{
  "title": "Reserve Accumulation and International Monetary Stability",
  "publication": "Policy Papers, April 13, 2010",
  "sourceUrl": "https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/reserve-accumulation-and-international-monetary-stability-pp4456",
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  "summary": "The last comprehensive discussion of reform of the international monetary system (IMS)—the set of official arrangements that regulate key dimensions of balance of payments—international reserves, exchange rates, current payments, and capital flows—was held nearly four decades ago.",
  "sections": [
    {
      "heading": "Summary and purpose",
      "content": "- Reviews the structure of the international monetary system (IMS)—the set of official arrangements that regulate key dimensions of balance of payments: international reserves, exchange rates, current payments, and capital flows.\n- Motivated by repeated and costly international financial crises since the last comprehensive IMS reform discussion held \"nearly four decades ago.\"\n- Seeks to assess how the IMS can be strengthened and made more resilient given recent and prospective trends."
    },
    {
      "heading": "Major findings and diagnostics",
      "content": "- Identifies a confluence of forces:\n  - An unprecedented build-up in global current account imbalances.\n  - Volatile cross border capital flows.\n  - A sharp build-up of international reserves.\n  - Concentration of those reserves in a few reserve currencies facing new challenges in maintaining fiscal and financial stability.\n- Highlights a tension characterized as \"high reserve demand and narrow reserve supply.\"\n- Notes that while the paper focuses on reserve demand–supply tension, it also touches on all IMS components: exchange rate arrangements, capital flows, and the global adjustment process.\n- Signals that \"pre-crisis trends appear set to resume,\" calling for examination of broader implications for stability and efficiency of the current system."
    },
    {
      "heading": "Scope and relation to broader Fund work",
      "content": "- Positions this paper in the broader context of the Fund’s recent work on IMS stability:\n  - Followed an earlier paper focused on exchange rate arrangements.\n  - Anticipates continuation with another paper on capital flows in coming months."
    },
    {
      "heading": "Subject areas covered",
      "content": "- Balance of payments\n- Capital flows\n- Exchange rates\n- Financial stability\n- Fiscal stability\n- International monetary reform\n- International monetary system\n- Reserves\n- Reserves accumulation"
    },
    {
      "heading": "Publication and access notes",
      "content": "- Publication date: April 13, 2010.\n- The IMF eLibrary offers over 25,000 IMF publications in multiple formats.\n\nSource: Reserve Accumulation and International Monetary Stability — https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/reserve-accumulation-and-international-monetary-stability-pp4456\n\n---\n\n Content in this bundle\n\n- Reserve Accumulation and International Monetary Stability; IMF Policy Papers; April 13, 2010\n  - Reserve Accumulation and International Monetary Stability; IMF Policy Papers; April 13, 2010 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Reserve Accumulation and International Monetary Stability; IMF Policy Papers; April 13, 2010 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/reserve-accumulation-and-international-monetary-stability-pp4456"
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    "Published: April 13, 2010",
    "Series: Policy Papers",
    "Reviews the structure of the international monetary system (IMS)—the set of official arrangements that regulate key dimensions of balance of payments: international reserves, exchange rates, current payments, and capital flows.",
    "Motivated by repeated and costly international financial crises since the last comprehensive IMS reform discussion held \"nearly four decades ago.\"",
    "Seeks to assess how the IMS can be strengthened and made more resilient given recent and prospective trends.",
    "Identifies a confluence of forces:",
    "Highlights a tension characterized as \"high reserve demand and narrow reserve supply.\"",
    "Notes that while the paper focuses on reserve demand–supply tension, it also touches on all IMS components: exchange rate arrangements, capital flows, and the global adjustment process.",
    "Signals that \"pre-crisis trends appear set to resume,\" calling for examination of broader implications for stability and efficiency of the current system.",
    "Positions this paper in the broader context of the Fund’s recent work on IMS stability:",
    "Balance of payments",
    "Capital flows",
    "Exchange rates",
    "Financial stability",
    "Fiscal stability",
    "International monetary reform",
    "International monetary system",
    "Reserves",
    "Reserves accumulation",
    "Publication date: April 13, 2010.",
    "The IMF eLibrary offers over 25,000 IMF publications in multiple formats.",
    "**Reserve Accumulation and International Monetary Stability; IMF Policy Papers; April 13, 2010**"
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