Arbeitspapier
What international monetary system for a fast-changing world economy
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 balance-of-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.
- Sprache
-
Englisch
- Erschienen in
-
Series: Bruegel Working Paper ; No. 2011/06
- Klassifikation
-
Wirtschaft
International Monetary Arrangements and Institutions
Current Account Adjustment; Short-term Capital Movements
- Thema
-
international monetary system
capital controls
Internationales Währungssystem
Kapitalverkehrskontrolle
Wechselkurspolitik
Wechselkurssystem
Welt
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Bénassy-Quéré, Agnès
Pisani-Ferry, Jean
- Ereignis
-
Veröffentlichung
- (wer)
-
Bruegel
- (wo)
-
Brussels
- (wann)
-
2011
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Bénassy-Quéré, Agnès
- Pisani-Ferry, Jean
- Bruegel
Entstanden
- 2011
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