Global monetary instability: The role of the IMF,the EU and NAFTA |
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| Affiliation: | 1. Department of Asian and Policy Studies, The Education University of Hong Kong, Hong Kong;2. Institute of Health Economics and Management, ESSEC Business School (Asia-Pacific), Singapore;3. Division of Social Science and Division of Environment, The Hong Kong University of Science and Technology, Hong Kong;4. Lee Kuan Yew School of Public Policy, The National University of Singapore, Singapore;1. Departamento de Engenharia de Produção e Sistemas, Universidade Federal de Santa Catarina (UFSC), Florianópolis, SC, Brazil;2. Departamento de Informática e Estatística, Universidade Federal de Santa Catarina (UFSC), Florianópolis, SC, Brazil;3. Departamento de Expressão Gráfica, Universidade Federal de Santa Catarina (UFSC), Florianópolis, SC, Brazil;1. Research Center for Underground Space, Army Engineering University of PLA, Nanjing 210007, PR China;2. Shanghai Municipal Engineering Design Institute (Group) Co., Shanghai 200092, PR China |
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| Abstract: | This paper argues that the global monetary system has exhibited significant instability since the collapse of the Bretton Woods regime in 1971. The current challenge for economists and policy makers is the creation of a global monetary system that offers greater exchange rate stability without sacrificing international capital mobility. This paper proposes a solution that consists of three components. First, strengthening the international financial architecture to bring stability, primarily to emerging nations. Second, eventually creating a monetary union in NAFTA and extending it to other countries of the Western Hemisphere to bring stability to this region à la the European Monetary Union (EMU). Third, coordinating economic policies among the U.S., EU and Japan to stabilize these three key global currencies. |
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