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Cambridge Journal of Economics 2009 33(4):633-652; doi:10.1093/cje/bep027
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© The Author 2009. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

This article appears in the following Cambridge Journal of Economics issue: Special Issue: The Global Financial Crisis [View the issue table of contents]

The evolving international monetary system

Jane D'Arista*

* Research Associate, Political Economy Research Institute (PERI), University of Massachusetts, Amherst

Address for correspondence: Political Economy Research Institute (PERI), University of Massachusetts, Amherst, Massachusetts MA 01002, USA; email: jane.darista{at}snet.net

The global financial and economic crisis has prompted renewed interest in international monetary reform. The key-currency status of the US dollar has been challenged but discussion of what might be reasonable objectives and institutional structures for a new system has not yet broken new ground. Nevertheless, as interest in the issue begins to include policymakers and non-governmental organisations, new proposals are likely to emerge. To assist the process, this paper provides an overview of how the international monetary system has evolved since the inauguration of the gold standard in the late 1800s to provide a context for some of the reform ideas that emerged during and after the discussions at Bretton Woods and some of the proposals that were offered subsequently. It concludes with an outline of three proposals by the author that are intended to expand the debate.

Key Words: International monetary system • Bretton Woods • International reserve assets • Special drawing rights

JEL classifications: F30, F33, F37, F50, F59

Manuscript received March 20, 2009; final version received May 11, 2009.


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