Global Reserve System Documents

October 05, 2011

Fund's papers

The Liberalization and Management of Capital Flows — An Institutional View; November 14, 2012
    - Paper
    - PIN
    - IMF Survey article

Effects of Capital Flow Liberalization—What is the Evidence from Recent Experiences of Emerging Market Economies?; Saadi Sedik and Sun; November 16, 2012

Long-Run and Short-Run Determinants of Sovereign Bond Yields in Advanced Economies; Poghosyan; November 8, 2012

Communiqué of the Twenty-Sixth Meeting of the International Monetary and Financial Committee (IMFC); October 13, 2012

IMF Managing Director's Global Policy Agenda for the IMFC Meeting; October 2012

International Capital Flows and Debt Dynamics; Evans; July 1, 2012

Reforming the Economic System ; Podcast Martin Wolf; June 8, 2012

Leverage? What Leverage? A Deep Dive into the U.S. Flow of Funds in Search of Clues to the Global Crisis; Bhatia and Bayoumi; June 1, 2012

Liberalizing Capital Flows and Managing Outflows; May 4, 2012
    - Paper
    - PIN
    - Background Paper

Communiqué of the Twenty-Fifth Meeting of the IMFC; April 21, 2012

Two Targets, Two Instruments: Monetary and Exchange Rate Policies in Emerging Markets; Ostry, Ghosh and Chamon; February 29, 2012

IMF Conference: Analyzing (External) Imbalances; February 2, 2012

Capital Inflows, Exchange Rate Flexibility, and Credit Booms; Magud, Reinhart and Vesperoni; February 1, 2012

Internationalization of Emerging Market Currencies: A Balance Between Risks and Rewards; Maziad, Farahmand, Wang, Segal and Ahmed; October 19, 2011

Financial Deepening and International Monetary Stability; Goyal, Marsh, Raman, Wang and Ahmed; October 19, 2011

Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System (IMF Book Event); Eichengreen; October 19, 2011
    - Event page
    - IMF Survey Article

Communiqué of the 24th Meeting of the IMFC: Collective Action for Global Recovery; September 25, 2011

The Managing Director’s Action Plan to the IMFC; September 24, 2011

Consolidated Multilateral Surveillance Report; September 2011

The IMF and the International Monetary System: Lessons from the Crisis (Per Jacobsson Foundatation Lecture); Weber; September 25, 2011
    - Text of the lecture
    - Video of event

The Case for a General Allocation of SDRs During the Tenth Basic Period; June 2011

IMF Survey: Panel Calls for a Greater Asian Role in International System; May 2011

Communiqué of the Twenty Third Meeting of the International Monetary and Financial Committee of the Board of Governors of the International Monetary Fund; April 2011

Strengthening the International Monetary System - Taking Stock and Looking Ahead; March 2011

Strengthening Assessing Reserve Adequacy; IMF Policy Papers; February 2011

Toward a More Stable International Monetary System; Strauss-Kahn; February 2011

Enhancing International Monetary Stability—A Greater Role for the SDR?; February 2011
    - Public Information Notice
    - Main Paper
    - Supplement

Reserve Accumulation and International Monetary Stability; April 2010
    - Public Information Notice
    - Main Paper
    - Supplement

Exchange Rate Regimes and the Stability of the International Monetary System : Overview only; Atish R. Ghosh, Jonathan D. Ostry, and Charalambos Tsangarides; 2010

The Debate on the International Monetary System; I. Mateos y Lago, R. Duttagupta, R. Goyal; November 2009

Reserve Currencies in the Post-Crisis International Monetary System; Moghadam; September 2009

High International Reserves: An Embarrassment of Riches?; Moghadam; September 2009

A New Bretton Woods?; Boughton; March 2009

The Optimal Level of International Reserves for Emerging Market Countries: Formulas and Application ; Jeanne and Rancière; October 2006

On the Need for an International Lender of Last Resort; S. Fischer; January 1999

Proposals for an International Currency (or Clearing) Union (1942) and Proposals for an International Clearing Union (1943) -- Scanned document; Keynes, John Maynard; 1969

