Reforming the International Monetary System
Hélène Rey, Pierre-Olivier Gourinchas, Emmanuel Farhi, 19 September 2011
This CEPR report presents concrete proposals aimed at improving the international provision of liquidity in order to limit the effects of individual and systemic crises and decrease their frequency.
Table of Contents
1 Background
2 What Future for the US Hegemon?
3 Inefficiencies Due to the Accumulation of Reserves and to Financial Instability
4 Addressing Inefficiencies with Proposals for Reform
5 The Financial Account of Emerging Countries
Appendix: Foreign Exchange Reserves
