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Reform of the international monetary system : a jagged history and uncertain prospects

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  • Lin, Justin Yifu
  • Fardoust, Shahrokh
  • Rosenblatt, David

Abstract

This paper analyzes the historical evolution of the international monetary system in the context of the rising role of developing countries in the world economy and the emerging multi-polar growth setting. It evaluates the stability of the current"non-system"and how the global economic context is likely to affect that stability in the coming years with potential adverse effects on both advanced and developing economies. Given the likely trend toward a multi-polar reserve currency system, the paper evaluates the stability of the emerging system, as well as the current proposals for reform of the international monetary system. The paper concludes that more ambitious reforms of the system may be needed to meaningfully reduce future global economic and financial instability.

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  • Lin, Justin Yifu & Fardoust, Shahrokh & Rosenblatt, David, 2012. "Reform of the international monetary system : a jagged history and uncertain prospects," Policy Research Working Paper Series 6070, The World Bank.
    • Handle: RePEc:wbk:wbrwps:6070
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    Cited by:

    1. V. Kuznetsova V. & В. Кузнецова В., 2016. "Мировая валютная система: проблемы и пути реформирования // International monetary system: issues and areas of reforms," Мир новой экономики // The world of new economy, Финансовый университет при Правительстве Российской Федерации // Financial University under The Governtment оf The Russian Federation, issue 3, pages 38-47.
    2. Fardoust, Shahrokh & Dhareshwar, Ashok, 2013. "Some thoughts on making long-term forecasts for the world economy," Policy Research Working Paper Series 6705, The World Bank.
    3. Fantom,Neil James & Serajuddin,Umar, 2016. "The World Bank's classification of countries by income," Policy Research Working Paper Series 7528, The World Bank.
    4. DRAGOE Sebastian-Ilie, 2014. "Global Financial Crisis And The International Monetary System," Revista Economica, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 66(1), pages 71-90.

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