The International Monetary System : Where Are We and Where Do We Need to Go?

Author/Editor:

Rakesh Mohan ; Michael Debabrata Patra ; Muneesh Kapur

Publication Date:

November 5, 2013

Electronic Access:

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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary:

The North Atlantic financial crisis of 2008-2009 has spurred renewed interest in reforming the international monetary system, which has been malfunctioning in many aspects. Large and volatile capital flows have promoted greater volatility in financial markets, leading to recurrent financial crises. The renewed focus on the broader role of the central banks, away from narrow price stability monetary policy frameworks, is necessary to ensure domestic macroeconomic and financial stability. Since international monetary cooperation might be difficult, though desirable, central banks in major advanced economies, going forward, need to internalize the implications of their monetary policies for the rest of the global economy to reduce the incidence of financial crises.

Series:

Working Paper No. 13/224

Subject:

English

Publication Date:

November 5, 2013

ISBN/ISSN:

9781475514148/1018-5941

Stock No:

WPIEA2013224

Price:

$18.00 (Academic Rate:$18.00)

Format:

Paper

Pages:

49

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