Download or read book The New Multi Polar International Monetary System written by Mansoor Dailami and published by . This book was released on 2016 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: Backed by rapid economic growth, growing financial clout, and a newfound sense of assertiveness in recent years, the BRIC countries - Brazil, Russia, India, and China - are a driving force behind an incipient transformation of the world economy away from a US-dominated system toward a multipolar one in which developing countries will have a major say. It is, however, in the international monetary arena that the notion of multipolarity - more than two dominant poles - commands renewed attention and vigorous debate. For much of its history, the quintessential structural feature of the international monetary system has been unipolarity - as American hegemony of initiatives and power as well as its capacity to promote a market-based, liberal order came to define and shape international monetary relations. As other currencies become potential substitutes for the US dollar in international reserves and in cross-border claims, exchange rate volatility may become more severe. There are also risks that the rivalry among the three economic blocs may spill over into something more if not kept in check by a strong global governance structure. While the transition will be difficult and drawn out, governments should take immediate steps to prevent financial volatility by enhancing cooperation on monetary policies, currency market intervention and financial regulation.
Download or read book Prospects for a Multipolar International Monetary System written by Mansoor Dailami and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book International Monetary Fund in a Multipolar World Pulling Together written by C Gwin and published by . This book was released on 1989 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The International Monetary Fund in a Multipolar World written by Catherine Gwin and published by Transaction Pub. This book was released on 1989 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt: Michel Camdessus, Director General of the IMF, calls this U.S. Third World Policy Perspectives volume "a remarkably useful contribution to the continuing debate on (the IMF's) policies and activities". Side-stepped by the developed countries, entangled in unsuccessful programs in many Latin American and African nations, whipsawed by heavy but inconsistent pressure from commercial banks and creditor countries to adjust its policies. The authors identify five issues critical to this readjustment: global macroeconomic management, Third World debt, the resuscitation of development in the poorest countries, the integration of socialist nations into the global economy, and relations with its sister institution, the World Bank. They also recommend that the IMF bolster its own bureaucratic, intellectual, and financial capacities. In an economically interdependent but politically centrifugal world, a strong central institution is needed to help countries arrive at collective responses to complex global economic problems. But only if its member states are willing to delegate more authority to the IMF can it help pull together a multipolar world.
Download or read book Multi Polar Capitalism written by Robert Guttmann and published by Springer Nature. This book was released on 2021-12-04 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: History teaches us important lessons, provided we can discern its patterns. Multi-Polar Capitalism applies this insight to the crucial, yet often underappreciated issue of international monetary relations. When international monetary systems get first put into place successfully, such as the “classic” gold standard in 1879, Bretton Woods in 1945, or the dollar standard in 1982, they structure relations between the system’s centre and the rest of the world so that others can catch up to the leader. But this growth-promoting constellation, a vector for accelerating globalization, runs its course eventually amidst mounting overproduction conditions in key sectors and spreading financial instability. Such periods of global crisis, from the Great Depression of the 1930s to stagflation in the 1970s and creeping deflation during much of the 2010s, force restructuring and policy reforms until conditions are ripe for a renewed phase of sustained expansion. We are facing such a turning point now. As we are moving from a US-dominated world economy towards a multi-polar configuration, we will also see the longstanding dollar standard give way to a multi-currency system. Three currency blocs rooted in the dollar, euro, and yuan will be dominated respectively by the United States, the European Union, and China, each a power centre representing a distinct variant of capitalism. Their complex mix of competition and cooperation necessitates new “rules of the game” promoting the shared pursuit of global public goods, in particular the impending zero-carbon transition, lest we allow fragmentation and conflict shape this next chapter of our history. Multi-Polar Capitalism adds to a century of research and debate on long waves, those roughly half-century cycles first identified by the great Soviet economist Nikolai Kondratiev in the early 1920s, by highlighting the role of the international monetary system in this distinct boom-and-bust pattern.
