Reform of the International Monetary System and Internationalization of the Renminbi

Reform of the International Monetary System and Internationalization of the Renminbi

Author: Ruogu Li

Publisher: World Scientific

Published: 2015-11-09

Total Pages: 314

ISBN-13: 9814699055

DOWNLOAD EBOOK

"This book argues that only by reforming the international monetary system can we prevent financial crises in the future and the internationalization of the Renminbi, China's national currency, will be an important step in the process. Just as the old saying goes, "An old building needs to be demolished before a new one can be erected in its place," there will be no construction without destruction. The commencement of the dismantling of the old monetary system is also the beginning of the construction of the new one. Contrary to Western rhetoric, which portrays China as part of the cause of the recent financial crisis, the author contends that China is actually a victim of the current unjust international economic and monetary system. To address the imbalance and break the dollar-dominated international monetary system, the author calls for the internationalization of the Renminbi and diversification of the international monetary system. Written by one of the foremost financial practitioners in China, this book is thought-provoking and provides a unique Chinese perspective on how the international monetary system should be reformed, what the future system should look like and the role China should play in the process. It is a required reading for anyone interested in understanding China's own vision in its rise in the global political, economic and financial systems."--


Globalization in Historical Perspective

Globalization in Historical Perspective

Author: Michael D. Bordo

Publisher: University of Chicago Press

Published: 2007-11-01

Total Pages: 600

ISBN-13: 0226065995

DOWNLOAD EBOOK

As awareness of the process of globalization grows and the study of its effects becomes increasingly important to governments and businesses (as well as to a sizable opposition), the need for historical understanding also increases. Despite the importance of the topic, few attempts have been made to present a long-term economic analysis of the phenomenon, one that frames the issue by examining its place in the long history of international integration. This volume collects eleven papers doing exactly that and more. The first group of essays explores how the process of globalization can be measured in terms of the long-term integration of different markets-from the markets for goods and commodities to those for labor and capital, and from the sixteenth century to the present. The second set of contributions places this knowledge in a wider context, examining some of the trends and questions that have emerged as markets converge and diverge: the roles of technology and geography are both considered, along with the controversial issues of globalization's effects on inequality and social justice and the roles of political institutions in responding to them. The final group of essays addresses the international financial systems that play such a large part in guiding the process of globalization, considering the influence of exchange rate regimes, financial development, financial crises, and the architecture of the international financial system itself. This volume reveals a much larger picture of the process of globalization, one that stretches from the establishment of a global economic system during the nineteenth century through the disruptions of two world wars and the Great Depression into the present day. The keen analysis, insight, and wisdom in this volume will have something to offer a wide range of readers interested in this important issue.


Resetting the International Monetary (Non)System

Resetting the International Monetary (Non)System

Author: José Antonio Ocampo

Publisher: Oxford University Press

Published: 2017

Total Pages: 296

ISBN-13: 019871811X

DOWNLOAD EBOOK

This volume provides an analysis of the global monetary system and proposes a comprehensive yet evolutionary reform of the system aimed at creating better monetary cooperation for the twenty-first century.


Globalization and the Reform of the International Banking and Monetary System

Globalization and the Reform of the International Banking and Monetary System

Author: O. Hieronymi

Publisher: Springer

Published: 2009-11-04

Total Pages: 337

ISBN-13: 0230251064

DOWNLOAD EBOOK

The book argues that a successful monetary and banking reform requires: a rollback of monetary nationalism and return to monetary internationalism; trust in the banking system with its basic functions restored; a balance between competition and solidarity in order to assure political and social acceptance of globalization.


