The international monetary system

Evolution and revolution

Bibliographic Data

ID12918014
AuthorsYanliang Miao (Peking University, corresponding author), Xuan Fei (0000-0002-1767-5149, Film Independent, corresponding author)
Year2022
Volume15
Issue3
Pages235-252
Publication date2022-09-02
Peer ReviewedYes
Open AccessNo
TypeARTICLE
VenueChina Economic Journal (JOURNAL)
Journal identifiersISSN: 1753-8963 • E-ISSN: 1753-8971
PublisherRoutledge (PUBLISHER • GB)
DOI10.1080/17538963.2022.2117193
OpenAlexW4294607509
LanguageEN
Citations received1
References cited4

Since the collapse of the Bretton Woods system in 1973, evolution has been the defining feature of changes in the IMS. The IMS has always been dominated by the US dollar. With it comes four structural issues: imbalance, lack of coordination, inade quacy, and weaponization of financial infrastructure. The Russia–Ukraine conflict will further accelerate the diversification and fragmentation of the IMS. But it might also lead to revolutionary changes such as balkanization of the IMS and even the end of financial globalization. Diversification of reserve currency could alleviate the imbalance and inadequacy problems of the IMS, restraining the dollar weaponization to some extent, but could not solve the problem of incoordination. Without a fair and inclusive IMS, ever larger financial spillovers will come from center countries to peripheral ones, and the global economy and financial system will face greater challenges in both efficiency and stability

Business · Currency · Diversification (marketing strategy · Economics · Financial Integration · Financial market · Financial stability · Financial system · Globalization · International economics · Liberian dollar · Market economy · Monetary economics · Monetary policy · Monetary system · Banking stability, regulation, efficiency · Economic Theory and Policy · Global Financial Crisis and Policies · Finance

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