Preliminary Draft Proposal for a United Nations Stabilization Fund and a Bank for Reconstruction and Development of the United and Associated Nations (1942) and Preliminary Draft Outline of a Proposal for an International Stabilization Fund of the United and Associated Nations (revised 1943) -- Scanned document; White, Harry Dexter; 1969

Papers written for the G-20

Final Communiqué of the Meetings of the G-20 Finance Ministers and Central Bank Governors Mexico City; November 5, 2012

Global Prospects and Policy Challenges - Note for Meetings of the G-20 Finance Ministers and Central Bank Governors Mexico City; November 4-5, 2012

G20 Leaders' Declaration; Los Cabos, Mexico; June 9, 2011

Statement by IMF Managing Director Christine Lagarde on the G-20 Cannes Summit; Cannes; November 4, 2011

G20 Cannes Summit Final Declaration; Cannes; November 4, 2011

G20 Leaders Summit Final Communique; Cannes; November 4, 2011

G20 Principles for Cooperation Between the IMF and Regional Financing Arrangements; November 4, 2011

Communiqué of Finance Ministers and Central Bank Governors of the G-20; Paris, October 15, 2011
    - English
    - Français

Communiqué of Finance Ministers and Central Bank Governors of the G-20; Washington DC, September 22, 2011

Palais Royal Initiative (Camdessus Group) Report; Longer version (February 2011) | Initial Report (January 2011)

G20 Principles for Cooperation between the IMF and Regional Financing Arrangements, as endorsed by G20 Finance Ministers and Central Bank Governors October 15, 2011

Other papers/commentaries

The renminbi bloc is here: Asia down, the rest of the world to go?; Subramanian and Kessler; October 27, 2012

U.S. Monetary Policy and International Implications; Bernanke; October 14, 2012

The Renminbi Challenge; Eichengreen; October 9, 2012

The dollar's days as reserve currency are numbered -- Subscription required; Eichengreen; October 8, 2012

Fixed versus flexible exchange-rate regimes: Do they matter for real exchange-rate persistence?; Bergin, Glick and Wu; October 4, 2012

The Federal Reserve and Currency Wars; Ocampo; October 2, 2012

Time for international monetary coordination; Manasse; September 3, 2012

Is the Age of Dollar Dominance Coming to an End?; Eichengreen; August 1, 2012

Foreign-exchange intervention and the fundamental trilemma of international finance: Notes for currency wars; Bordo, Humpage and Schwartz; June 18, 2012

The Dollar and its Discontents; Olivier Jeanne, May 31, 2012

The next steps in ASEAN+3 monetary integration; Pradumna B. Rana, 27 May 2012

When did the dollar overtake sterling as the leading international currency? Evidence from the bond markets; Chitu, Eichengreen and Mehl; May 23, 2012
    - Summary
    - Paper (for subscribers only)

Beggar-thy-neighbours? Spillover effects of exchange rates; Mattoo, Mishra and Subramanian; May 23, 2012

Country Size, Currency Unions, and International Asset Returns -- Abstract only, access to full paper for subscribers; Hassan; May 2012

Bubble Thy Neighbor: Portfolio Effects and Externalities from Capital Controls -- Abstract only, access to full paper for subscribers; Forbes, Fratzscher, Kostka and Straub; May 2012

Prudential Policy for Peggers -- Abstract only, access to full paper for subscribers; Schmitt-Grohe and Uribe; May 2012

Reform needed before Chinese currency joins top league; Vallée; March 21, 2012

The turn of emerging countries; Angeloni; February 23, 2012

The renminbi's prospects as a global reserve currency; Prasad and Ye; February 16, 2012

Europe v. World; Truman; February 14, 2012

Global liquidity and its international repercussions; Coeuré; February 6, 2012

Don't let the euro-crisis go east; Bénassy-Quéré, Fan, Kawai, Kim, Park, Pisani-Ferry, Vines and Yu; February 3, 2012

