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It has taken two crises - the Asian financial crisis of 1997-1998 and the global financial crisis of 2007-2009 - for the international community to seriously focus on the reform of the international financial architecture for crisis prevention, management and resolution. Facing the global...
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This paper investigates the United States dollar’s role as the international currency of choice as a key contributing factor in critical global developments that led to the crisis of 2007–09, and considers the future role of the dollar as the global economy emerges from that crisis. It is...
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monetary policy reform in a world dominated by financial markets has led to the erosion of the allocation and signaling … world economy. The backlash of high government debt levels on monetary policy making is argued to have led to a hysteresis … displacement of the prevalent world monetary system. Enhanced competition between dollar and euro as international currencies …
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This paper reviews some of the current debates on the reform of the international monetary system. Despite its deficiencies, the United States (US) dollar will remain the dominant currency and Special Drawing Rights (SDR) cannot serve as either an international medium of exchange or a reserve...
Persistent link: https://www.econbiz.de/10009551416
This study addresses the following puzzle: why did states in the largest emerging economies (EMEs) in Latin America and Asia not use formal institutions to cope with the 2008 crisis? During the 1990s, these economies used and established regional and multilateral monetary arrangements, but in...
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