scholarly journals Emerging Markets and the Global Monetary System: The Challenge of Rising Inflation

2008 ◽  
Vol 43 (5) ◽  
pp. 268-276
Author(s):  
Hermann Remsperger ◽  
Adalbert Winkler
Keyword(s):  
Emerging Markets ◽  
Monetary System ◽  
Global Monetary System

Concluding Thoughts

2018 ◽  
Author(s):  
Atish R. Ghosh ◽  
Jonathan D. Ostry ◽  
Mahvash S. Qureshi
Keyword(s):  
Emerging Markets ◽  
International Monetary System ◽  
Policy Makers ◽  
Monetary System ◽  
Trade Offs ◽  
Liquidity Insurance ◽  
Benefit Cost ◽  
Global Monetary System ◽  
Opening Up

This concluding chapter argues that the policy makers' vade mecum laid out in the previous chapter raises broader issues for the global monetary system. Notwithstanding the fact that some of the emerging markets may have liberalized their capital accounts prematurely, it questions whether emerging markets have further to gain from opening up, or indeed whether they would not be better off retaining restrictions on at least the riskiest forms of foreign liabilities and transactions. This is particularly pertinent since most of these countries do not enjoy the liquidity insurance provided by swap facilities let alone the reserve currency status. They are forced to self-insure through reserve accumulation, which is costly both to the country and to the international monetary system. Alternative forms of insurance could arguably yield favorable benefit–cost trade-offs, particularly if they result in a safer mix of flows that makes economies less prone to risks from changes in global push factors.

The Liberalization and Management of Capital Flows - An Institutional View

Policy Papers ◽  
2012 ◽  
Vol 2012 (23) ◽  
Author(s):  
Keyword(s):  
Capital Flows ◽  
Monetary System ◽  
Balanced Approach ◽  
Analytical Work ◽  
Potential Benefits ◽  
Global Monetary System ◽  
Institutional View

Capital flows have increased significantly in recent years and are a key aspect of the global monetary system. They offer potential benefits to countries, but their size and volatility can also pose policy challenges. The Fund needs to be in a position to provide clear and consistent advice with respect to capital flows and policies related to them. In 2011, the International Monetary and Financial Committee (IMFC) called for ?further work on a comprehensive, flexible, and balanced approach for the management of capital flows.? This paper proposes an institutional view to underpin this approach, drawing on earlier Fund policy papers, analytical work, and Board discussions on capital flows.

scholarly journals Organic global cryptocurrency: towards a stable international monetary system that is closer to Maqāṣid Sharīʿah

2020 ◽  
Vol 28 (1) ◽  
pp. 63-82
Author(s):  
Abdurrahman Arum Rahman
Keyword(s):  
Interest Rates ◽  
Design Theory ◽  
Design Methodology ◽  
International Monetary System ◽  
Monetary Model ◽  
Content Type ◽  
Monetary System ◽  
International Money ◽  
Global Monetary System ◽  
Time Move

PurposeThe most prominent and persistent problems of our global monetary system are instability and imbalances. We propose an international monetary model to solve these problems while at the same time move the model closer to Maqāṣid Sharīʿah (objectives of Sharīʿah). We name this an organic global monetary model or abbreviated as OGM. OGM is an international monetary model directly built on the national monetary system of each member country so that the two can co-exist.Design/methodology/approachModel design, theory and literature.FindingsThe model can eliminate interest rates at the central bank level, create non-tradable international money, and make a more stable international monetary system.Originality/valueOriginal.

The avoidance of monetary system conflict: A role for recognition theory in reconstituting the global monetary system

2017 ◽  
Vol 6 (3) ◽  
pp. 442-476 ◽  
Author(s):  
JOHN D FELDMANN
Keyword(s):  
Monetary Policy ◽  
Emerging Market ◽  
Monetary System ◽  
The Us ◽  
Recognition Theory ◽  
Dominant Actor ◽  
Political Economic ◽  
Global Monetary System ◽  
Monetary Rules ◽  
Rules Of The Game

Abstract:This article examines the ongoing conflict in the global monetary system as a struggle over norms of recognition between the US Federal Reserve and the emerging market economies. The analysis demonstrates that the Fed, though dominant actor in the global monetary system, adopts a US-centric perspective and relies upon inadequate economic constructs that misrecognise periphery members and justify a dismissal of criticisms of its monetary policy actions. The article shows how the adoption of recognition principles in reconstituting the monetary rules of the game would provide the Fed with an understanding of the political economic essentials of member countries, a greater awareness of potential harms of its monetary policy actions and the importance of cooperation in reducing conflict and mitigating episodes of monetary instability.

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