The International Monetary System [electronic resource] : Where Are We and Where Do We Need to Go? / Rakesh Mohan.
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TextSeries: IMF Working Papers; Working Paper ; No. 13/224Publication details: Washington, D.C. : International Monetary Fund, 2013Description: 1 online resource (49 p.)ISBN: 147551414X :ISSN: 1018-5941Subject(s): Capital Account Liberalization | Capital Inflows | Currency Internationalization | International Institutional Arrangements | International Monetary Arrangements and Institutions | International Polic | China, People's Republic of | India | United StatesAdditional physical formats: Print Version:: The International Monetary System : Where Are We and Where Do We Need to Go?Online resources: IMF e-Library | IMF Book Store Abstract: 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.
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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