The New Multi-polar International Monetary System

Dailami, Mansoor; Masson, Paul

dc.creator	Dailami, Mansoor
dc.creator	Masson, Paul
dc.date	2012-03-19T19:14:19Z
dc.date	2012-03-19T19:14:19Z
dc.date	2009-12-01
dc.date.accessioned	2023-02-18T19:39:06Z
dc.date.available	2023-02-18T19:39:06Z
dc.identifier	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20091203160509
dc.identifier	http://hdl.handle.net/10986/4340
dc.identifier.uri	http://localhost:8080/xmlui/handle/CUHPOERS/249840
dc.description	Backed by rapid economic growth, growing financial clout, and a newfound sense of assertiveness in recent years, the BRIC countries - Brazil, Russia, India, and China - are a driving force behind an incipient transformation of the world economy away from a US-dominated system toward a multipolar one in which developing countries will have a major say. It is, however, in the international monetary arena that the notion of multipolarity - more than two dominant poles - commands renewed attention and vigorous debate. For much of its history, the quintessential structural feature of the international monetary system has been unipolarity - as American hegemony of initiatives and power as well as its capacity to promote a market-based, liberal order came to define and shape international monetary relations. As other currencies become potential substitutes for the US dollar in international reserves and in cross-border claims, exchange rate volatility may become more severe. There are also risks that the rivalry among the three economic blocs may spill over into something more if not kept in check by a strong global governance structure. While the transition will be difficult and drawn out, governments should take immediate steps to prevent financial volatility by enhancing cooperation on monetary policies, currency market intervention and financial regulation.
dc.language	English
dc.relation	Policy Research working paper ; no. WPS 5147
dc.rights	CC BY 3.0 IGO
dc.rights	http://creativecommons.org/licenses/by/3.0/igo/
dc.rights	World Bank
dc.subject	ANCHOR COUNTRY
dc.subject	ASSET CLASS
dc.subject	ASSET PRICE
dc.subject	BALANCE OF PAYMENTS
dc.subject	BALANCE OF PAYMENTS DEFICITS
dc.subject	BASKET OF CURRENCIES
dc.subject	BENEFICIARIES
dc.subject	BILATERAL TRADE
dc.subject	BLUE CHIP
dc.subject	BONDS
dc.subject	CAPITAL ACCOUNT
dc.subject	CAPITAL CONTROLS
dc.subject	CENTRAL BANK
dc.subject	CENTRAL BANKS
dc.subject	COMMODITIES
dc.subject	COMMODITY
dc.subject	COMMODITY EXPORTS
dc.subject	COMMODITY PRICES
dc.subject	COMPETITIVE ADVANTAGE
dc.subject	CREDIBILITY
dc.subject	CREDIBILITY PROBLEMS
dc.subject	CREDIT EXPANSION
dc.subject	CURRENCY
dc.subject	CURRENCY CONVERTIBILITY
dc.subject	CURRENCY DEPRECIATION
dc.subject	CURRENCY HEDGING
dc.subject	CURRENCY MARKET
dc.subject	CURRENCY MARKETS
dc.subject	CURRENCY SWAP
dc.subject	CURRENT ACCOUNT
dc.subject	CURRENT ACCOUNT DEFICITS
dc.subject	CURRENT ACCOUNT POSITION
dc.subject	CURRENT ACCOUNT SURPLUS
dc.subject	DEBT CRISIS
dc.subject	DEBT ISSUANCE
dc.subject	DEBTS
dc.subject	DEPRESSION
dc.subject	DEVALUATION
dc.subject	DEVELOPING COUNTRIES
dc.subject	DEVELOPING COUNTRY
dc.subject	DEVELOPMENT ECONOMICS
dc.subject	DISINFLATION
dc.subject	DOLLAR PEG
dc.subject	DOMESTIC INFLATION
dc.subject	DOMESTIC MACROECONOMIC POLICIES
dc.subject	EARNINGS
dc.subject	ECONOMIC CRISIS
dc.subject	ECONOMIC DEVELOPMENT
dc.subject	ECONOMIC DOWNTURN
dc.subject	ECONOMIC GROWTH
dc.subject	ECONOMIC ORDER
dc.subject	ECONOMIC OUTCOMES
dc.subject	ECONOMIC POWER
dc.subject	ECONOMIC REFORM
dc.subject	ECONOMIC REFORMS
dc.subject	EMERGING MARKET
dc.subject	EMERGING MARKET COUNTRIES
dc.subject	EMERGING MARKET DEBT
dc.subject	EMERGING MARKET ECONOMIES
dc.subject	EMERGING MARKETS
dc.subject	EURO
dc.subject	EURODOLLAR MARKETS
dc.subject	EXCHANGE RATE
dc.subject	EXCHANGE RATE FLEXIBILITY
dc.subject	EXCHANGE RATE VOLATILITY
dc.subject	EXCHANGE-RATE
dc.subject	EXPENDITURE
dc.subject	EXPORTER
dc.subject	EXPOSURES
dc.subject	FEDERAL RESERVE
dc.subject	FINANCIAL ASSETS