Download or read book Multi Polar Capitalism written by Robert Guttmann and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: History teaches us important lessons, provided we can discern its patterns. Multi-Polar Capitalism applies this insight to the crucial, yet often underappreciated issue of international monetary relations. When international monetary systems get first put into place successfully, such as the "classic" gold standard in 1879, Bretton Woods in 1945, or the dollar standard in 1982, they structure relations between the system's centre and the rest of the world so that others can catch up to the leader. But this growth-promoting constellation, a vector for accelerating globalization, runs its course eventually amidst mounting overproduction conditions in key sectors and spreading financial instability. Such periods of global crisis, from the Great Depression of the 1930s to stagflation in the 1970s and creeping deflation during much of the 2010s, force restructuring and policy reforms until conditions are ripe for a renewed phase of sustained expansion. We are facing such a turning point now. As we are moving from a US-dominated world economy towards a multi-polar configuration, we will also see the longstanding dollar standard give way to a multi-currency system. Three currency blocs rooted in the dollar, euro, and yuan will be dominated respectively by the United States, the European Union, and China, each a power centre representing a distinct variant of capitalism. Their complex mix of competition and cooperation necessitates new "rules of the game" promoting the shared pursuit of global public goods, in particular the impending zero-carbon transition, lest we allow fragmentation and conflict shape this next chapter of our history. Multi-Polar Capitalism adds to a century of research and debate on long waves, those roughly half-century cycles first identified by the great Soviet economist Nikolai Kondratiev in the early 1920s, by highlighting the role of the international monetary system in this distinct boom-and-bust pattern. Robert Guttmann is Professor of Economics at Hofstra University, USA, and he is also affiliated with the Centre d'Économie Paris Nord (CEPN) of the Université Paris XIII in France. He studied in Vienna and at the University of Wisconsin-Madison, USA, before obtaining his PhD at the University of Greenwich, UK. He won "Distinguished Teacher of the Year" awards at Hofstra in 1989, 2004, and 2012. Professor Guttmann teaches international economics, monetary economics, financial regulation, and economic integration in the European Union. An expert in money and banking, international finance, and monetary theory, he has published numerous books and journal articles, including his best-selling books How Credit-Money Shapes the Economy (1994), Cybercash (2003), Finance-Led Capitalism (2016) and Eco-Capitalism (2018).
Download or read book Global Development Horizons 2011 written by World Bank and published by World Bank Publications. This book was released on 2011-06-13 with total page 185 pages. Available in PDF, EPUB and Kindle. Book excerpt: Transition to a new world order with more diffuse distribution of economic power is under way. This first edition of a new World Bank flagship report, 'Global Development Horizons 2011', focuses on three major international economic trends: the shift in the balance of global growth from developed to emerging economies, the rise of emerging-market firms as a force in global business, and the evolution of the international monetary system toward a multicurrency regime. Pursuit of growth opportunities on a global level has meant that the international presence of emerging-market firms in cross-border production, trade, and finance has been on the rise for some time. Emerging and developing counties accounted for 46 percent of international trade flows in 2010, up from 30 percent in 1995. Cross-border mergers and acquisitions originated by firms based in emerging markets represent nearly one-third of global M and A transactions. The risk of investing in emerging economies has declined dramatically, while emerging economies’ financial assets and wealth have expanded: emerging and developing countries now hold three-fourth of all official foreign exchange reserves. Despite the large, rapidly growing size of emerging economies and the expanding international presence of emerging-market firms, the role of emerging economies in the international monetary system remains relatively insignificant. No emerging-market currency is used to a great extent in holding official reserves, invoicing goods and services, denominating international claims, or anchoring exchange rates. Virtually all developing countries are exposed to currency mismatch risk in their international trade, investment, and financing transactions. But it appears that this too will change in the coming years. Smoothing the transition to a multipolar monetary environment will be high on the agenda of policy makers, who will face major decisions about whether fundamental reform of the rules of the international monetary system is in order. The first edition of 'Global Development Horizons' consists of a hard-copy publication and a companion website (http://www.worldbank.org/GDH2011), the latter of which will include the report’s underlying data and methodology, blog postings, and background papers and will incorporate an interactive feature allowing users to explore the scenarios described in GDH 2011. In the future, the site will continue to contribute to international discourse on multipolarity by serving as a repository for related research papers and as a platform for interactive debate among academic, policy, and business institutions concerned with long-term global economic change and its implications for development policy.
