La montée des pays asiatiques dans le système monétaire international

Michel Aglietta

Reflets et perspectives de la vie économique, 2010, vol. XLIX, issue 4, 93-101

Abstract: Since the demise of the Bretton Woods monetary order the IMS has been deprived of common rules. The dollar has kept its dominant international currency status within a patchwork of exchange rate regimes that the countries have chosen, depending on the opening of their financial systems. The IMS has de facto become a semi-dollar standard. It has become largely dysfunctional since the spread of financial globalization in the 1990?s. It has nurtured the financial crisis in fostering current account balance disequilibria and the subsequent explosion of dollar reserves. Henceforth Asian countries, primarily China, have become paramount holders of US assets. The financial crisis has brought about new prospects to this legacy. China has become the cornerstone of Asian integration in transforming its growth regime. Weaving tight trade links with the emerging market world, China has launched the process leading to Yuan convertibility. Decoupling with the dollar and building loose mechanisms of monetary cooperation in East Asia will become twin goals of foreign monetary policy. Developing an area of common monetary interests in the most dynamic region of the world might change the balance of power in a way that pushed reforms in international monetary governance.

Date: 2010
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