This paper proposes a comprehensive yet evolutionary reform of the global monetary non-system that evolved out of the breakdown of the original Bretton Woods arrangement in the early 1970s. It includes: (i) a global reserve system that mixes the multi-currency arrangement with an active use of...

La gran recesión y el mundo en desarrollo / José Angonio Ocampo, Stephany Griffith-Jones, Akbar Noman, Ariane Ortiz, Juliana Vallejo y Judith Tyson -- La arquitectura financiera internacional a la luz de la crisis : algunos logros y númerosos desafios / Stephany Griffith-Jones y José Antonio...

This paper analyses three major problems of the current international monetary system: the asymmetric-adjustment problem, dependence on the monetary policy of the main reserveissuing country, and the large demand for self-insurance by developing countries. It then proposes two reform routes:...