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 05, 2013
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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(s): International monetary system | Monetary policy | Capital flows | Reserves accumulation | Surveillance | Central bank role | Developed countries | Emerging markets | Developing countries | Financial stability

Publication Date: November 05, 2013
ISBN/ISSN: 9781475514148/1018-5941 Format: Paper
Stock No: WPIEA2013224 Pages: 49
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