Toward a more managed international monetary system?

• Published in: International journal (Toronto) Vol. 65; no. 2; pp. 393 - 409
• Main Authors: Dailami, Mansoor, Masson, Paul R.
• Format: Journal Article
• Language: English
• Published: London, England Canadian International Council 22.03.2010; SAGE Publications; Sage Publications Ltd. (UK); Sage Publications Ltd
• Subjects: 21st century; American dollar; Analysis; Brazil; Bretton Woods system; Cooperation; Coordination; Crises; Currency; Currency instability; Deficits; Developing countries; Dominance; Economic activity; Economic Conditions; Economic crises; Economic development; Economic growth; Economic power; Economic stability; Emerging markets; Euro; Financial regulation; Foreign exchange markets; Foreign exchange rates; Free markets; Global economy; Globalization; Governance; India; International cooperation; International economics; International finance; International financial institutions; International financial management; International monetary system; International monetary systems; LDCs; Monetary Policy; Monetary systems; Money; Multilateralism; Over the transom; Payments; Peoples Republic of China; Public debt; Public finance; Recurrence; Reserve currencies; Russia; Stability; Trade negotiation; Transformation; United States of America; Volatility; World Economy; World War II; Brazil; United States; China; India; Russia; United States > US; Europe
• ISSN: 0020-7020; 2052-465X
• DOI: 10.1177/002070201006500211

Argues that emerging nations have an opportunity to shape the future of the world economy, especially the BRIC countries (Brazil, Russia, India, & China) that are enjoying rapid economic growth & increasing financial clout. Together with the euro countries, the BRICs are driving "the world away from a US-dominated system toward a multipolar one." Attention is given to challenges facing multilateralism in relation to trade & debates surrounding the position of the US dollar at the top of the international monetary system. Common interests shared by the US, the euro area, & BRICs are pointed out, along with the potential for the BRIC's challenge of the international monetary system to disrupt financial stability. Other matters discussed include the 16 June 2009 meeting of BRIC leaders; the impact of the status of US monetary policy on global economic outcomes; possible realignment of economic power; & potential dangers of a multipolar world. Emphasis is placed on the need for greater cooperation on monetary policy, currency market intervention, & financial regulation/supervision. J. Lindroth