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Yung Chul Park
World Scientific Publishing Company

Beyond the Dollar and the Euro: Reshaping the International Monetary System Through Regional Monetary Cooperation in East Asia

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AuthorYung Chul Park
PublisherWorld Scientific Publishing Company
PublishedNov 29 2023
Book FormatHardcover
ISBN-139789814749435
Dimensions9 X 6 X 0.44 inches
Weight 0.89 pounds
BISAC
CategoriesBusiness & Economics > International - Economics & Trade
LanguageEnglish

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Book Description

Since the 2008 global financial crisis, the debate on the reform of the international monetary system (IMS) has gained new momentum. It questioned the desirability of the current system's excessive reliance on the US dollar despite the fact that the US financial system has proven to be less than perfect, and US monetary policy stance has not been in tune with the business cycle of the rest of the world. However, attempts to reform the IMF or strengthen regional safety nets have not produced material results. With the challenges in the euro area persisting, the dollar is very likely to stay as the main reserve currency for the foreseeable future.Against this background, this book prescribes concrete steps on how to shape an alternative monetary system that will be a win-win solution to all without having to strike an international agreement on a new global governance structure. It proposes to use the RMB -- already in motion to become an international currency -- to become the third pillar without the need for China to open its capital account prematurely.For policy makers, this book will help them rethink how they can approach the problems facing the IMS. For the general readers, it will offer them a comprehensive view on what the international monetary system is about, what the problems are, and how these problems can be addressed. In particular, it will equip them with a better sense of what currencies they will need to carry when traveling around the world, or in what currencies they should hold their wealth in the coming decades.

Author Bio

Yung Chul Park is currently a Professor in the Division of International Studies, Korea University. He was a Professor of Economics at Korea University from 1976 to 2005 and Research Professor at Graduate School of International Studies, Seoul National University from 2005 to 2008. Previously he served as the Chief Economic Adviser to the President of Korea, as President of the Korea Development Institute, and as President of the Korea Institute of Finance.

He also worked for the International Monetary Fund. His main research areas include financial development and liberalization and regional monetary and financial integration. He has published as author or editor several books including Financial Liberalization and Economic Development in Korea, 1980-2020 (co-authored with J.K. Kim and H. Park, Harvard University Asia Center, 2021).

Source: Vox EU CEPR

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Beyond the Dollar and the Euro: Reshaping the International Monetary System Through Regional Monetary Cooperation in East Asia

Business & Economics

International - Economics & Trade

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