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International Monetary Reform : A Critical Appraisal of Some Proposals

Author

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  • Yung Chul Park

    (Asian Development Bank Institute (ADBI))

  • Charles Wyplosz

Abstract

This paper reviews some of the current debates on the reform of the international monetary system. Despite its deficiencies, the United States (US) dollar will remain the dominant currency and Special Drawing Rights (SDR) cannot serve as either an international medium of exchange or a reserve currency. The International Monetary Fund (IMF) has changed its position to accept capital controls under certain circumstances. Refining control instruments better tuned to present day markets may bring about greater acceptance. The 2008–2009 global financial crisis has dimmed much of the earlier hope for the multilateralized Chiang Mai Initiative. The currency swap arrangements portend a new form of international cooperation. Finally, for the Group of Twenty (G20) to matter, the systemically important countries need to ensure the stability of their financial systems and economies.

Suggested Citation

  • Yung Chul Park & Charles Wyplosz, 2012. "International Monetary Reform : A Critical Appraisal of Some Proposals," Governance Working Papers 23313, East Asian Bureau of Economic Research.
    • Handle: RePEc:eab:govern:23313
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    File URL: http://www.eaber.org/node/23313
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    Cited by:

    1. MĂRGINEAN Silvia Cristina & ORĂȘTEAN Ramona, 2020. "The Challenges Of Reforming The International Monetary System In The Post Covid-19 World," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 15(3), pages 61-73, December.

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    JEL classification:

    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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