Reform of the International Monetary System: A Jagged History and Uncertain Prospects

62 Pages Posted: 20 Apr 2016

See all articles by Justin Y. Lin

Justin Y. Lin

Peking University - China Center for Economic Research

Shahrokh Fardoust

World Bank

David Rosenblatt

World Bank

Date Written: May 1, 2012

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.

Keywords: Currencies and Exchange Rates, Debt Markets, Emerging Markets, Economic Theory & Research, Fiscal & Monetary Policy

Suggested Citation

Lin, Justin Yifu and Fardoust, Shahrokh and Rosenblatt, David, Reform of the International Monetary System: A Jagged History and Uncertain Prospects (May 1, 2012). World Bank Policy Research Working Paper No. 6070, Available at SSRN: https://ssrn.com/abstract=2060827

Justin Yifu Lin (Contact Author)

Peking University - China Center for Economic Research ( email )

No. 38 Xueyuan Road
Haidian District
Beijing, Beijing 100871
China

Shahrokh Fardoust

World Bank ( email )

1818 H Street, NW
Washington, DC 20433
United States

David Rosenblatt

World Bank ( email )

1818 H Street, N.W.
MSN MC4-404
Washington, DC 20433
United States

HOME PAGE: http://www.worldbank.org/en/about/people/david-rosenblatt

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