The Debate on the International Monetary System /
This paper considers options to address concerns related to functioning of the International Monetary System. Despite its relative stability, the current 'non-system' has the inherent weaknesses of a setup with a dominant country-issued reserve currency, wherein the reserve issuer runs fis...
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| अन्य लेखक: | , |
| स्वरूप: | पत्रिका |
| भाषा: | English |
| प्रकाशित: |
Washington, D.C. :
International Monetary Fund,
2009.
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| श्रृंखला: | IMF Staff Position Notes; Staff Position Note ;
No. 2009/026 |
| ऑनलाइन पहुंच: | Full text available on IMF |
| सारांश: | This paper considers options to address concerns related to functioning of the International Monetary System. Despite its relative stability, the current 'non-system' has the inherent weaknesses of a setup with a dominant country-issued reserve currency, wherein the reserve issuer runs fiscal and external deficits to meet growing world demand for reserve assets and where there is no ready mechanism forcing surplus or reserve-issuing countries to adjust. The problem has amplified in recent years in line with a sharp rise in the demand for reserves, reflecting in part emerging markets' tendency to self-insure against costly capital account crises. On the demand side, the paper explores alternative insurance arrangements that could mitigate the precautionary demand for reserves. On the supply side, it assesses a menu of alternative reserve assets that could offer sustained stability and efficiency. Many of the proposals presented would require fundamental changes in the forms and degree of international cooperation, however, may gain realism and practical relevance if more incremental efforts at strengthening the current system fail. |
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| वस्तु वर्णन: | <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required |
| भौतिक वर्णन: | 1 online resource (25 pages) |
| स्वरूप: | Mode of access: Internet |
| आईएसएसएन: | 2617-6742 |
| अभिगमन: | Electronic access restricted to authorized BRAC University faculty, staff and students |