Publication Date:
2024-03-30
Description:
This book provides an analysis of the global monetary system and the necessary reforms that it should undergo to play an active role in the twenty-first century. As its title indicates, its basic diagnosis is that it is an ad hoc framework rather than a coherent system—a ‘non-system’—which evolved after the breakdown of the original Bretton Woods arrangement in the early 1970s. The book places a special focus on the asymmetries that emerging and developing countries face within the current system, and therefore on the development dimensions of the global monetary system and of global monetary reform. The book proposes a comprehensive yet evolutionary reform of the system that includes: (i) provision of international liquidity through a system that mixes the multi-currency arrangement with a more active use of the IMF’s Special Drawing Rights (SDRs), the only true global currency that has been created; (ii) stronger mechanisms of macroeconomic policy cooperation, including greater cooperation in exchange rate management, and freedom to manage capital flows as a complement to counter-cyclical macroeconomic policy and other instruments of financial regulation; (iii) additional automatic balance-of-payments financing facilities, and the complementary use of swap and regional arrangements; (iv) a multilateral sovereign debt workout mechanism; and (v) major reforms of the system’s governance, based on a more representative apex organization, more equitable participation of emerging and developing countries in decision-making, and a network of global, regional, inter-regional, and sub-regional organizations.
Keywords:
sovereign debt workout
;
bretton woods
;
monetary reform
;
special drawing rights
;
international monetary system
;
macroeconomic policy cooperation
;
Balance of payments
;
Capital account
;
Developed country
;
Developing country
;
Exchange rate
;
thema EDItEUR::K Economics, Finance, Business and Management::KC Economics
;
thema EDItEUR::K Economics, Finance, Business and Management::KC Economics::KCB Macroeconomics
;
thema EDItEUR::K Economics, Finance, Business and Management::KC Economics::KCB Macroeconomics::KCBM Monetary economics
;
thema EDItEUR::K Economics, Finance, Business and Management::KC Economics::KCL International economics
;
thema EDItEUR::K Economics, Finance, Business and Management::KC Economics::KCM Development economics and emerging economies
;
thema EDItEUR::K Economics, Finance, Business and Management::KC Economics::KCX Economic and financial crises and disasters
;
thema EDItEUR::K Economics, Finance, Business and Management::KF Finance and accounting::KFF Finance and the finance industry
Language:
English
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