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 Vice President and 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