The International Monetary System Where Are We and Where Do We Need to Go?

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....

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Bibliographic Details
Main Author: Mohan, Rakesh
Other Authors: Kapur, Muneesh, Patra, Michael
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2013
Series:IMF Working Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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653 |a Payment Systems 
653 |a International Monetary Arrangements and Institutions 
653 |a Finance 
653 |a Financial crises 
653 |a Regimes 
653 |a Financial sector policy and analysis 
653 |a Exports and Imports 
653 |a Money 
653 |a Capital flows 
653 |a Standards 
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653 |a Government and the Monetary System 
653 |a Short-term Capital Movements 
653 |a Financial sector stability 
653 |a Monetary economics 
653 |a General Financial Markets: Government Policy and Regulation 
653 |a Current Account Adjustment 
653 |a Balance of payments 
653 |a Long-term Capital Movements 
653 |a International economics 
653 |a International Policy Coordination and Transmission 
653 |a Monetary Systems 
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653 |a Financial services industry 
653 |a Central Banks and Their Policies 
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653 |a Finance: General 
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520 |a 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