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Characteristics of the Current International Monetary System

In: Reform of the International Monetary System and Internationalization of the Renminbi

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  • Ruogu Li

Abstract

Following the collapse of the Bretton Woods system, the international monetary system again sank into chaos. The international community made many attempts to rebuild the international monetary system. Some proposed the restoration of the gold standard, while others proposed to set up a system based on a basket of hard currencies, but no progress was made. It was only after experiencing five chaotic years in the financial market that the international community finally concluded the Jamaica Agreement. The international monetary system thus entered the “age of floating exchange rates”.

Suggested Citation

  • Ruogu Li, 2015. "Characteristics of the Current International Monetary System," World Scientific Book Chapters, in: Reform of the International Monetary System and Internationalization of the Renminbi, chapter 5, pages 39-52, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814699051_0005
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    More about this item

    Keywords

    IMF; World Bank; Financial Crisis; International Monetary System; RMB; International Monetary System Reform; China; US; Dollar; Renminbi; Yuan; Currency; Exchange Rate;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)

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