Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/129453
Authors: 
Ocampo, José Antonio
Year of Publication: 
2015
Series/Report no.: 
WIDER Working Paper 2015/146
Abstract: 
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 the International Monetary Fund's Special Drawing Rights; (ii) stronger mechanisms of macroeconomic policy co-operation, including management of the exchange rate system and capital account regulations; (iii) additional automatic balance-of-payments financing facilities, and the complementary use of swap and regional arrangements; (iv) a multi-lateral sovereign debt workout mechanism; and (v) major reforms of the system's governance.
Subjects: 
reserve
urrencies
macroeconomic co-operation
balance-of-payments financing
sovereign debt workouts
global governance
JEL: 
F02
F33
F36
ISBN: 
978-92-9256-035-5
Document Type: 
Working Paper

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