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Realistic Choice for Reforming the International Monetary System

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

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  • Ruogu Li

Abstract

Each of the proposals mentioned earlier has both its rationale and un certainty. Realistically, none of them can be fully adopted in its own right. The reform of the international monetary system involves both parties of vested interests and those whose interests are hurt. This process will be one of hard bargaining between countries. At the same time, it will also be a process of evolution of the global economic order, a complex process fraught with conflicts. As no new pole has emerged in the international financial arena, the road towards reforming the international monetary system, international coordination mechanisms, and international financial institutions would be a long and twisted one. Reaching a compromise would be the only realistic choice.

Suggested Citation

  • Ruogu Li, 2015. "Realistic Choice for Reforming the International Monetary System," World Scientific Book Chapters, in: Reform of the International Monetary System and Internationalization of the Renminbi, chapter 12, pages 147-166, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814699051_0012
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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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