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Reform of the international monetary system : a jagged history and uncertain prospects

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Author Info

  • Lin, Justin Yifu
  • Fardoust, Shahrokh
  • Rosenblatt, David

Abstract

This paper analyzes the historical evolution of the international monetary system in the context of the rising role of developing countries in the world economy and the emerging multi-polar growth setting. It evaluates the stability of the current"non-system"and how the global economic context is likely to affect that stability in the coming years with potential adverse effects on both advanced and developing economies. Given the likely trend toward a multi-polar reserve currency system, the paper evaluates the stability of the emerging system, as well as the current proposals for reform of the international monetary system. The paper concludes that more ambitious reforms of the system may be needed to meaningfully reduce future global economic and financial instability.

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Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 6070.

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Date of creation: 01 May 2012
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Handle: RePEc:wbk:wbrwps:6070

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Related research

Keywords: Currencies and Exchange Rates; Debt Markets; Emerging Markets; Economic Theory&Research; Fiscal&Monetary Policy;

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References

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  17. Dailami, Mansoor & Masson, Paul, 2009. "The new multi-polar international monetary system," Policy Research Working Paper Series 5147, The World Bank.
  18. Faisal Ahmed & Shengzu Wang & Isabelle Mateos y Lago & Samar Maziad & Stephanie Segal & Pascal Farahmand & Udaibir S. Das, 2011. "Internationalization of Emerging Market Currencies--A Balance Between Risks and Rewards," IMF Staff Discussion Notes 11/17, International Monetary Fund.
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Cited by:
  1. Fardoust, Shahrokh & Dhareshwar, Ashok, 2013. "Some thoughts on making long-term forecasts for the world economy," Policy Research Working Paper Series 6705, The World Bank.

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