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 |
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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.
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