期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2011
出版社：European Central Bank
摘要：The main strength of today’s international monetary system – its fl exibility and adaptability to the different needs of its users – can also become its weakness, as it may contribute to unsustainable growth models and imbalances. The global fi nancial crisis has shown that the system cannot afford a benign neglect of the global public good of external stability, and that multilateral institutions and fora such as the IMF and the G20 need to take the initiative to set incentives for systemically important economies to address real and fi nancial imbalances which impair stability. We draw this core conclusion from a systematic review of the literature on the current international monetary system, in particular its functioning and vulnerabilities prior to the global fi nancial crisis. Drawing from this analysis, we assess the existing and potential avenues, driven partly by policy initiatives and partly by market forces, through which the system may be improved.
关键词：International monetary system;international liquidity; fi nancial globalisation;global imbalances; capital fl ows; exchange rates;foreign reserves; surveillance; global fi nancial;safety net; savings glut; Triffi n dilemma;International Monetary Fund; Special Drawing;Rights; G20.
