IDEAS home Printed from
   My bibliography  Save this article

La montée des pays asiatiques dans le système monétaire international


  • Michel Aglietta


Since the demise of the Bretton Woods monetary order the IMS has been deprived of common rules. The dollar has kept its dominant international currency status within a patchwork of exchange rate regimes that the countries have chosen, depending on the opening of their financial systems. The IMS has de facto become a semi-dollar standard. It has become largely dysfunctional since the spread of financial globalization in the 1990’s. It has nurtured the financial crisis in fostering current account balance disequilibria and the subsequent explosion of dollar reserves. Henceforth Asian countries, primarily China, have become paramount holders of US assets. The financial crisis has brought about new prospects to this legacy. China has become the cornerstone of Asian integration in transforming its growth regime. Weaving tight trade links with the emerging market world, China has launched the process leading to Yuan convertibility. Decoupling with the dollar and building loose mechanisms of monetary cooperation in East Asia will become twin goals of foreign monetary policy. Developing an area of common monetary interests in the most dynamic region of the world might change the balance of power in a way that pushed reforms in international monetary governance.

Suggested Citation

  • Michel Aglietta, 2010. "La montée des pays asiatiques dans le système monétaire international," Reflets et perspectives de la vie économique, De Boeck Université, vol. 0(4), pages 93-101.
  • Handle: RePEc:cai:rpvedb:rpve_494_0093

    Download full text from publisher

    File URL:
    Download Restriction: free

    File URL:
    Download Restriction: free

    More about this item


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cai:rpvedb:rpve_494_0093. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jean-Baptiste de Vathaire). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.