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International Economics | Working Paper

The International Money System in Perpetual Search of Stability

September 16, 2015 | Agnès Bénassy-Quéré
International paper currencies stacked together, showing range of colors and styles

Table of Contents

Author(s)

Agnès Bénassy-Quéré
Professor, Paris School of Economics, University of Paris 1 Pantheon Sorbonne

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Baker InstituteInternational economicsCurrencyPlaza accord

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Abstract

Since the Plaza agreement in 1985, the global economy has moved into a multipolar economy with high capital mobility. Such evolution contrasts with the international monetary system that has remained broadly centered on one key currency – the US dollar. Despite the size and price stability of the euro area, and the strong legal backing of its financial market, the euro has not emerged as a rival (or complement) of the dollar. As for the Chinese yuan, its great potential as an international currency has so far been compensated by incomplete capital openness and a weak legal framework. Although no firm prediction can be made given the lack of experience, the international community should welcome or even encourage a multipolarization of the international monetary system that would be stabilizing and would facilitate international monetary cooperation.

 

 

This material may be quoted or reproduced without prior permission, provided appropriate credit is given to the author and Rice University’s Baker Institute for Public Policy. The views expressed herein are those of the individual author(s), and do not necessarily represent the views of Rice University’s Baker Institute for Public Policy.

© 2015 by the James A. Baker III Institute for Public Policy of Rice University
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