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Reform Of The International Monetary System Based On Special Drawing Rights And Its Implications For Asia

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  • Motomichi Ikawa

Abstract

In the midst of the current global economic crisis, China's central bank governor came out with a proposal to reform the international monetary system based on special drawing rights, contrary to the general expectation of the international community. Although many believe the announcement was politically motivated to address the dollar problem, the reform idea may have important bearings upon the future evolution of the economic integration of Asia. This paper reviews the implications of the reform proposal for the Asian region.

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  • Motomichi Ikawa, 2009. "Reform Of The International Monetary System Based On Special Drawing Rights And Its Implications For Asia," Pacific Economic Review, Wiley Blackwell, vol. 14(5), pages 668-681, December.
    • Handle: RePEc:bla:pacecr:v:14:y:2009:i:5:p:668-681
    DOI: 10.1111/j.1468-0106.2009.00481.x
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    1. Chengsi Zhang, 2009. "Excess Liquidity, Inflation and the Yuan Appreciation: What Can China Learn from Recent History?," The World Economy, Wiley Blackwell, vol. 32(7), pages 998-1018, July.
    2. Gene Hsin Chang, 2008. "Estimation of the Undervaluation of the Chinese Currency by a Non-linear Model," Asia-Pacific Journal of Accounting & Economics, Taylor & Francis Journals, vol. 15(1), pages 29-40, April.
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