The New Multi-polar International Monetary System

Dailami, Mansoor ; Masson, Paul

关键词: ANCHOR COUNTRY;    ASSET CLASS;    ASSET PRICE;    BALANCE OF PAYMENTS;    BALANCE OF PAYMENTS DEFICITS;   

DOI  :  10.1596/1813-9450-5147
RP-ID  :  WPS5147

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Backed by rapid economic growth, growingfinancial clout, and a newfound sense of assertiveness inrecent years, the BRIC countries - Brazil, Russia, India,and China - are a driving force behind an incipienttransformation of the world economy away from a US-dominatedsystem toward a multipolar one in which developing countrieswill have a major say. It is, however,in the internationalmonetary arena that the notion of multipolarity - more thantwo dominant poles - commands renewed attention and vigorousdebate. For much of its history, the quintessentialstructural feature of the international monetary system hasbeen unipolarity - as American hegemony of initiatives andpower as well as its capacity to promote a market-based,liberal order came to define and shape internationalmonetary relations. As other currencies become potentialsubstitutes for the US dollar in international reserves andin cross-border claims, exchange rate volatility may becomemore severe. There are also risks that the rivalry among thethree economic blocs may spill over into something more ifnot 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 financialvolatility by enhancing cooperation on monetary policies,currency market intervention and financial regulation.