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Learning from the global economic crisis

Author

Listed:
  • Cayetano Paderanga, Jr.

    (School of Economics, University of the Philippines)

Abstract

The world needs an international monetary system that promotes global price stability, facilitates world economic growth, and ensures global financial stability. Global crises provide rare opportunities in reforming the international monetary system. The ability to provide adequate liquidity, timely and adequate adjustment of imbalances, and reduced risk has proven to be elusive under the current system centered on the US dollar. The stability of the global economic system, in effect, hinges on the United States being the deficit country of last resort. There is a need for fundamental reforms in the current dollar-centric system. This paper presents proposals for reformation of the international monetary system.

Suggested Citation

  • Cayetano Paderanga, Jr., 2011. "Learning from the global economic crisis," Philippine Review of Economics, University of the Philippines School of Economics and Philippine Economic Society, vol. 48(1), pages 35-70, June.
    • Handle: RePEc:phs:prejrn:v:48:y:2011:i:1:p:35-70
    as

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    File URL: http://pre.econ.upd.edu.ph/index.php/pre/article/view/660/766
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    References listed on IDEAS

    as
    1. Claudio Borio, 2008. "The financial turmoil of 2007-?: a preliminary assessment and some policy considerations," BIS Working Papers 251, Bank for International Settlements.
    2. Ben Cohen & Eli Remolona, 2008. "The Unfolding Turmoil of 2007–2008: Lessons and Responses," RBA Annual Conference Volume (Discontinued), in: Paul Bloxham & Christopher Kent (ed.),Lessons from the Financial Turmoil of 2007 and 2008, Reserve Bank of Australia.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    international monetary system; global crises; reform of international monetary system;
    All these keywords.

    JEL classification:

    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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