dc.subject	FINANCIAL CRISES
dc.subject	FINANCIAL CRISIS
dc.subject	FINANCIAL INFRASTRUCTURE
dc.subject	FINANCIAL INSTABILITY
dc.subject	FINANCIAL INSTITUTIONS
dc.subject	FINANCIAL MARKET
dc.subject	FINANCIAL MARKETS
dc.subject	FINANCIAL STABILITY
dc.subject	FINANCIAL VOLATILITY
dc.subject	FISCAL DEFICITS
dc.subject	FLEXIBLE EXCHANGE RATES
dc.subject	FLOATING EXCHANGE RATE
dc.subject	FLOATING EXCHANGE RATES
dc.subject	FOREIGN ASSET
dc.subject	FOREIGN ASSET HOLDINGS
dc.subject	FOREIGN ASSETS
dc.subject	FOREIGN DIRECT INVESTMENT
dc.subject	FOREIGN ECONOMIC POLICY
dc.subject	FOREIGN ECONOMIC RELATIONS
dc.subject	FOREIGN EXCHANGE
dc.subject	FOREIGN EXCHANGE MARKETS
dc.subject	FOREIGN EXCHANGE RESERVES
dc.subject	FREELY FLOATING EXCHANGE RATE
dc.subject	GDP
dc.subject	GDP PER CAPITA
dc.subject	GLOBAL ECONOMY
dc.subject	GLOBAL FINANCE
dc.subject	GLOBAL FINANCIAL STABILITY
dc.subject	GLOBAL IMBALANCES
dc.subject	GLOBAL LIQUIDITY
dc.subject	GLOBALIZATION
dc.subject	GOLD
dc.subject	HARMONIZATION
dc.subject	INFLATION
dc.subject	INFLATION TARGETING
dc.subject	INFORMATION SHARING
dc.subject	INSURANCE
dc.subject	INSURANCE COMPANIES
dc.subject	INTEREST RATES
dc.subject	INTERNATIONAL BANK
dc.subject	INTERNATIONAL COOPERATION
dc.subject	INTERNATIONAL CURRENCY
dc.subject	INTERNATIONAL DEBT
dc.subject	INTERNATIONAL DEVELOPMENT
dc.subject	INTERNATIONAL FINANCE
dc.subject	INTERNATIONAL FINANCIAL ARCHITECTURE
dc.subject	INTERNATIONAL FINANCIAL INSTITUTIONS
dc.subject	INTERNATIONAL INVESTMENT
dc.subject	INTERNATIONAL MONETARY REFORM
dc.subject	INTERNATIONAL MONETARY RELATIONS
dc.subject	INTERNATIONAL MONETARY SYSTEM
dc.subject	INTERNATIONAL RESERVE
dc.subject	INTERNATIONAL RESERVES
dc.subject	INTERNATIONAL SETTLEMENTS
dc.subject	INTERNATIONAL TRADE
dc.subject	INVESTMENT FLOWS
dc.subject	INVESTMENT INCOME
dc.subject	JAPANESE YEN
dc.subject	LOAN
dc.subject	LOAN AUTHORIZATIONS
dc.subject	MACROECONOMIC POLICIES
dc.subject	MACROECONOMIC POLICY
dc.subject	MAJOR CURRENCY
dc.subject	MARKET POWER
dc.subject	MARKET PRACTITIONERS
dc.subject	MARKET VOLATILITY
dc.subject	MATURITY
dc.subject	MONETARY CONDITIONS
dc.subject	MONETARY COOPERATION
dc.subject	MONETARY FUND
dc.subject	MONETARY INDEPENDENCE
dc.subject	MONETARY INTEGRATION
dc.subject	MONETARY POLICIES
dc.subject	MONETARY POLICY
dc.subject	MONETARY REFORM
dc.subject	MONOPOLY
dc.subject	MULTIPLE CURRENCIES
dc.subject	NATIONAL CURRENCIES
dc.subject	NATURAL RESOURCE
dc.subject	OIL EXPORTERS
dc.subject	OIL EXPORTING COUNTRIES
dc.subject	OTHER CURRENCIES
dc.subject	OUTPUT
dc.subject	OVERVALUATION
dc.subject	PENSION
dc.subject	PENSION FUNDS
dc.subject	PETRODOLLARS
dc.subject	POLITICAL POWER
dc.subject	POOLING
dc.subject	PORTFOLIO
dc.subject	PORTFOLIO DIVERSIFICATION
dc.subject	POSITIVE ECONOMICS
dc.subject	PRIVATE INVESTMENT
dc.subject	PRIVATE INVESTORS
dc.subject	PRUDENTIAL REGULATION
dc.subject	PUBLIC CONFIDENCE
dc.subject	RAPID ECONOMIC GROWTH
dc.subject	RECESSION
dc.subject	REGIONAL INTEGRATION
dc.subject	REGULATOR
dc.subject	REPUTATION
dc.subject	RESERVE CURRENCIES
dc.subject	RESERVE CURRENCY
dc.subject	SET OF CURRENCIES
dc.subject	SOVEREIGNTY
dc.subject	SPECIAL DRAWING RIGHTS
dc.subject	STABLE EXCHANGE RATES
dc.subject	STOCK MARKET
dc.subject	STOCK MARKET CAPITALIZATION
dc.subject	SUBSTITUTION ACCOUNT
dc.subject	SUPPLY SHOCK
dc.subject	SURPLUSES
dc.subject	SWAP ARRANGEMENTS
dc.subject	TAXATION
dc.subject	TOTAL EXPORTS
dc.subject	TRADE ACCOUNT
dc.subject	TRADE BARRIERS
dc.subject	TRADE DEFICIT
dc.subject	TRADE EXPANSION
dc.subject	TRADE SURPLUS
dc.subject	TRADING
dc.subject	TRADING SYSTEM
dc.subject	TRANSACTION
dc.subject	TRANSACTION COSTS
dc.subject	TREATIES
dc.subject	UNDERVALUATION
dc.subject	UPWARD PRESSURE
dc.subject	WEALTH
dc.subject	WORLD ECONOMY
dc.subject	WORLD STOCK MARKET
dc.subject	WORLD TRADE
dc.subject	WORLD TRADE ORGANIZATION
dc.title	The New Multi-polar International Monetary System
dc.type	Publications & Research :: Policy Research Working Paper
dc.coverage	India
dc.coverage	China
dc.coverage	Russian Federation
dc.coverage	Brazil