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The International Monetary System: Time for a Change?

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  • Lee, Il Houng

    (Korea Institute for International Economic Policy)

Abstract

The 2008 global financial crisis undermined the market confidence of the US financial market, challenging the current IMS which heavily relies on the USD. In light of this, this paper suggests that some changes in the IMS are possible by promoting the use of the RMB at the regional level. An Asian currency settlement of regional cross border transactions of goods and service will foster the use of the RMB and further, possibly reshaping the global currency landscape to a tri-polar currency cluster system. Although it will take some time for the non-USD currencies to even partly replace the US dollar dominated assets, this paper suggests that such a tri-polar system can address current shortcomings without disrupting the current order.

Suggested Citation

  • Lee, Il Houng, 2014. "The International Monetary System: Time for a Change?," World Economy Brief 14-30, Korea Institute for International Economic Policy.
    • Handle: RePEc:ris:kiepwe:2014_030
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