Reform of the international monetary system: a jagged history and uncertain prospects

Justin Lin (), Shahrokh Fardoust and David Rosenblatt

No 6070, Policy Research Working Paper Series from The World Bank

Abstract: This paper analyzes the historical evolution of the international monetary system in the context of the rising role of developing countries in the world economy and the emerging multi-polar growth setting. It evaluates the stability of the current"non-system"and how the global economic context is likely to affect that stability in the coming years with potential adverse effects on both advanced and developing economies. Given the likely trend toward a multi-polar reserve currency system, the paper evaluates the stability of the emerging system, as well as the current proposals for reform of the international monetary system. The paper concludes that more ambitious reforms of the system may be needed to meaningfully reduce future global economic and financial instability.

Keywords: Currencies and Exchange Rates; Debt Markets; Emerging Markets; Economic Theory&Research; Fiscal&Monetary Policy (search for similar items in EconPapers)
Date: 2012-05-01
New Economics Papers: this item is included in nep-mon and nep-opm
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:wbk:wbrwps:6070

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