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

By Rakesh Mohan, Michael Debabrata Patra, Muneesh Kapur

November 5, 2013

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Format: Chicago

Rakesh Mohan, Michael Debabrata Patra, and Muneesh Kapur. The International Monetary System: Where Are We and Where Do We Need to Go?, (USA: International Monetary Fund, 2013) accessed September 18, 2024

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.

Subject: Balance of payments, Capital flows, Currencies, Financial crises, Financial regulation and supervision, Financial sector policy and analysis, Financial sector stability, International monetary system, Money

Keywords: Asia and Pacific, Capital flow, Capital flows, Central banks, Currencies, Currency internationalization, Developing economy, East Asia, Financial asset, Financial sector stability, Financial stability, Foreign exchange, Global, Global economy, Gold standard, IMS feed, IMS performance, International monetary system, Mexican peso, Middle East, Multipolar IMS, Net capital, North Africa, Post-Bretton Woods IMS, Pound sterling, Reserve currency, Risk diversification, Short-term debt, WP

Publication Details

Pages:

49
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2013/224
Stock No:

WPIEA2013224
ISBN:

9781475514148
ISSN:

1018-5941

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