International Monetary Reform: A Critical Appraisal of Some Proposals

Yung Chul Park and Charles Wyplosz
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Yung Chul Park: Asian Development Bank Institute (ADBI)

Macroeconomics Working Papers from East Asian Bureau of Economic Research

Abstract: This paper reviews some of the current debates on the reform of the international monetary system. Despite its deficiencies, the United States (US) dollar will remain the dominant currency and Special Drawing Rights (SDR) cannot serve as either an international medium of exchange or a reserve currency. The International Monetary Fund (IMF) has changed its position to accept capital controls under certain circumstances. Refining control instruments better tuned to present day markets may bring about greater acceptance. The 2008–2009 global financial crisis has dimmed much of the earlier hope for the multilateralized Chiang Mai Initiative. The currency swap arrangements portend a new form of international cooperation. Finally, for the Group of Twenty (G20) to matter, the systemically important countries need to ensure the stability of their financial systems and economies.

Keywords: International monetary reforms; International monetary system; IMF; SDR; capital control; currency swap; financial system (search for similar items in EconPapers)
JEL-codes: F32 F33 F42 (search for similar items in EconPapers)
Date: 2012-06
New Economics Papers: this item is included in nep-mon
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Related works:
Working Paper: International Monetary Reform: A Critical Appraisal of Some Proposals (2012)
Working Paper: International Monetary Reform: A Critical Appraisal of Some Proposals (2012)
Working Paper: International Monetary Reform: A Critical Appraisal of Some Proposals (2012)
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