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    Resetting the International Monetary (Non)System

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    Author(s)
    Antonio Ocampo, José
    Language
    English
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    Abstract
    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.
    URI
    http://library.oapen.org/handle/20.500.12657/31029
    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
    DOI
    10.1093/oso/9780198718116.001.0001
    ISBN
    9780198718116
    OCN
    1009618744
    Publisher
    Oxford University Press
    Publisher website
    https://global.oup.com/
    Publication date and place
    2017
    Grantor
    • UNU WIDER
    Series
    WIDER Studies in Development Economics,
    Classification
    Economics
    Macroeconomics
    Monetary economics
    International economics
    Development economics and emerging economies
    Economic and financial crises and disasters
    Finance and the finance industry
    Pages
    304
    Public remark
    Relevant Wikipedia pages: Balance of payments - https://en.wikipedia.org/wiki/Balance_of_payments; Capital account - https://en.wikipedia.org/wiki/Capital_account; Developed country - https://en.wikipedia.org/wiki/Developed_country; Developing country - https://en.wikipedia.org/wiki/Developing_country; Exchange rate - https://en.wikipedia.org/wiki/Exchange_rate; International Monetary Fund - https://en.wikipedia.org/wiki/International_Monetary_Fund; Macroeconomics - https://en.wikipedia.org/wiki/Macroeconomics; Special drawing rights - https://en.wikipedia.org/wiki/Special_drawing_rights
    Rights
    https://creativecommons.org/licenses/by-nc-sa/3.0/igo/
    • Imported or submitted locally

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    License

    • If not noted otherwise all contents are available under Attribution 4.0 International (CC BY 4.0)

    Credits

    • logo EU
    • This project received funding from the European Union's Horizon 2020 research and innovation programme under grant agreement No 683680, 810640, 871069 and 964352.

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