Resetting the International Monetary (Non)System

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 a...

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Bibliographic Details
Main Author: Antonio Ocampo, José
Format: eBook
Language:English
Published: Oxford University Press 2017
Series:WIDER Studies in Development Economics
Subjects:
Online Access:
Collection: OAPEN - Collection details see MPG.ReNa
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653 |a Macroeconomics 
653 |a macroeconomic policy cooperation 
653 |a Balance of payments 
653 |a Development economics and emerging economies 
653 |a special drawing rights 
653 |a Finance and the finance industry 
653 |a international monetary system 
653 |a sovereign debt workout 
653 |a Capital account 
653 |a International economics 
653 |a Developed country 
653 |a Exchange rate 
653 |a Developing country 
653 |a Economic and financial crises and disasters 
653 |a Economics 
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520 |a 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.