Download or read book DIIS Report written by Mansoor Dailami and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book International Law in a Multipolar World written by Matthew Happold and published by Routledge. This book was released on 2013-03-01 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the creation of the United Nations in 1945, international law has sought to configure itself as a universal system. Yet, despite the best efforts of international institutions, scholars and others to assert the universal application of international law, its relevance and applicability has been influenced, if not directed, by political power.Today, the "decline of the West" and ascent of China and India poseparticular challenges for international law and institutions. The international system appears to be moving towards multipolarity, with various sites of power competing to exert influence in the world today. With contributors from a variety of countries providing perspectives from the disciplines of international law and international relations theory, International Law in a Multipolar World addresses the implications that multipolarity poses for the international legal system. Contributors including Jean d'Aspremont, Jörg Kammerhofer, Alexander Orakhelashvili, Christian Pippan and Nigel White, explore issues such as the use of force, governance and democracy, regionalism and the relevance of the United Nations in a multipolar world, while considering the overarching theme of the relationship between power and law. International Law in a Multipolar World is of particular interest to academics and students of public international law, international relations theory and international politics.
Download or read book Enhancing International Monetary Stability A Role for the SDR written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2011-07-01 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: The SDR has enjoyed renewed attention lately in the context of debates on international monetary reform. To be sure, the term SDR has been used to refer to three different concepts—(i) a composite reserve asset created in 1969: the “official SDR” as defined in the Fund’s Articles; (ii) a potential new class of reserve assets: tradable SDRdenominated securities issued by the Fund or an investment vehicle backed by a subset of the Fund’s membership; and (iii) a unit of account, which could be used to price internationally traded assets (e.g., sovereign bonds) and goods (e.g., commodities), to peg currencies, and to report balance of payments data. All three are discussed in this paper.
Download or read book Reform of the International Monetary System written by Justin Y. Lin and published by . This book was released on 2017 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the historical evolution of the international monetary system in the context of the rising role of developing countries in the world economy and the emerging multi-polar growth setting. It evaluates the stability of the current "non-system" and how the global economic context is likely to affect that stability in the coming years with potential adverse effects on both advanced and developing economies. Given the likely trend toward a multi-polar reserve currency system, the paper evaluates the stability of the emerging system, as well as the current proposals for reform of the international monetary system. The paper concludes that more ambitious reforms of the system may be needed to meaningfully reduce future global economic and financial instability.
Download or read book Reserve Currency Blocs A Changing International Monetary System written by Mr.Camilo E Tovar Mora and published by International Monetary Fund. This book was released on 2018-01-25 with total page 83 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is the extent of currency diversification in the international monetary system? How has it evolved over time? In this paper, we quantify the degree of currency diversification using regression methods of currency co-movements to determine the extent to which national currencies across the world belong to a reserve currency bloc. We then use these estimates to calculate the economic size of each currency bloc. A key contribution of our paper is that we quantify the size of the Chinese renminbi bloc. Our analysis suggests that the international monetary system has transitioned from a bi-polar system - consisting of the U.S. dollar and the euro - to a tri-polar one that includes the renminbi. The dollar bloc is estimated to continue to dominate, having the largest share in global GDP (40 percent), followed by the renminbi (30 percent) and the euro blocs (20 percent). The geographical area of influence for the RMB bloc appears to be most evident among the BRICS’ currencies. The British pound and the Japanese yen blocs appear to play minor roles.
