International Monetary Reform: A Critical Appraisal of Some Proposals

Yung Chul Park and Charles Wyplosz
Additional contact information
Yung Chul Park: Asian Development Bank Institute

No 364, ADBI Working Papers from Asian Development Bank Institute

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: us dollars; special drawing rights; sdr; capital controls; currency swaps; g20 (search for similar items in EconPapers)
JEL-codes: F32 F33 F42 (search for similar items in EconPapers)
Pages: 23 pages
Date: 2012-06-28
New Economics Papers: this item is included in nep-cba and nep-mon
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://www.adbi.org/files/2012.06.26.wp364.interna ... reform.proposals.pdf Full text (application/pdf)
Our link check indicates that this URL is bad, the error code is: 403 Forbidden (http://www.adbi.org/files/2012.06.26.wp364.international.monetary.reform.proposals.pdf [302 Moved Temporarily]--> https://www.adbi.org/files/2012.06.26.wp364.international.monetary.reform.proposals.pdf [302 Moved Temporarily]--> https://www.adb.org/adbi/files/2012.06.26.wp364.international.monetary.reform.proposals.pdf)

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)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ris:adbiwp:0364

Access Statistics for this paper

More papers in ADBI Working Papers from Asian Development Bank Institute Kasumigaseki Building 8F, 3-2-5, Kasumigaseki, Chiyoda-ku, Tokyo 100-6008, Japan. Contact information at EDIRC.
Bibliographic data for series maintained by ADB Institute ().