José Antonio Ocampo

Initiative for Policy Dialogue, June 2013


This paper reviews the elements of this global monetary “non-system” and its effects on emerging economies. The next section looks at the major problems of the global reserve system. This is followed in section III by an analysis of global imbalances and the interlinked issues of macroeconomic policy cooperation, the exchange rate system and capital account regulations. Section IV takes a look at governance of the system. Section V briefly draws some conclusions about the global monetary system that best meets the needs of emerging and developing countries.

View the paper here: Emerging Economies and the Reform of the Global Monetary System