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Autoren: 
Bénassy-Quéré, Agnès
Pisani-Ferry, Jean
Datum: 
2011
Reihe/Nr.: 
Bruegel Working Paper 2011/06
Zusammenfassung: 
Though the renminbi is not yet convertible, the international monetary regime has already started to move towards a 'multipolar' system, with the dollar, the Chinese currency and the euro as its key likely pillars. This shift corresponds to the long-term evolution of the balance of economic weight in the world economy. Such an evolution may mitigate some flaws of the present (non-) system, such as the rigidity of key exchange rates, the asymmetry of balance-of-payments adjustments or what remains of the Triffin dilemma. However it may exacerbate other problems, such as short-run exchange rate volatility or the scope for 'currency wars' while leaving key questions unresolved, such as the response to capital flows global liquidity provision. Hence, in itself, a multipolar regime can be both the best and the worst of all regimes. Which of these alternatives will materialise depends on the degree of cooperation within a multilateral framework.
Schlagwörter: 
international monetary system
capital controls
JEL: 
F33
F32
Dokumentart: 
Working Paper
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