Gold and the international monetary system; Chatham House; February 2012

How to Discourage Currency Manipulation–Tax It Heavily; Gagnon; January 31, 2012

Does the renminbi matter? Evidence from China's disaggregated processed exports; Thorbecke; January 29, 2012

The ten roots of the Euro crisis; Darvas; January 11, 2012

Report of the IEFS panel on "Financial Integration and Global Rebalancing"; Chinn; January 9, 2012

The New International Economic Disorder; El-Erian; December 21, 2011

Reform of the international monetary and financial system; Bush and Farrant; December 21, 2011

China’s dominance hypothesis and the emergence of a tripolar global currency system; Fratzscher and Mehl; December 15, 2011

The Dollar’s Long Tail; Sanyal; November 28, 2011

How can the impossible trinity not apply to Asia?; Grenville; November 26, 2011

The Rise of the Renminbi as International Currency: Historical Precedents; Frankel; October 6, 2011

What makes a reserve currency? -- Requires subscription; FTAlphaville; October 5, 2011

How to deal with a global Triffin dilemma; Saccomanni; October 4, 2011

The Triffin dilemma revisited; Bini Smaghi; October 3, 2011

Currency wars: Lessons from the US experience: 1973-95; Bordo and Humpage; October 3, 2011

An Examination of U.S. Dollar Declines; Roosevelt D. Bowman and Jan J. J. Groen; September 26, 2011

Currency wars; Dadush and Eidelman; September 23, 2011

Managing exchange rate misalignment and current account imbalances -- ECB Research Bulletin; Dedola; Summer 2011, pp. 2-7

Countering the Contagious West; El-Erian; September 19, 2011

Reforming the International Monetary System; Farhi, Gourinchas and Rey; September 19, 2011

    - e-Book
    - Article

The 2008-09 Global Financial Crisis: Lessons for Country Vulnerability Frankel; September 18, 2011

Will the US dollar be dethroned as the global currency? Darvas; September 2011

Monetary Challenges in a Multipolar World: Can international monetary reform succeed? Pisani-Ferry; September 2011

Monetary policy before the crisis; Gerlach and Moretti; August 2011

International Financial Crises and the Multilateral Response: What the Historical Record Shows -- Abstract only, access to full paper for subscribers; Barkbu, Eichengreen and Mody; August 2011

Dollar Illiquidity and Central Bank Swap Arrangements During the Global Financial Crisis -- Abstract only, access to full paper for subscribers; Rose and Spiegel; August 2011

What Can Replace the Dollar?; Eichengreen; August 2011

Global currencies for tomorrow: a European perspective; Bruegel; July 2011

From lender of last resort to global currency? Sterling lessons for the US dollar; Flandreau, M. and Ugolini, S.; July 2011

The capital flow conundrum; Dadush, U. and Stancil, B.; July 2011

The 'strong dollar' policy of the US: Alice-in-Wonderland semantics vs. economic reality; Buiter, W. and Rahbari, E.; June 2011

A Post-Crisis World of Risk; Spence, M; June 2011

Exchange rate anchoring - Is there still a de facto US dollar standard?; Bracke and Bunda; June 2011

How to Kill a Dollar; Eichengreen, Barry; June 2011

Dollar’s reserve currency status looks secure; Oxford Analytica; May 2011

The Outlook for International Monetary System Reform in 2011: A Preliminary Report Card; Truman; May 2011

The Future of the International Monetary System — Lessons from 1971 for Europe and the Rest of the World in Light of Past and Present Experience; Stark; May 2011

Towards a multi-polar currency and reserve system; Trairatvorakul; May 2011

Rival Currencies Take Aim at Dollar’s Dominance; Der Spiegel; May 2011

Why are reserves so big? And who’s to blame?; Dadush and Stancil; May 2011

Global imbalances and the paradox of thrift; Corden; April 2011

The Bear of Bretton Woods; Eichengreen; April 2011

Reform of the international monetary system: Some concrete steps; Bénassy-Quéré, Pisani-Ferry and Yu; March 2011

International Symposium on “Regulation in the face of global imbalances”; Banque De France; March 2011

