{
  "title": "Strengthening the International Monetary System - Taking Stock and Looking Ahead",
  "publication": "Policy Papers, March 23, 2011",
  "sourceUrl": "https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/strengthening-the-international-monetary-system-taking-stock-and-looking-ahead-pp4548",
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  "summary": "The current IMS has survived for over forty years, underpinning strong growth in GDP and in the international exchange of goods and capital, one of its core objectives.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- The current IMS has survived for over forty years, underpinning strong growth in GDP and in the international exchange of goods and capital, one of its core objectives.\n- Interdependence among the world’s economies has grown dramatically, increasing the importance of a sound international monetary system.\n- Since the 2008 crisis, renewed international momentum has emerged for attempting to reform the IMS, but debate shows little consensus on underlying problems or solutions.\n- Publication date: March 23, 2011."
    },
    {
      "heading": "Symptoms of instability",
      "content": "- Frequent crises.\n- Persistent current account imbalances and exchange rate misalignments.\n- Volatile capital flows and currencies.\n- Unprecedentedly large reserve accumulation."
    },
    {
      "heading": "Identified root causes (four)",
      "content": "- Inadequate global adjustment mechanisms to prevent inconsistent or imprudent policies among systemic countries.\n- Lack a comprehensive oversight framework for growing cross-border capital flows, covering both source and recipient countries.\n- Inadequate systemic liquidity provision mechanisms.\n- Structural challenges in the supply of safe assets."
    },
    {
      "heading": "Policy implications and priorities (implied by findings)",
      "content": "- Strengthen multilateral mechanisms that support coordinated global adjustment among systemic economies.\n- Develop a comprehensive oversight framework for cross-border capital flows that encompasses both capital source and recipient jurisdictions.\n- Enhance systemic liquidity provision mechanisms to reduce risks from strains in global funding markets.\n- Address structural constraints in the supply of safe assets to better align global demand and supply and mitigate reserve accumulation pressures."
    },
    {
      "heading": "Subject tags (as listed)",
      "content": "- Capital flows\n- Central banks\n- Financial stability\n- International cooperation\n- International monetary system\n- Risk management\n\nStrengthening the International Monetary System - Taking Stock and Looking Ahead, March 23, 2011\n\n---\n\n Content in this bundle\n\n- Accumulated impulse responses to a one-standard deviation growth shock\n  - Accumulated impulse responses to a one-standard deviation growth shock (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Accumulated impulse responses to a one-standard deviation growth shock (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/strengthening-the-international-monetary-system-taking-stock-and-looking-ahead-pp4548"
    }
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    "Published: March 23, 2011",
    "Series: Policy Papers",
    "The current IMS has survived for over forty years, underpinning strong growth in GDP and in the international exchange of goods and capital, one of its core objectives.",
    "Interdependence among the world’s economies has grown dramatically, increasing the importance of a sound international monetary system.",
    "Since the 2008 crisis, renewed international momentum has emerged for attempting to reform the IMS, but debate shows little consensus on underlying problems or solutions.",
    "Publication date: March 23, 2011.",
    "Frequent crises.",
    "Persistent current account imbalances and exchange rate misalignments.",
    "Volatile capital flows and currencies.",
    "Unprecedentedly large reserve accumulation.",
    "Inadequate global adjustment mechanisms to prevent inconsistent or imprudent policies among systemic countries.",
    "Lack a comprehensive oversight framework for growing cross-border capital flows, covering both source and recipient countries.",
    "Inadequate systemic liquidity provision mechanisms.",
    "Structural challenges in the supply of safe assets.",
    "Strengthen multilateral mechanisms that support coordinated global adjustment among systemic economies.",
    "Develop a comprehensive oversight framework for cross-border capital flows that encompasses both capital source and recipient jurisdictions.",
    "Enhance systemic liquidity provision mechanisms to reduce risks from strains in global funding markets.",
    "Address structural constraints in the supply of safe assets to better align global demand and supply and mitigate reserve accumulation pressures.",
    "Capital flows",
    "Central banks",
    "Financial stability",
    "International cooperation",
    "International monetary system",
    "Risk management",
    "**Accumulated impulse responses to a one-standard deviation growth shock**"
  ],
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      "title": "Accumulated impulse responses to a one-standard deviation growth shock",
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