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What International Monetary System for a Fast-Changing World Economy

Author

Listed:
  • Agnès Bénassy-Quéré

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, CEPII - Centre d'Etudes Prospectives et d'Informations Internationales - Centre d'analyse stratégique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

  • Jean Pisani-Ferry

Abstract

Though the renminbi is not yet convertible, the international monetary regime has already started to move towards a 'multipolar' system, with the dollar, the Chinese currency and the euro as its key likely pillars. This shift corresponds to the long-term evolution of the balance of economic weight in the world economy. Such an evolution may mitigate some flaws of the present (non-) system, such as the rigidity of key exchange rates, the asymmetry of balanceof- payments adjustments or what remains of the Triffin dilemma. However it may exacerbate other problems, such as short-run exchange rate volatility or the scope for ‘currency wars’, while leaving key questions unresolved, such as the response to capital flows global liquidity provision. Hence, in itself, a multipolar regime can be both the best and the worst of all regimes. Which of these alternatives will materialise depends on the degree of cooperation within a multilateral framework.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Agnès Bénassy-Quéré & Jean Pisani-Ferry, 2011. "What International Monetary System for a Fast-Changing World Economy," PSE-Ecole d'économie de Paris (Postprint) hal-00684194, HAL.
    • Handle: RePEc:hal:pseptp:hal-00684194
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    Citations

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    Cited by:

    1. Agnès Bénassy-Quéré & Yeganeh Forouheshfar, 2013. "The Impact of Yuan Internationalization on the Euro-Dollar Exchange Rate," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00961708, HAL.
    2. Agnès Bénassy-Quéré, 2015. "The euro as an international currency," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-01144371, HAL.
    3. Haihong Gao, 2013. "Convertibility as a step for the RMB internationalization," Economic Change and Restructuring, Springer, vol. 46(1), pages 71-84, March.
    4. Rakesh Mohan & Michael Debabrata Patra & Muneesh Kapur, 2013. "The International Monetary System: Where Are We and Where Do We Need to Go?," IMF Working Papers 2013/224, International Monetary Fund.
    5. 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.
    6. Pedro Bação & António Portugal Durate & Mariana Simões, 2013. "The International Monetary System in Flux: Overview and Prospects," GEMF Working Papers 2013-07, GEMF, Faculty of Economics, University of Coimbra.
    7. Peter Bofinger, 2012. "The Scope For Foreign Exchange Market Interventions," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 3(03), pages 1-28.
    8. Agnès Bénassy-Quéré & Damien Capelle, 2014. "On the inclusion of the Chinese renminbi in the SDR basket," International Economics, CEPII research center, issue 139, pages 133-151.
    9. Bénassy-Quéré, Agnès & Forouheshfar, Yeganeh, 2015. "The impact of yuan internationalization on the stability of the international monetary system," Journal of International Money and Finance, Elsevier, vol. 57(C), pages 115-135.
    10. Beck, Roland & Georgiadis, Georgios & Mehl, Arnaud & Soudan, Michel, 2013. "The emergence of the Chinese Renminbi as an international currency," The international role of the euro - Special feature, European Central Bank.

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    Keywords

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    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements

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