Summary of The International Monetary System

Where Are We and Where Do We Need to Go?

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The International Monetary System summary
Financial experts offer ways to reform the crisis-prone international monetary system.

Rating

8 Overall

7 Importance

8 Innovation

7 Style

Recommendation

International Monetary Fund (IMF) advisers Rakesh Mohan, Michael Debabrata Patra and Muneesh Kapur do an outstanding job of analyzing the factors that have led to recurrent financial crises in the international monetary system (IMS). They examine proposals to reform the IMS from the point of view of emerging economies and underline the interrelationships among the world’s economies. Their working paper also examines the IMF’s role and offers ideas on how it could be more effective. This short dissertation packs in a lot of information and analysis, making it both thought-provoking and, sometimes, challenging. getAbstract recommends this incisive study to executives of international firms, policy makers, economists and students of international finance.

In this summary, you will learn

  • Why the international monetary system (IMS) needs reform
  • How abrupt changes in cross-border capital flows cause financial crises
  • Why emerging and developing economies must manage their capital accounts to maintain financial and macroeconomic stability
 

Summary

Crisis Prone
Policy makers from around the world understand the need to reform the crisis-prone international monetary system (IMS), particularly since the financial crisis of 2008 highlighted its major weaknesses. In a now-familiar cycle, banks and investors flood certain markets with...
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About the Authors

Rakesh Mohan is an executive director of the International Monetary Fund (IMF). Muneesh Kapur is an IMF adviser. Michael Debabrata Patra is a career central banker with the Reserve Bank of India.


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