Download or read book Reforming the International Monetary System written by Emmanuel Farhi and published by CEPR. This book was released on 2011 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report presents a set of concrete proposals of increasing ambition for the reform of the international monetary system. The proposals aim at improving the international provision of liquidity in order to limit the effects of individual and systemic crises and decrease their frequency. The recommendations outlined in this report include: / Develop alternatives to US Treasuries as the dominant reserve asset, including the issuance of mutually guaranteed European bonds and (in the more distant future) the development of a yuan bond market. / Make permanent the temporary swap agreements that were put in place between central banks during the crisis. Establish a starshaped structure of swap lines centred on the IMF. / Strengthen and expand existing IMF liquidity facilities. On the funding side, expand the IMF's existing financing mechanisms and allow the IMF to borrow directly on the markets. / Establish a foreign exchange reserve pooling mechanism with the IMF, providing participating countries with access to additional liquidity and, incidentally, allowing reserves to be recycled into productive investments.To limit moral hazard, the report proposes the setting up of specific surveillance indicators to monitor international funding risks associated with increased insurance provision. The report discusses the role of the special drawing rights (SDRs) and the prospects for turning this unit of account into a true international currency, arguing that it would not solve the fundamental problems of the international monetary system. The report also reviews the conditions under which emerging market economies may use temporary capital controls to counteract excessive and volatile capital flows. The potential for negative externalities requires mutual monitoring and international cooperation in terms of financial regulation and suggests that the mandate of the IMF should be extended to the financial account.
Download or read book A Model of the International Monetary System written by Emmanuel Farhi and published by . This book was released on 2016 with total page 7 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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; away from vs. at the zero lower bound (ZLB). We rationalize the Triffin dilemma, which posits the fundamental instability of the system, as well as the common prediction regarding the natural and beneficial emergence of a multipolar world, the Nurkse warning that a multipolar world is more unstable than a Hegemon world, and the Keynesian argument that a scarcity of reserve assets under a gold standard or at the ZLB is recessive. We show that competition among few countries in the issuance of reserve assets can have perverse effects on the total supply of reserve assets. We analyze forces that lead to the endogenous emergence of a Hegemon. Our analysis is both positive and normative.
Download or read book The Evolution of the International Monetary System written by Robert Triffin and published by . This book was released on 1964 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The European Union in a Multipolar World written by M. Dee and published by Springer. This book was released on 2015-05-27 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presenting a critical overview of what 'emerging multipolarity' means for the world's foremost global trading bloc and economic power, the European Union, this book offers new insights into how the rise of the emerging economies has impacted the EU and its role within the World Trade Organization.
Download or read book The Levelling written by Michael O'Sullivan and published by PublicAffairs. This book was released on 2019-05-28 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A brilliant analysis of the transition in world economics, finance, and power as the era of globalization ends and gives way to new power centers and institutions. The world is at a turning point similar to the fall of communism. Then, many focused on the collapse itself, and failed to see that a bigger trend, globalization, was about to take hold. The benefits of globalization--through the freer flow of money, people, ideas, and trade--have been many. But rather than a world that is flat, what has emerged is one of jagged peaks and rough, deep valleys characterized by wealth inequality, indebtedness, political recession, and imbalances across the world's economies. These peaks and valleys are undergoing what Michael O'Sullivan calls "the levelling"--a major transition in world economics, finance, and power. What's next is a levelling-out of wealth between poor and rich countries, of power between nations and regions, of political accountability from elites to the people, and of institutional power away from central banks and defunct twentieth-century institutions such as the WTO and the IMF. O'Sullivan then moves to ways we can develop new, pragmatic solutions to such critical problems as political discontent, stunted economic growth, the productive functioning of finance, and political-economic structures that serve broader needs. The Levelling comes at a crucial time in the rise and fall of nations. It has special importance for the US as its place in the world undergoes radical change--the ebbing of influence, profound questions over its economic model, societal decay, and the turmoil of public life.
