment mechanism;excessive capital inflow;proposals for reform;exchange rate movement;global financial market;classical gold standard;net foreign asset;foreign exchange system;medium of exchange;newly industrialized country;foreign central bank;drag on growth;global trading system;foreign exchange market;inflow of capital;sale of good;asset price bubble;capital flow;world economy;international transaction;global economy;Exchange Rates;Emerging economies;Fiscal policies;capital control;reserve asset;silver standard;oil price;emerging economy;pound sterling;excess return;

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