Globalization and the International Financial System

Globalization and the International Financial System

Author: Peter Isard

Publisher: Cambridge University Press

Published: 2005

Total Pages: 388

ISBN-13: 9780521605076

DOWNLOAD EBOOK

Economic globalization has given rise to frequent and severe financial crises in emerging market economies. Other countries are also unsuccessful in their efforts to generate economic growth and reduce poverty. This book provides perspectives on various aspects of the international financial system that contribute to financial crises and growth failures, and discusses the remedies that economists have proposed for addressing the underlying problems. It also sheds light on a central feature of the international financial system that remains mysterious to many economists and most non-economists: the activities of the International Monetary Fund and the factors that influence its effectiveness. Dr Isard offers policy perspectives on what countries can do to reduce their vulnerabilities to financial crises and growth failures, and a number of general directions for systemic reform. The breadth of the agenda provides grounds for optimism that the international financial system can be strengthened considerably without revolutionary change.


Monetary and Exchange System Reforms in China

Monetary and Exchange System Reforms in China

Author: Mr.Bernard Laurens

Publisher: International Monetary Fund

Published: 1996-09-26

Total Pages: 108

ISBN-13: 9781557755629

DOWNLOAD EBOOK

In 1978, China embarked on a gradual but far-reaching reform of its economic system. This paper focuses on the achievements so far in reforming the financial sector, the legal framework for financial transactions, the payments system, and the monetary policy and foreign exchange system. It also analyzes the tasks ahead to achieve the goals set in these areas for the year 2000.


Reforming the Governance of the IMF and the World Bank

Reforming the Governance of the IMF and the World Bank

Author: Ariel Buira

Publisher: Anthem Press

Published: 2005-11-01

Total Pages: 324

ISBN-13: 0857288180

DOWNLOAD EBOOK

The papers included in this book cover different aspects of the governance of the Bretton Woods institutions. They explore different options for reform and show that enhancing the participation of developing and emerging market countries in resolving the major monetary and financial problems confronting the world economy, would improve global economic performance and contribute to the elimination of world poverty.


Fixing Global Finance

Fixing Global Finance

Author: Martin Wolf

Publisher: JHU Press

Published: 2010-04-01

Total Pages: 270

ISBN-13: 0801898439

DOWNLOAD EBOOK

Since 2008, when Fixing Global Finance was first published, the collapse of the housing and credit bubbles of the 2000s has crippled the world’s economy. In this updated edition, Financial Times columnist Martin Wolf explains how global imbalances helped cause the financial crises now ravaging the U.S. economy and outlines steps for ending this destructive cycle—of which this is the latest and biggest. An expanded conclusion recommends near- and long-term measures to stabilize and protect financial markets in the future. Reviewing global financial crises since 1980, Wolf lays bare the links between the microeconomics of finance and the macroeconomics of the balance of payments, demonstrating how the subprime lending crisis in the United States fits into a pattern that includes the economic shocks of 1997, 1998, and early 1999 in Latin America, Russia, and Asia. He explains why the United States became the “borrower and spender of last resort,” makes the case that this was an untenable arrangement, and argues that global economic security depends on radical reforms in the international monetary system and the ability of emerging economies to borrow sustainably in domestic currencies. Sharply and clearly argued, Wolf’s prescription for fixing global finance illustrates why he has been described as "the world's preeminent financial journalist."


Effects of Financial Globalization on Developing Countries

Effects of Financial Globalization on Developing Countries

Author: Mr.Ayhan Kose

Publisher: International Monetary Fund

Published: 2003-09-03

Total Pages: 68

ISBN-13: 9781589062214

DOWNLOAD EBOOK

This study provides a candid, systematic, and critical review of recent evidence on this complex subject. Based on a review of the literature and some new empirical evidence, it finds that (1) in spite of an apparently strong theoretical presumption, it is difficult to detect a strong and robust causal relationship between financial integration and economic growth; (2) contrary to theoretical predictions, financial integration appears to be associated with increases in consumption volatility (both in absolute terms and relative to income volatility) in many developing countries; and (3) there appear to be threshold effects in both of these relationships, which may be related to absorptive capacity. Some recent evidence suggests that sound macroeconomic frameworks and, in particular, good governance are both quantitatively and qualitatively important in affecting developing countries’ experiences with financial globalization.