Do the International Monetary and Financial Systems Need More than Short-Term Cosmetics Reforms?

Lino Sau

Department of Economics and Statistics Cognetti de Martiis. Working Papers from University of Turin

Abstract: The storm that has rocked our world has opened an interesting debate among economists and policy makers concerning with the need of a new international monetary and financial architecture. The monetary and financial regime that has been in force since the collapse of Bretton Woods (B-W), encourages indeed the persistence of unsustainable dynamics which spawn increasingly serious crises and it is unable of imparting an acceptable macro-economic discipline device to the world's economy. It became apparent that the global role of a key currency along with the deregulation of financial markets (neo-liberal paradigm) have acted as underlying conditions for the US financial crisis up to present situation and the following contagion to Europe. In this paper I point out the inadequacy of the institutional arrangements underlying the international monetary and financial regimes and I outline the relevance to the current debate of Keynes original plan, suggested rightly 70 years ago, that never born.

Pages: 31 pages
Date: 2014-10
New Economics Papers: this item is included in nep-mon and nep-pke
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Related works:
Journal Article: Do the International Monetary and Financial Systems Need More Than Short-Term Cosmetic Reforms? (2015)
Working Paper: Do the International Monetary and Financial Systems Need More than Short-Term Cosmetics Reforms? (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:uto:dipeco:201426

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