International monetary reform: A critical appraisal of some proposals

Arbeitspapier

This paper reviews some of the current debates on the reform of the international monetary system. Despite its deficiencies, the United States (US) dollar will remain the dominant currency and Special Drawing Rights (SDR) cannot serve as either an international medium of exchange or a reserve currency. The International Monetary Fund (IMF) has changed its position to accept capital controls under certain circumstances. Refining control instruments better tuned to present day markets may bring about greater acceptance. The 2008-2009 global financial crisis has dimmed much of the earlier hope for the multilateralized Chiang Mai Initiative. The currency swap arrangements portend a new form of international cooperation. Finally, for the Group of Twenty (G20) to matter, the systemically important countries need to ensure the stability of their financial systems and economies.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: ADBI Working Paper ; No. 364

Classification and Topics

• Classification: Wirtschaft ; Current Account Adjustment; Short-term Capital Movements ; International Monetary Arrangements and Institutions ; International Policy Coordination and Transmission ; Financial Institutions and Services: General
• Subject: us dollars ; special drawing rights ; sdr ; capital controls ; currency swaps ; Internationales Währungssystem ; Reservewährung ; Kapitalverkehrskontrolle ; Finanzkrise ; Welt

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Park, Yung Chul ; Wyplosz, Charles
• Event: Veröffentlichung
• (who): Asian Development Bank Institute (ADBI)
• (where): Tokyo
• (when): 2012

Further information

• Handle: http://hdl.handle.net/10419/101143
• Last update: 10.03.2025, 11:43 AM CET