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The International Monetary System
Report

The International Monetary System

Where Are We and Where Do We Need to Go?

Rakesh Mohan, Michael Debabrata Patra and Muneesh Kapur
IMF, 2013
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Editorial Rating

8

Qualities

  • Analytical
  • Scientific
  • Eye Opening

Recommendation

International Monetary Fund (IMF) advisers Rakesh Mohan, Michael Debabrata Patra and Muneesh Kapur do an outstanding job of analyzing the factors that have led to recurrent financial crises in the international monetary system (IMS). They examine proposals to reform the IMS from the point of view of emerging economies and underline the interrelationships among the world’s economies. Their working paper also examines the IMF’s role and offers ideas on how it could be more effective. This short dissertation packs in a lot of information and analysis, making it both thought-provoking and, sometimes, challenging. getAbstract recommends this incisive study to executives of international firms, policy makers, economists and students of international finance.

Take-Aways

  • Policy makers want to reform the crisis-prone international monetary system (IMS), which has the goal of adding “stability and growth to the global economy.”
  • The IMS consists of “the set of official arrangements that regulate key dimensions of the balance of payments.” It promotes global trade in “goods, services and capital.”
  • Emerging and advanced economies have suffered “boom-bust” capital flow patterns that lead volatility, stress and rapid shifts in investor confidence.

About the Authors

Rakesh Mohan is an executive director of the International Monetary Fund (IMF). Muneesh Kapur is an IMF adviser. Michael Debabrata Patra is a career central banker with the Reserve Bank of India.

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