Reforming the International Monetary System

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



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

Lord Bagri Professor of Economics, London Business School and CEPR Research Fellow

Professor of Global Management and Director, Clausen Center for International Business and Policy, UC Berkeley; CEPR Research Fellow

Professor of Economics at Harvard University and CEPR Research Affiliate


CEPR Policy Research