Development of the International Monetary System Conditions of Globalization

I.N. Efremenko, L. Haabazoka and V.A. Larionov

European Research Studies Journal, 2017, vol. XX, issue 3B, 269-279

Abstract: This paper outlines the modern trends in the development of the international monetary system in conditions of financial globalization.The paper establishes that the international monetary system has evolved through different stages necessitated by various economic crises at different periodic intervals. It is noted in the paper that despite the inefficiencies in the current dollar denominated international monetary system developed countries are reluctant to do any reforms.However, International monetary system reform is obvious and most likely will happen under the growing crisis in the international financial systems and credit relations. It is proposed that countries look at new innovations that will make international transactions cheaper and less risky.

Keywords: Globalization; world financial system; international currency credit relations; international monetary system (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:ers:journl:v:xx:y:2017:i:3b:p:269-279

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