Premium
REFORM OF THE INTERNATIONAL MONETARY SYSTEM BASED ON SPECIAL DRAWING RIGHTS AND ITS IMPLICATIONS FOR ASIA
Author(s) -
Ikawa Motomichi
Publication year - 2009
Publication title -
pacific economic review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.34
H-Index - 33
eISSN - 1468-0106
pISSN - 1361-374X
DOI - 10.1111/j.1468-0106.2009.00481.x
Subject(s) - china , economics , monetary system , governor , liberian dollar , special drawing rights , economic reform , us dollar , monetary hegemony , monetary policy , international economics , development economics , macroeconomics , political science , exchange rate , finance , reserve currency , law , physics , foreign exchange risk , thermodynamics
In the midst of the current global economic crisis, China's central bank governor came out with a proposal to reform the international monetary system based on special drawing rights, contrary to the general expectation of the international community. Although many believe the announcement was politically motivated to address the dollar problem, the reform idea may have important bearings upon the future evolution of the economic integration of Asia. This paper reviews the implications of the reform proposal for the Asian region.