The international monetary system: If it ain’t broke, don’t fix it; Dadush and Eidelman; February 2011

International Monetary System Reform: Will the G-20 Make Significant Progress?; Truman; February 2011

The Long March Towards a Multipolar Monetary Regime; Bénassy-Quéré and Pisani-Ferry; February 2011

Why world needs three global currencies -- Requires subscription; Bergsten; February 2011

Currencies: Strength in reserve -- Requires subscription; Beattie; February 2011

Quelle Reforme Pour Le Systeme Monetaire International? -- in French; Farhi, Gourinchas and Rey; January 2011

The International Monetary System after the Financial Crisis; Dorucci and McKay; February 2011

The Financial Crisis and the Strengthening of Global Policy Cooperation; pp. 87-97; January 2011

International Monetary System; Banque De France; 2010

The Future of the International Monetary System; Bordo; December 2010

Reforming the International Monetary System; Coats; December 2010

Macro-Governance and the Great Game of International Monetary Reform; Miller; December 2010

How Have Multiple Reserve Currencies Functioned in the Past? Why were the Rules-Based Adjustment Indicator and the Substitution Account abandoned in the past?; Schenk; December 2010

Building an SDR-based Global Reserve System; Ocampo; 2010

The Federal Reserve, the Bank of England and the rise of the dollar as an international currency, 1914-39; Eichengreen and Flandreau; November 2010

International Monetary Arrangements; Landau; September 2010

The Future of the Global Reserve System – An Asian Perspect; Asian Development Bank; June 2010

Does the SDR have a future? ; Cooper; March 2010

The exorbitant privilege from a global perspective; Habib; 2010

The Dollar: Dominant no more?; Eichengreen; January 2010

Understanding SDRs; Williamson; 2009

Special Drawing Rights and the Reform of the Global Reserve System (G24); Ocampo; 2009

Out of the Box Thoughts about the International Financial Architecture; Eichengreen; 2009

The dollar's fall reflects a new role for reserves -- Requires subscription; Feldstein; December 2009

What Triffin dilemma?!; Chavelle; October 2009

On the Agenda for Bretton Woods II; Williamson; October 2009

Why SDRs Could Rival the Dollar; Williamson; September 2009

UN Commission Report on the Reform of the International Financial Architecture; September 2009

An International Monetary Fund Currency to Rival the Dollar? Why Special Drawing Rights Can’t Play That Role ; Aiyar; July, 2009

The Chinese Proposal for a New Global Super Currency; Requires Subscription; Roubini; June 2009

Will SDRs supplant the dollar?; Humpage; May 2009

We should listen to Beijing's currency idea -- Requires subscription; Bergsten; April 2009

The need for a global lender of last resort; Calvo; March 2009

Reform the International Monetary System; Zhou; March 2009

A grand bargain for the London G20 summit: Insurance and obeying the rules; Goldstein; February 2009

Why agreeing on a new Bretton Woods is vital and so hard -- Requires subscription; Wolf; Financial Times; November 2008

Reinventing Bretton Woods Committee: Building an International Monetary and Financial System for The 21st Century: Agenda for Reform; Conference Agenda and Papers; November 2008

The IMF as a global Fed; Chavelle; October 2008

End of the BWII regime; Setser; October 2008

The Fund must be a global asset manager -- Requires subscription; Bordo and James; October 2008

Will the Bretton Woods 2 (BW2) Regime Collapse Like the Original Bretton Woods Regime Did? The Coming End Game of BW2 -- Requires subscription; Roubini; July 2008

Why the euro will rival the dollar; Chinn and Frankel; 2008

Blueprint for Reform; Sachs; 2008

Will there be a dollar crisis? -- Abstract only, full text requires subscription; Krugman; 2007

From World Banker to World Venture Capitalist: US External Adjustment and the Exorbitant Privilege -- Abstract only, full text requires subscription; Gourinchas and Rey; 2005

An Essay on the Revived Bretton Woods System; Dooley, Folkerts-Landau and Garber -- Abstract only; 2003