Reforming the International Monetary System

Hélène Rey, Pierre-Olivier Gourinchas, Emmanuel Farhi 19 September 2011

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Table of Contents

1 Background

2 What Future for the US Hegemon?

3 Inefficiencies Due to the Accumulation of Reserves and to Financial Instability

4 Addressing Inefficiencies with Proposals for Reform

5 The Financial Account of Emerging Countries

Appendix: Foreign Exchange Reserves

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