The International Monetary System in Flux: Overview and Prospects
In: Financial Aspects of Recent Trends in the Global Economy
This chapter analyses the architecture of the International Monetary System (IMS) and the role of reserve currencies in it. We begin by describing the evolution of the IMS from the Gold Standard to the Bretton Woods system and the European integration process that led to the creation of the euro. We then discuss the role played by the euro in the IMS as an international reserve currency. Drawing on econometric estimations, we extrapolate the evolution of the shares in international reserves of the euro, the US dollar and the renminbi. In the discussion, we take into account the current sovereign debt crisis and the possibility of a currency war taking place as a result of the reportedly excessive undervaluation of the renminbi and of the expansionist monetary policies undertaken in several advanced economies, namely in the USA. The text ends with a review of proposals for reducing the likelihood of currency wars, which may disrupt the functioning of the current IMS.
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
|This chapter was published in: ||This item is provided by ASERS Publishing in its series Chapters of Financial Aspects of Recent Trends in the Global Economy book with number
v1-10.||Handle:|| RePEc:srs:fichap:v1-10||Contact details of provider:|| Web page: http://www.asers.eu/asers-publishing/collections.html|
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- McKinnon, Ronald I, 1993. "The Rules of the Game: International Money in Historical Perspective," Journal of Economic Literature, American Economic Association, vol. 31(1), pages 1-44, March.
- António Portugal Duarte & João Sousa Andrade, 2004.
"How the Gold Standard Functioned in Portugal: An Analysis of Some Macroeconomic Aspects,"
GEMF Working Papers
2004-01, GEMF - Faculdade de Economia, Universidade de Coimbra.
- Ant�nio Portugal Duarte & Jo�o Sousa Andrade, 2012. "How the Gold Standard functioned in Portugal: an analysis of some macroeconomic aspects," Applied Economics, Taylor & Francis Journals, vol. 44(5), pages 617-629, February.
- António Portugal Duarte & João Sousa Andrade, 2005. "How the gold standard functioned in Portugal: an analysis of some macroeconomic aspects," Method and Hist of Econ Thought 0505002, EconWPA.
- Morris Goldstein, 2011. "Integrating Reform of Financial Regulation with Reform of the International Monetary System," Working Paper Series WP11-5, Peterson Institute for International Economics.
- Arvind Subramanian, 2011. "Renminbi Rules: The Conditional Imminence of the Reserve Currency Transition," Working Paper Series WP11-14, Peterson Institute for International Economics.
- John Williamson, 2009. "Why SDRs Could Rival the Dollar," Policy Briefs PB09-20, Peterson Institute for International Economics.
- Pedro Bação & João Maia Domingues & António Portugal Duarte, 2012.
"Financial Crisis and Domino Effect,"
Institute of Economic Sciences.
- Bordo, Michael D. & Jonung, Lars, 2000. "A Return to the Convertibility Principle? Monetary And Fiscal Regimes in Historical Perspective," SSE/EFI Working Paper Series in Economics and Finance 415, Stockholm School of Economics.
- Zsolt Darvas & Jean Pisani-Ferry & André Sapir, 2011.
"A Comprehensive Approach to the Euro-Area Debt Crisis,"
1101, Department of Mathematical Economics and Economic Analysis, Corvinus University of Budapest.
- Zsolt Darvas & Jean Pisani-Ferry & Andre Sapir, 2011. "A Comprehensive Approach to the Euro-Area Debt Crisis," IEHAS Discussion Papers 1110, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.
- AndrÃ© Sapir & Jean Pisani-Ferry & Zsolt Darvas, 2011. "A comprehensive approach to the euro-area debt crisis," Policy Briefs 491, Bruegel.
- André Sapir, 2011. "A Comprehensive Approach to the Euro-Area Debt Crisis," ULB Institutional Repository 2013/174297, ULB -- Universite Libre de Bruxelles.
- Alan Ahearne & William R. Cline & Kyung Tae Lee & Yung Chul Park & Jean Pisani-Ferry & John Williamson, 2007.
"Global Imbalances: Time for Action,"
PB07-4, Peterson Institute for International Economics.
- João Sousa Andrade & Adelaide Duarte, 2011.
"The Fundamentals of the Portuguese Crisis,"
Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 58(2), pages 195-218, June.
- Giovannini, Alberto, 1986. "`Rules of the game' during the International Gold Standard: England and Germany," Journal of International Money and Finance, Elsevier, vol. 5(4), pages 467-483, December.
- Richard N. Cooper, 2009. "The Future of the Dollar," Policy Briefs PB09-21, Peterson Institute for International Economics.
- William R. Cline & John Williamson, 2011. "The Current Currency Situation," Policy Briefs PB11-18, Peterson Institute for International Economics.
- Bordo, Michael D. & MacDonald, Ronald, 2003.
"The inter-war gold exchange standard: credibility and monetary independence,"
Journal of International Money and Finance,
Elsevier, vol. 22(1), pages 1-32, February.
- Michael D. Bordo & Ronald MacDonald, 2001. "The Inter-War Gold Exchange Standard: Credibility and Monetary Independence," NBER Working Papers 8429, National Bureau of Economic Research, Inc.
- Pedro Bação & António Portugal Duarte, 2010.
"Accession to the European Union, Interest Rates and Indebtedness: Greece and Portugal,"
GEMF Working Papers
2011-04, GEMF - Faculdade de Economia, Universidade de Coimbra.
- Pedro Bação & António Portugal Duarte, 2011. "Accession to the European Union, Interest Rates and Indebtedness: Greece and Portugal," Book Chapters, Institute of Economic Sciences.
- William R. Cline, 2010. "Renminbi Undervaluation, China's Surplus, and the US Trade Deficit," Policy Briefs PB10-20, Peterson Institute for International Economics.
- William R. Cline & John Williamson, 2008. "New Estimates of Fundamental Equilibrium Exchange Rates," Policy Briefs PB08-7, Peterson Institute for International Economics.
- Williamson, John, 1985. "On the System in Bretton Woods," American Economic Review, American Economic Association, vol. 75(2), pages 74-79, May.
When requesting a correction, please mention this item's handle: RePEc:srs:fichap:v1-10. 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: (Rajmund Mirdala)
If references are entirely missing, you can add them using this form.