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The International Monetary System: Where Are We and Where Do We Need to Go?
Author:
Rakesh Mohan
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Michael Debabrata Patra
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Muneesh Kapur null

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Series:
IMF Working Papers
Volume/Issue:
Volume 2013: Issue 224
Language:
English
Publication Date:
05 Nov 2013
DOI:
https://doi.org/10.5089/9781475514148.001
ISBN:
9781475514148
ISSN:
1018-5941
Pages:
49
Keywords:
WP; capital flow; global economy; reserve currency; net capital; foreign exchange; Capital flows; central banks; currency internationalization; international monetary system; financial stability; pound sterling; IMS performance; post-Bretton Woods IMS; gold standard; financial asset; risk diversification; developing economy; IMS feed; short-term debt; multipolar IMS; Mexican peso; Currencies; Financial sector stability; Global; Asia and Pacific; East Asia; Middle East; North Africa
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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The North Atlantic financial crisis of 2008-2009 has spurred renewed interest in reforming the international monetary system, which has been malfunctioning in many aspects. Large and volatile capital flows have promoted greater volatility in financial markets, leading to recurrent financial crises. The renewed focus on the broader role of the central banks, away from narrow price stability monetary policy frameworks, is necessary to ensure domestic macroeconomic and financial stability. Since international monetary cooperation might be difficult, though desirable, central banks in major advanced economies, going forward, need to internalize the implications of their monetary policies for the rest of the global economy to reduce the incidence of financial crises.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund