international monetary system research paper

["Currency Internationalization and Reforms in the Architecture of the International Monetary System: Managing the Impossible Trinity"] was published as a working paper by the Asian Development Bank, the Centre for International Governance Innovation and the Hong Kong Institute for Monetary Research. Comments from Marcos

a hegemonic system have not disappeared: the Tri n dilemma is still with us, albeit in a subtly di erent form (Gourinchas & Rey(2007b), Obstfeld (2011), Gourinchas, Rey & Govillot (2017), and Farhi & Maggiori (2018)). This paper begins with a brief description of the International Monetary System, em-

Abstract. In this article, we analyze the evolution of the international monetary system. Today's system is built around the US dollar as the core international monetary instrument, supported by a range of international institutions (in particular the International Monetary Fund and the Bank for International Settlements) and domestic and cross-border payment systems, some public, some ...

Pierre-Olivier Gourinchas & Hélène Rey & Maxime Sauzet, 2019. "The International Monetary and Financial System," Annual Review of Economics, vol 11 (1). citation courtesy of. Founded in 1920, the NBER is a private, non-profit, non-partisan organization dedicated to conducting economic research and to disseminating research findings among ...

We propose a simple model of the international monetary system. We study the world supply and demand for reserve assets denominated in different currencies under a variety of scenarios: a Hegemon vs. a multipolar world; abundant vs. scarce reserve assets; a gold exchange standard vs. a floating rate system.

Despite major structural shifts in the international monetary system over the past six decades, the US dollar remains the dominant international reserve currency. Using a newly compiled database of individual economies' reserve holdings by currency, this departmental paper finds that financial links have been an increasingly important driver of reserve currency configurations since the ...

Research; Working Papers; The International Monetary System and… The International Monetary System and International Financial System as an Analogy to the Copernican Heliocentric system: A simple multi-layers network model with simultaneous regime changes. Michael D. Bordo & ...

The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. ... international monetary system. The paper concludes that more ambitious ...

We review the findings of the literature on the benefits of international financial flows and find that they are quantitatively elusive. We then present evidence on the existence of a global cycle in gross cross-border flows, asset prices and leverage and discuss its impact on monetary policy autonomy across different exchange rate regimes.

Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate . Summary: 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 ...

Since the collapse of the Bretton Woods system in 1973, evolution has been the defining feature of changes in the IMS. The IMS has always been dominated by the US dollar. With it comes four structural issues: imbalance, lack of coordination, inade quacy, and weaponization of financial infrastructure.

ch Institute, Ministry. Finance, Kasumigaseki 3-1-1, Chiyoda-ku, Tokyo, 100-8940, Japan. Tel: +81-3- 3581-4111. 1 This paper is a substantially revised version of the paper submitted to the workshop on "the I. ternational Monetary System in the 21st Century," held online in Tokyo on 2 Augu.

The suitable design of international monetary and financial arrangements for the global economy is a long-standing issue in economics. Putting in place mechanisms that facilitate the achievement of sustained, non-inflationary and balanced growth has proved elusive. In the wake of the Great Financial Crisis, the issue has again gained prominence ...

Despite major structural shifts in the international monetary system over the past six decades, the US dollar remains the dominant international reserve currency. Using a newly compiled database of individual economies' reserve holdings by currency, this departmental paper finds that financial links have been an increasingly important driver of reserve currency configurations since the ...

We explore the implications of currency hegemony for the external balance sheet of the United States, the process of international adjustment, and the predictability of the US dollar exchange rate. We emphasize the importance of international monetary spillovers, of the exorbitant privilege, and analyse the emergence of a new 'Triffin dilemma'.

This recent research illustrates that the fundamental structure of the international monetary system may largely transcend formal exchange-rate arrangements, with U.S. dollar assets at the center. Going forward, this raises a number of important questions which current research is exploring.

The international monetary system... | Find, read and cite all the research you need on ResearchGate ... The New Multi-Polar International System (Policy Research Working Paper No. 5147). The ...

The international monetary system continuously evolves, reflecting developments in the world economy. The main problem of the current international ... In this research paper we have pointed out to the fact that economic interdependence of souvereign countries leads to coordination of macroeconomic policies, and that it can motivate monetary ...

investment banking, Central Bank operations, international monetary systems, and balance of payments. The journals with the fourth largest number of articles are Applied Financial Economics

The international monetary architecture has remained relatively stable since the establishment of the Bretton Woods institutions. In the 1940s, international monetary governance was assigned to the IMF. Since its creation, the Fund's responsibilities evolved along with significant changes in the financial system.

Research; Working Papers; ... A Stable International Monetary System Emerges: Inflation Targeting is Bretton Woods, Reversed. Andrew K. Rose. Share. X LinkedIn Email. Working Paper 12711 DOI 10.3386/w12711 Issue Date November 2006. A stable international monetary system has emerged since the early 1990s. A large number of industrial and a ...

This paper explores the influence of inflation targeting (IT) policy on macroeconomic performance in 24 Asian economies by taking a wide range of macroeconomic variables from 2001 to 2022. Specifically, the study seeks to evaluate the influence of IT on macroeconomic performance during the global financial crisis (GFC) and the COVID-19 pandemic ...

The Bretton Woods International Monetary System: A Historical Overview, Michael D. Bordo. in A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform, Bordo and Eichengreen. 1993. Founded in 1920, the NBER is a private, non-profit, non-partisan organization dedicated to conducting economic research and to ...

THE INTERNATIONAL MONETARY SYSTEM: DEVELOPMENTS AND PROSPECTS Jacob A. Frenkel ... This research is part of NBER's research program in International Studies. Any opinions expressed are those of the authors not those of the National Bureau of Economic Research. NEER Working Paper #2648 July 1988 THE INTERNATIONAL MONETARY SYSTEM: DEVELOPMENTS ...