Reforming the International Monetary System

Hélène Rey, Pierre-Olivier Gourinchas, Emmanuel Farhi, 19 September 2011

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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

Professor of Economics at Harvard University and CEPR Research Affiliate
Professor of Economics at the University of California, Berkeley and CEPR Research Fellow
Professor of Economics, London Business School and CEPR Research Fellow