The Past and Future of International Monetary System

Book excerpt: This book examines essential problems in the current International Monetary System, especially those concerning the International Standard. To do so, it focuses on the different monetary systems of today’s major currencies – the US dollar, the euro and the CNY, as well as the performance of the standards used in the international monetary system, i.e., the SDRs. In addition, it projects the potential consequences of including the Chinese CNY in the current SDR system, thus proposing a reform of the SDRs. The analytical research is mainly based on a performance comparison of the major international standards in the current international monetary system. divThe author illustrates that the political/policy reactions and economic philosophies underlying each monetary system constitute not only reasonable responses to the current international monetary system, but also fundamental factors in decisions concerning changes to or reforms of the international monetary system.div>