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Critical Issues in the Current International Monetary System and Future Prospects

In: Building Trust in the International Monetary System

Author

Listed:
  • Giovanni Battista Pittaluga

    (University of Genoa)

  • Elena Seghezza

    (University of Genoa)

Abstract

Some scholars argue that in the very near future the dollar will lose its exclusive role as “the” international money. However, at least at present, neither the euro nor the renminbi qualify as international money. Although the dollar, in the post-Bretton Woods period, has maintained, if not indeed strengthened, its dominant role in the international monetary system, the system’s stability has been and is threatened by various factors. The first of these is the large amount of gross capital flows which makes it easier than in the past for the financial cycle to be amplified, leading to credit booms and systemic crises to occur. Secondly, in the current international monetary system it is possible that a shortage of international liquidity may occur. A third critical factor lies in the governance of the international institutions responsible for ensuring the stability of the international monetary system, in particular the IMF. In order to prevent these factors threatening the stability of the international monetary system, reforms are needed.

Suggested Citation

  • Giovanni Battista Pittaluga & Elena Seghezza, 2021. "Critical Issues in the Current International Monetary System and Future Prospects," Frontiers in Economic History, in: Building Trust in the International Monetary System, chapter 0, pages 223-265, Springer.
    • Handle: RePEc:spr:frochp:978-3-030-78491-1_7
    DOI: 10.1007/978-3-030-78491-1_7
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