Adapting the international monetary system to face 21st century challenges

Aldo Caliari

Working Papers from United Nations, Department of Economics and Social Affairs

Abstract: Recent calls for more intense debate on and reforms to the international monetary system imply that the current system is unable to respond appropriately and adequately to challenges that have appeared, or become more acute, in recent years. This paper focuses on four such challenges: ensuring an orderly exit from global imbalances, facilitating more complementary adjustments between surplus and deficit countries without recessionary impacts, better supporting international trade by reducing currency volatility and better providing development and climate finance. After describing them, it proposes reforms to enable the international monetary system to better respond to these challenges.

Keywords: global imbalances; current account adjustment; development finance; aggregate demand; Special Drawing Rights; international monetary system; International Monetary Fund; macroeconomic policy coordination (search for similar items in EconPapers)
JEL-codes: F31 F32 F33 F42 F59 K33 O19 (search for similar items in EconPapers)
Pages: 22 pages
Date: 2011-05
New Economics Papers: this item is included in nep-cba and nep-mon
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:une:wpaper:104

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